Puckett Asks Governor To Leave Teacher Retirement Alone
In a move that worries many Georgia teachers, the Governor has proposed a change in the Teacher Retirement System that will modify the policy concerning Cost Of Living Annual Increases for current and future retirees.
The present policy, which was adopted in 1969, states that the TRS “shall give” its members a 1.5% COLA in July and January of every year. The Governor’s office wants to change that policy to “may give” a 1.5% COLA in July and January. Under the proposed plan, a decision on whether to grant a COLA (and presumably how much) would be made each May. The rationale, according to Mr. Hills, is that all the other retirement boards vote on the COLA’s annually and the governor’s office thinks TRS should as well.
In a letter sent by Bob Puckett, candidate for the State House of Georgia and Assistant Superintendent with the Floyd County Schools, Puckett urged the Governor and Jeffery Ezell, Director of TRS to to “protect the integrity of the retirement system for educators by maintaining the automatic cost of living increase as it exists within the current policy.”
Puckett went on to say, “The Teacher Retirement System at present is adequately funded to protect all existing retirees and future retirees according to actuarial studies. It is imperative that we protect the promises made to our teachers.”
“The current system brings stability to retirees who contributed to it over a life time of service. The Teachers Retirement System is unique and separate from other state retirement programs and I believe that its independence has served teachers well.” Puckett said.
Puckett went on to say:
As a former TRS board member and chairman of the board, I want to remind you of the commitment you made to teachers. They have contributed a portion of their earnings, and it is unfair to change any policy that would negate the hard fought efforts of the past. This is saying: “We promised you a fair cost of living increase each year, but we didn’t really mean it.”
Each board member is either appointed by the governor or elected by the board to act in a fiduciary capacity for teachers. I urge you to honor your responsibility and charge by protecting the teachers you represent.
Let me also take this opportunity to oppose the increase in teacher contributions from the current 5 percent to 5.25 percent. Our teachers already have one of the highest contribution levels in the region and during these difficult economic times, our current teachers need to keep
every dollar in their pocket that they can.
It is my hope that each of your will work for a stable, reliable and independent teacher retirement system. Thank you for your time and consideration.
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