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.
First Reader Summary SB 105 – A BILL to be entitled an Act to amend Code Section 47-4-101 of the Official Code of Georgia Annotated, relating to retirement benefits payable upon normal, early, or delayed retirement in the Public School Employees Retirement System, so as to revise the minimum and maximum allowable benefit multiplier for current and future retirees; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.
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Read more on the legislation here.
Sen. Larry Walker serves as Secretary of the Senate Majority Caucus. He also serves as Chairman of the Senate Committee on Insurance and Labor. He represents Senate District 20 which includes all of Bleckley, Dodge, Dooly, Laurens, Pulaski, Treutlen, and Wilcox Counties and a large portion of Houston County. He can be reached at larry.walker@senate.ga.gov.
legis.ga.gov
