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HB 905

Employees' Retirement System; any member shall be eligible to transfer funds to Judicial Retirement System; provide

2025-2026 Regular Session Introduced by James Burchett and 5 co-sponsors

House Bill 905 allows all Employees' Retirement System members to transfer funds to the Judicial Retirement System, enhancing retirement options until December 31, 2026.

House First Readers
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Bill Summary · HB 905

Summary of House Bill 905

Bill Number: HB 905
Title: Employees' Retirement System; any member shall be eligible to transfer funds to Judicial Retirement System; provide
Status: House First Readers
Introduced: April 02, 2025
Classification: Bill

Purpose and Intent

House Bill 905 aims to amend the existing provisions regarding the transfer of funds from the Employees' Retirement System (ERS) of Georgia to the Georgia Judicial Retirement System (JRS). The primary intent of this legislation is to expand eligibility for fund transfers, allowing any member of the ERS to transfer their contributions to the JRS, thereby providing greater flexibility and options for retirement planning for judicial members.

Key Provisions

  1. Eligibility for Fund Transfer:

    • The bill revises Code Section 47-23-64, allowing any member of the ERS, including superior court judges, state court judges, solicitors general, and district attorneys, to transfer their contributions to the JRS.
    • Members will have until December 31, 2026, to notify the board of trustees of their intention to transfer funds, extending the previous 90-day window for such elections.

  2. Transfer Conditions:

    • Upon election to transfer, all contributions made by or on behalf of the member will be transferred from the ERS to the JRS, including regular interest.
    • Members may choose to pay additional amounts if desired, but this is not mandatory.
    • The JRS will credit the member with years of service based on the transferred amount, without creating any accrued liability to the JRS.

  3. Effective Date and Repeal Conditions:

    • The act is set to become effective on July 1, 2026, contingent upon it being concurrently funded as per the Public Retirement Systems Standards Law.
    • If not funded, the bill will be automatically repealed on the same date.

  4. Repeal of Conflicting Laws:

    • The bill includes a provision to repeal any conflicting laws to ensure clarity and compliance with the new regulations.

Impact

  • Who is Affected:

    • Current members of the ERS who are also eligible for the JRS, including judges and district attorneys, will benefit from this expanded transfer option.
    • The legislation provides a significant opportunity for those who may have missed the previous transfer window to reconsider their retirement options.

  • Fiscal Considerations:

    • The bill has been certified as a fiscal retirement bill, indicating that it will have implications for the funding and management of retirement systems in Georgia.

Legislative Timeline

  • April 02, 2025: Bill introduced and entered the House Hopper.
  • April 04, 2025: Bill presented to House First Readers.

This summary provides an overview of House Bill 905, highlighting its purpose, key provisions, and potential impacts on members of the retirement systems in Georgia.

Compiled from official sources — confirm details with the bill’s official record.

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