On Wednesday, Sen. Larry Walker III (R–Perry) celebrated the Senate’s passage of Senate Bill 105, which would revise the minimum and maximum allowable benefit multiplier for current and future retirees in the Public-School Employees Retirement System.
With its passage, current and future Public-School retirees will see the minimum monthly retirement payment increase to $17 — multiplied by the “member’s years of credible service.” This increase represents a jump of more than $2 per year worked as Public-School Employees before retirement, contributing a significant take-home financial increase for Georgia Public-School Employees that are currently receiving retirement benefits and those that will in the future.
“Taking charge of the retirement benefits of our Public-School Employees to make sure that those individuals can contribute and save for their futures is a key priority, and having this bill pass is a positive step,” said Sen. Walker. “Georgia school bus drivers, cafeteria workers, custodians and maintenance workers have by and large been left behind compared to everything we’ve done for teachers. I am looking forward to seeing the progression of this bill through the remainder of the legislative process and these much-needed changes made for the benefit of one of the most deserving sectors of our state.”
SB 105 passed by a vote of 49 to 1, following its favorable report from the Senate Committee on Retirement.
Read the full text of the legislation here.
Read the full article here
