The Joint Retirement Committee met on Thursday to vote on retirement bills to send to actuarial study. SB 152 failed to move on to actuarial study. PAGE testified earlier in the meeting in opposition to the bill. We appreiciate the support of House and Senate Retirement commiittee members to ensure this bill did not move forward. PAGE will release a more detailed report about the meeting shortly. SB 152 by Hunter Hill (R - Atlanta) (Facebook and Twitter) fundamentally changes the Teachers Retirement System (TRS) for educators entering the profession after 2016, though current TRS members may opt in. The bill eliminates automatic Cost of Living Adjustments (COLA's) and significantly reduces the defined retirement benefit for new educators. It allows for optional participation in a defined contribution 401(k) plan. |