ATLANTA — Sen. Ellis Black (R-Valdosta) attended the bill-signing ceremony with Gov. Nathan Deal to see Senate Bill 333 signed into law this week.
Black sponsored SB 333 at the request of the Georgia Municipal Association.
SB 333 would encourage greater savings by local government employees and reduce costs to local governments in offering deferred compensation plans by allowing auto enrollment in compliance with federal law, according to state officials.
Studies show that roughly 85-90 percent of employees who are automatically enrolled into a deferred compensation plan continue contributions toward their retirement. In contrast, studies show participation in plans without automatic enrollment is, on average, less than 50 percent.
“We greatly appreciate Sen. Black carrying this legislation in the Senate” said GMA Executive Director Larry Hanson. “Due to his efforts, municipal employees will undoubtedly benefit from increased retirement savings in the future.”
Based in Atlanta, GMA is a voluntary, non-profit organization that provides legislative advocacy, educational, employee benefit and consulting services to its 521 member cities.