Lawmakers in Georgia have agreed to begin a study of the costs of numerous changes to pension plans for teachers, police, and other state employees. The AJC reports the House Retirement Committee on Monday agreed to authorize actuarial studies of the costs of eight bills affecting the pensions of various state employees. Once the costs are known, the bills would be considered in next year’s legislative session.
Among the proposals is House Bill 981, which would increase the employee contribution to the Georgia State Employees’ Pension and Savings Plan to 3% of their pay, up from 1.25%. The board that oversees the program would be authorized to set employee contributions as high as 4%. But the payout for employees would also rise to 1.5% of salary for each year of service beginning in July 2026, up from 1% currently.
House Bill 372 would renew a program to rehire public school teachers through 2030, but determine the actual impact of the program. Other proposed changes affect state police officers, legislators, and certain judges.
