Columns:: Three changes to retirement system become law on July 1

since 12/15/98

Columns::May 20, 2002

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Campus News

Three changes to retirement system become law on July 1

Three bills regarding the Teachers Retirement System of Georgia passed the 2002 General Assembly and are expected to be signed into law by Gov. Roy E. Barnes to become effective July 1.
The first, HB210s, applies to K-12 public school retirees who retired prior to Jan. 1, 2002, at age 60 or greater, with 30 or more years’ service. They will be allowed, under certain specific conditions, to return to full-time teaching without penalizing their TRS benefits.
The second, HB765s, will allow active TRS members, under specific conditions, to establish service for private school teaching and for participation in programs relating to early-childhood development. One year of TRS credit for employment at a private school in Georgia may be purchased for each earned TRS year beyond five years. Up to 10 years of private service may be purchased in this manner, at the full actuarial cost. The early-childhood provision is for service during the specific period Jan. 1, 1977, through Dec. 31, 1980, in a county early-childhood program funded by a state or federal grant.
Finally, HB955 allows up to three years’ service credit to be purchased by TRS members with at least 25 years of service, at full actuarial cost.
While precise formulae will not be developed until the governor has signed the bill, TRS officials estimate the cost per year purchased will range from 30 to 50 percent of the employee’s current annual salary, based on variables such as the employee’s age, his/her beneficiary’s age, rate of pay and total years’ service.

--Tom Jackson

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