This bill would amend Article 10 of Chapter 2 of Title 47 of the O.C.G.A. relating to the Georgia State Employees’ Pension and Savings Plan to change the amounts and schedule of employee and employer contributions to the plan:

Members prior to July 1, 2014 would be able to continue to pay 1% per payday into a 401K account, and those members who become members after July 1, 2014 would pay 5% into a 401 K account. Participation and changes would be at their choice.

Once the 1% contribution is made by the employee, the employer would contribute an amount equal to 1% into the 401K per payday, or thereafter 50% of an additional amount the employee chooses to contribute up to an additional 2% of the member’s salary. The member would still be able to choose to pay more than the employer matches, even beyond the 2%.