Georgia Defined Contribution Plan; exclude part-time students from membership
Impact
If enacted, this bill would directly impact current and future part-time students who might be working at state educational institutions, effectively removing their access to contribute to the defined contribution retirement plan. This could have significant implications for students' post-education financial planning as many rely on such plans for long-term savings. Moreover, this change may lead to discussions regarding employment benefits for part-time student workers across the state, prompting other institutions to consider similar alterations in their policies.
Summary
House Bill 1113 aims to amend the Georgia Defined Contribution Plan by excluding part-time students from membership in the plan. This legislative move targets the definition of eligible employees who can participate in the retirement savings program, specifically tailoring it to address the status of students working part-time at their educational institutions. The bill seeks to clarify the roles of various stakeholders in the plan, ensuring that full-time employment remains a prerequisite for participation.
Contention
Debate around HB 1113 may arise due to concerns about the financial security of part-time students, who often juggle schooling with work commitments. Opponents of the bill could argue that limiting access to retirement savings disproportionately affects younger workers and undermines their financial future. Supporters, on the other hand, might argue that the intent is to limit membership to those who are fully engaged in their employment roles, thereby maintaining the integrity of the retirement plan designed for full-time workers.
Communities In Schools of Central Georgia; significant contributions to improving student attendance, student achievement, dropout prevention, and community partnerships in Central Georgia; commend
Student Scholarship Organizations; State of Georgia to participate in the federal tax credit program for contributions of individuals to scholarship granting organizations; provide