October 24, 2008
ATLANTA, Ga.---Two Georgia pension programs fell more than $11 billion today.
The drops to the Teacher Retirement System and Employees Retirement System may cause state officials to delay cost of living raises for retirees next year. The two funds pay pensions to about 115,000 former teachers, professors, school staff and state workers.
On top of that, the 380,000 residents that have paid into their pension plan will not collect on it.
The value of the Teacher Retirement Fund has dropped from nearly $10 billion, and the value of Employees Retirement has fallen by nearly $5 billion.