ERSGA Financial Information

ERSGA and the Current Economic Situation

Many members are concerned about whether the retirement fund of the state of Georgia plans is in danger. The short answer is that the fund is not in danger. The fund is a defined benefit plan, which provides a set benefit regardless what the securities markets do. Georgia’s Constitution requires the state to fund the retirement fund to keep it actuarially sound so that retiree’s benefits will be paid.

The market turbulence over the past year is troubling, but we have endured similar periods in the past. It is important to recognize and remember that the time horizon of the fund’s investment portfolio can be measured in decades, not days, weeks or months. Much attention is paid to what is happening at the current time, but the goal is to use periods of market fear and exuberance to the fund’s long-term advantage.

For more information, please see your Plan's Actuarial Report* (located in your Plan's section of the web site) and our 2013 Comprehensive Annual Financial Report*.

 

NEW! 2016 Cost of Living Adjustment (COLA) Information

During the annual board meetings held on April 16 2015, all boards voted against granting a COLA for Fiscal Year 2016 to retirees of ERS, PSERS, and LRS. The Board made the decision after reviewing the current and future financial status of the plans. The JRS Board will consider a COLA at an upcoming meeting.

The Committee charged with developing guidelines and procedures to assist the Board in future decisions regarding COLAs for ERS reported their findings to the Board. Please click here* to read the Committee’s recommendations.

Recent History of COLAs


  ERS  
  FY16 No COLAs granted
  FY15 No COLAs granted
  FY14 No COLAs granted
  FY13 No COLAs granted
  FY12 No COLAs granted
  FY11 No COLAs granted
  FY10 A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit
  FY09 A total of 2% was granted (1% payable July 2008 and 1% January 2009)
  FY08 A total of 2% was granted (1.5% payable July 2007 and .5% January 2008)
  FY07 A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007)
  LRS  
  FY16 No COLAs granted
  FY15 No COLAs granted
  FY14 No COLAs granted
  FY13 No COLAs granted
  FY12 No COLAs granted
  FY11 No COLAs granted
  FY10 A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010)
  FY09 A total of 3% was granted (1.5% payable July 2008 and 1.5% January 2009)
  FY08 A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2008)
  FY07 A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007)
  PSERS  
  FY16 No COLAs granted
  FY15 No COLAs granted
  FY14 No COLAs granted
  FY13 No COLAs granted
  FY12 No COLAs granted
  FY11 No COLAs granted
  FY10 A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010)
  FY09 A total of 3% was granted (1.5% payable July 2008 and January 2009)
  FY08 A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2008)
  FY07 A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007)
  JRS  
  FY16 TBD
  FY15 No COLAs granted
  FY14 No COLAs granted
  FY13 No COLAs granted
  FY12 No COLAs granted
  FY11 No COLAs granted
  FY10 A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit
  FY09 FY09 – A total of 1.5% was granted effective July 1, 2008 for the fiscal year
  FY08 A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2008)
  FY07 A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007)

 

COLA Eligibility

Please click here* for COLA information.

*These documents may require Adobe Reader software. Click the icon on the right to download this free software. Some of the files are large and may take some time to download.

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