SUMMARY:

            This bill would amend Article 7 of Chapter 3 of Title 47 of the O.C.G.A. to change the benefit formula for TRS from 2 percent of the average of the employee’s two best years to 2.5 percent, and to reduce the maximum number of years of service used in the calculation to 35.  All benefits currently paid to retirees would be recalculated at the new rate, plus any annual increments that would have been paid prior to July 1, 2010!

NOTES:

• Not only would this push teachers out of the profession 5 years earlier than previously, it could negatively impact current retirees.
• No actuarial study has been conducted at this time.
• The bill could benefit the teachers who have 30 years of service and have been subject to Reduction in Force during this difficult economic time.