Post-Retirement Benefit Adjustments
Annual Board Meetings: April 2019

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During the Annual Board meetings on April 18, 2019, the Boards of Trustees for the Employees’ Retirement System (ERS), the Public School Employees Retirement System (PSERS), the Legislative Retirement System (LRS), and the Judicial Retirement System (JRS) took the following actions for fiscal year 2020:

Employees’ Retirement System (ERS)

Approved: Two one-time, non-compounded payments for retirees and beneficiaries.  The payments will be made to those who receive a monthly benefit as of July 1, 2019, and January 1, 2020, respectively.  Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000.  NOTE:  The Board is not authorized to provide post-retirement benefit adjustments to retirees who were hired after June 30, 2009.

Public School Employees Retirement System (PSERS)

Approved:  A 3% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries.  The COLA will be paid as 1.5% increases as of July 1, 2019, and January 1, 2020, to those who receive a monthly benefit as of those dates.

Legislative Retirement System (LRS)

Approved: Two one-time, non-compounded payments for retirees and beneficiaries.  The payments will be made to those who receive a monthly benefit as of July 1, 2019, and January 1, 2020, respectively.  Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000. NOTE:  The Board is not authorized to provide post-retirement benefit adjustments to retirees who were hired after June 30, 2009.

Judicial Retirement System (JRS)

Approved: Two one-time, non-compounded payments for retirees and beneficiaries.  The payments will be made to those who receive a monthly benefit as of July 1, 2019, and January 1, 2020, respectively.  Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000. NOTE:  The Board is not authorized to provide post-retirement benefit adjustments to retirees who were hired after June 30, 2009.

Georgia Defined Contribution Plan (GDCP)

Approved: Interest Crediting Rate of 1.20% for fiscal year 2020.