Plain English Breakdown
The official status indicates the bill passed both chambers and reached final enrollment, but no specific effective date is listed in the provided metadata.
State Law Enforcement Officer Plan (SLEO)
This bill establishes the State Law Enforcement Officer Plan to offer enhanced benefits for state law enforcement officers who choose to join it.
What This Bill Does
- Establishes the State Law Enforcement Officer Plan, known as the SLEO Plan.
- Offers enhanced retirement benefits specifically for electing state law enforcement officers.
- Provides rules regarding irrevocable elections and conditions or limitations on the plan.
- Creates accounts called deferred retirement option program (DROP) accounts.
Who It Names or Affects
- State law enforcement officers who choose to join the new plan.
- The Employees' Retirement System of Georgia, which is amended by this bill.
Terms To Know
- SLEO Plan
- A retirement program established for state law enforcement officers offering enhanced benefits.
- Irrevocable election
- A choice provided by the plan that cannot be changed once made, as referenced in the bill's provisions.
- Deferred retirement option program (DROP)
- Accounts established under this plan for holding funds until a person retires.
Limits and Unknowns
- The effective date of the law is subject to conditions set by the bill.
- The law includes an automatic repeal provision, meaning it could end on its own after certain time or conditions are met.
- Specific details about benefit amounts and exact plan rules are not listed in this summary.