State Sen. Larry Walker III (R–Perry) announced the successful passage of Senate Bill 105, which amends the Public School Employees Retirement System (PSERS). This bill ensures an increase in the minimum monthly retirement payment to $17 for both current and future retirees.
According to a press release by the Georgia General Assembly, Walker said: “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. 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.”
The same press release revealed that the bill secured passage with a vote of 49 to 1, bringing a financial improvement of over $2 per year of service for present and future Georgia Public School Employees receiving retirement benefits. Senate lawmakers said that this adjustment aligns with the positive evaluation provided by the Senate Committee on Retirement.
According to information from the Employees’ Retirement System of Georgia, PSERS was established in January 1970 under Georgia Laws 1969. It provides a supplemental retirement plan for specific public school employees. Member and state contributions are exclusively directed to the PSERS fund, ensuring benefits for members and beneficiaries, with an annual examination by independent actuarial and accounting firms. Administered by a Board of Trustees, it includes members from both the Board of Trustees of the Employees’ Retirement System and two additional members appointed by the Governor.
