ATLANTA (February 29, 2016) | On Monday, the Georgia State Senate passed by a vote of 53-1 Senate Bill 336. Sen. Ellis Black (R-Valdosta) sponsored SB 336 to improve retirement plan options for the Georgia Municipal Employees Benefit System (GMEBS).
“My goal is to provide more flexibility for employers in GMEBS and their employees when adopting retirement plans and setting contribution levels,” said Sen. Black. “This legislation is critical to GMEBS and will help them with the implementation and financing of retirement plans which are an essential benefit to their employees. SB 336 allows for better efficiency and better government.”
SB 336 gives employers within GMEBS the right to establish, implement and finance retirement plans for their employees. GMEBS is authorized to administer benefits for the retirement plans selected by their employees through a central administrative and investment system. Both employers and employees contribute to the funds of the system. SB 336 improves the options for employee contributions by allowing them to make contributions that exceed the current 50 percent benefit value threshold under certain circumstances.
SB 336 will now go to the Georgia House of Representatives.
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For Immediate Release:
February 29, 2016
For Information Contact:
Jennifer Yarber, Director
Ines Owens, Sr. Communications Specialist