AARP Georgia Successfully Lobbies as Retirement Bill Is Introduced in the Senate

Georgians are one step closer to seeing the benefits of a statewide, employer-based plan that will help employees save for retirement, thanks to a recent bill introduced in the Georgia Senate. Peach State Saves, Senate Bill 226, was introduced on the Senate floor Friday and assigned by Lt. Governor Burt Jones to the Senate Retirement Committee for review.

The bill, sponsored by Senator Chuck Hufstetler, is receiving bi-partisan support in the Senate with 11 Republican and three Democratic co-sponsors. Advocates hope for brief committee hearings this week since Crossover Day, the day bills pass to the House of Representatives, is March 6^th.

“This bill will allow Georgians, on jobs without retirement plans, to build their retirement savings independently through payroll deductions. The plan moves with the employee from job to job and is no cost to the employer,” said AARP Georgia’s Manager of Advocacy Alice Bennett.

Recently, nearly 100 AARP Georgia volunteers and staff lobbied for the bill at the Capitol, meeting with legislators and discussing ways to provide a common-sense retirement savings pathway that will help employees save for retirement, when such plans as a 401k, are absent. Peach State Saves will strengthen approximately 2 million Georgia workers’ financial future.

According to a recent Pew study, if retirement savings remain at current levels, the lack of household retirement savings will lead to an $8 billion increase in state spending by 2040 due to increased public assistance costs, reduced tax revenue, and decreased household spending. The study also revealed that workers are 15 times more likely to save for retirement if they can save through a payroll deduction. Many small businesses can’t offer retirement benefits because of high costs and administrative demands. The Peach State Saves bill provides a free solution and the opportunity for Georgia to offset the projected $8 billion expense.


“AARP’s mission is to empower people to choose how they live as they age. Financial security is key to ensuring that choice,” Bennett said. “This retirement plan empowers personal responsibility and helps Georgians build their retirement savings, so they rely more on their own hard-earned money.”