A proposed bill in the Georgia House would give lawmakers a boost in their pension collections once they reach retirement age in a budget year that is facing about $300 million in cuts.
Based on his salary and rank, House Speaker David Ralston, R-Blue Ridge, would stand to benefit the most, seeing his pension possibly triple depending on how long he sticks around.
House Bill 67 would allow eligible lawmakers to receive 38% of their highest salary or $50 per month per year of service as a pension, whichever is higher.
It would also increase the amount lawmakers would have to contribute to the system to help pay for the higher pension.
Lawmakers would be eligible for the increased pay if they spend eight years in the Legislature and they can receive the benefits once they turn 65 years old.
The House Retirement Committee, where Rep. Steve Tarvin, R-Chickamauga, and Rep. Dewayne Hill, R-Ringgold, are members, backed the bill Tuesday.
The retirement committee oversees both the retirement system for the state’s teachers and public employees, including many employees of the University System of Georgia.
Hill said the bill still has a long way to go before it becomes law, but he said he would support it going forward even amid the budget cuts. A similar bill was introduced late in the session last year but was killed after the Atlanta Journal-Constitution reported on its details.
Critics of the bill say the timing is bad, considering Gov. Brian Kemp has called for a 4% budget cut this fiscal year and a 6% cut next fiscal year. In this budget session, testimony from department heads have been all about how cuts will affect their departments, work forces and effectiveness.
Rep. David Wilkerson, D-Powder Springs, is part of the committee and voted against the bill moving forward.
Wilkerson told the AJC he doesn’t think the bill “sends the right message that legislators are giving themselves an increase in their retirement benefit.”
Most lawmakers make $17,324 a year, especially early on. On top of their salary, lawmakers receive $173 for each day they are in session or doing committee work.
“I just know on mine, if I am blessed enough to stay on for eight years and get to keep the insurance, I would have almost the same amount in retirement [as] what I’ve contributed,” Hill said.
Hill pointed out the bill would have lawmakers pay 9.5% of their salaries per month toward their pensions, up from 7.5%.
Hill acknowledged that it would be more beneficial for other higher-ranking officials in the legislature, including Ralston, who would see his annual pension amount increase to about $37,600.
Other lawmakers lower on the totem poll likely would see the $50 per month, per year of service benefit kick in.
Through an aide, Tarvin said he did not want to comment.
The bill is sponsored by Rep. Tommy Benton, R-Jefferson, and has not yet been voted on in the full House.
Contact Patrick Filbin at pfilbin@timesfreepress.com or 423-757-6476. Follow him on Twitter @PatrickFilbin.