During the 2014 Legislative Session, Senator Hunter Hill (R-Atlanta) introduced Senate Resolution 782, a bill that would have created a joint study committee on the design of the Teacher Retirement System (TRS) of Georgia. The bill was assigned to a committee, but was never heard in committee and failed to pass. Since this past year was the second of the biennial legislative session, the bill must be refiled and begin the legislative process again in 2015.
The purpose of the 17-member committee consisting of legislators, Governor appointees, members of TRS (including one representative from PAGE and one representative from the Georgia Association of Educators), the state chief financial officer, state treasurer, and the state auditor would have been "to evaluate whether the state should continue to offer the existing retirement plan to new employees entering the teaching profession or whether the state should offer a new retirement plan that would be less costly to maintain in the long-term while still providing adequate retirement security to TRS members."
While SR782 did not mention any specific proposed reforms to TRS, a controversial plan to move educators from the popular defined benefit plan to a defined contribution 401(K)-like plan would likely have been considered by the committee. Allowing TRS to be invested into venture capital was another potential reform for the committee's consideration. PAGE lobbyists based their information about these potential study committee reforms on recent conversations with legislators, educator advocates, and others at the Capitol.
PAGE has consistently and staunchly opposed investment of TRS funds in venture capital and other risky investment instruments. PAGE has also opposed changes to the system that would jeopardize current retirees, the future retirements of those in our classrooms today, or harm recruitment or rentention of new teachers in the future.
PAGE expects similar legislation to SR 782 to be introduced in the 2015 Legislative Session. PAGE representatives attend all TRS meetings, and our legislative team continues to talk with legislators and other policy makers about TRS reforms. We will closely monitor proposed legislation to ensure that the voices of our members are heard, and we encourage you to reach out to your legislators regarding potential changes to TRS. You can find your legislator by CLICKING HERE.
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