Staff Analysis of the Legislation
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This bill would create the Georgia State Employees’ Pension and Savings plan and would affect persons who first or again become members of the Employees’ Retirement System or on or after January 1, 2009. Such members would initially receive a retirement allowance equal to 1% of their highest average monthly compensation during a period of 24 consecutive calendar months multiplied by the member’s years of creditable service. The bill also provides for an additional benefit through optional participation in a deferred compensation plan offered by the State for public employees. Additionally, this bill includes provisions to allow existing members to elect participation in this proposed plan. The bill also includes provisions relating to disability benefits for persons covered under the “Georgia State Employees’ Pension and Savings Fund”. |