Serving those who serve Georgia E RSGA Employees' Retirement System of Georgia For the Week of: January 25 - January 29, 2021 Legislative Days: 5 - 8 Employees' Retirement System of Georgia Legislative Update January 29, 2021 Inside This Update 1-2 Legislative Log 2 Adjournment Schedule For More Information on Legislation, please visit: www.ers.ga.gov Contact Us Jim Potvin Executive Director, ERSGA 404-603-5602 jim.potvin@ers.ga.gov Kelly L. Moody Director, Legislative Affairs Division, ERSGA 404-603-5646 kelly.moody@ers.ga.gov Legislative Log Monday, January 25 - Thursday, January 28, 2021 No retirement bills were considered. Page 1 Friday, January 29, 2021 HB 173 Retirement and pensions; eligible large retirement system's assets that may be invested in alternative investments; increase percentage This legislation increases the allowable percentage of assets an eligible large retirement system may invest in alternative investments from 5% to 10%. Such provisions would become effective 7/1/2021. HB 173 was assigned to the House Retirement Committee. Ashley Waller Legal and Policy Research Analyst, ERSGA 404-603-5694 ashley.waller@ers.ga.gov January 29, 2021 Legislative Log (continued) Page 2 HB 191 Georgia Legislative Retirement System; employee contributions; change certain provisions This bill increases Legislative Retirement System (LRS) member's monthly benefit payable at retirement by increasing the multiplier from $36 to $50. LRS member contributions will also increase to 9.5% of monthly salary. Retired members will also get the $50 multiplier increase included in their retirement benefit calculation. These increases will be effective 7/1/2022. This legislation also defines "Monthly Salary" to mean the full rate of the total combined regular monthly salary, not including any per diems, allowances, or expense reimbursements payable to a member, plus any additional regular monthly salary payable to the member pursuant to resolution adopted by the General Assembly. "Term of office" is also defined in this bill as the period of time beginning when an individual receives his or her commission as a member of the General Assembly from the Secretary of State, which commission is issued in accordance to law until the second Monday in January of the next odd-numbered year. HB 191 was assigned to the House Retirement Committee. Legislative Adjournment Schedule Announced through February 8, 2021 January 27 January 28 January 29 January 30-31 February 1 February 2 February 3 February 4 February 5-7 February 8 Legislative Day 6 Legislative Day 7 Legislative Day 8 Recess Legislative Day 9 Legislative Day 10 Legislative Day 11 Legislative Day 12 Recess Legislative Day 13