Post-Retirement Benefit Adjustment History - Employees' Retirement System of Georgia (2024)

FAQs

Are state of Georgia retirees getting a raise in 2024? ›

The MAGISTRATES RETIREMENT FUND of GEORGIA is pleased to announce that the Board of Commissioners approved a Cost of Living Adjustment (COLA) for all current and future retirees at the June Board meeting. The 1.5% increase will be effective as of July 1, 2024.

A 1.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.5% increase to those who receive a monthly benefit as of July 1, 2022. Two one-time, non-compounded payments for ERS retirees and beneficiaries.

The TRS, a defined benefit plan, operates on a fiscal year cycle (July 1 – June 30). There is currently a 10-year vesting schedule, meaning that once you have 10 years of creditable services in the TRS system, you are eligible for a retirement benefit once you reach age 60.

Refunds are processed within 2-4 weeks upon receipt. Payrolls are weekly. Refunds can be requested as a Direct Deposit or check. If a member cannot apply for a refund online, they must contact ERSGA to request a refund application.

May 13, 2024: Governor Kemp recently approved the final FY 2025 Budget (House Bill 916), which provides for a 4%, not to exceed $3,000, Cost-of-Living Adjustment (COLA) for regular benefits eligible employees of the University System of Georgia.

SHBP retirees are former active members who: 1) were enrolled and covered by SHBP immediately prior to their retirement with no break in coverage, 2) receive a monthly annuity from a state retirement system at the time of their retirement, and 3) are currently enrolled in SHBP coverage as a retiree.

Normal Retirement:

With 10 years of Creditable Service you are vested. Once you reach 30 years of service or are vested at age 60, you are eligible for an immediate benefit without reduction.

In some cases, it can decline for months or even years. As a result, some retirees like to use a 3 percent rule instead to reduce their risk further. A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year.

Georgia allows taxpayers age 62-64 to exclude up to $35,000 or retirement income on their tax return. Taxpayers under age 62 and permanently disabled also qualify for the exclusion. Taxpayers age 65 or older can exclude up to $65,000 of their retirement income on their tax return.

You may be eligible for the HB 162 Surplus Tax Refund if you: File your Individual Income Tax Return for tax year 2021 and tax year 2022 by the April 18, 2023 deadline (or by October 16, 2023 if an extension was granted) Had a tax liability for tax year 2021. Are a Georgia resident, part-year resident, or nonresident.

How can I check the status of my Georgia refund? ›

You can create or log in to your Georgia Tax Center online account to sign up for electronic notifications if you'd like to be notified when your return is filed and when your refund is issued. Call the DOR automated telephone line at 877-423-6711 to check the status of your tax refund.

If you terminate your TRS covered employment, you may apply for a refund of your contributions and interest. You can either receive a check from TRS, or move your funds to another qualified plan.

AUSTIN — Eligible annuitants of the Teacher Retirement System of Texas (TRS) will begin receiving a permanent cost-of-living adjustment (COLA) to their monthly annuity payments beginning in January 2024. Voters approved a constitutional amendment on November 7 allowing TRS to issue the COLA.

Effective July 1, 2024, the COLA rate is 2.00% for those with a retirement date on or before July 1, 2023. The COLA for UC-PERS Plus 5 benefit recipients is also 2.00% (set as the same as the COLA for UCRP benefit recipients with a retirement date of October 1, 1991).

A maximum increase of 1% every six months authorized. Special cost-of-living increase paid to retirees age 62 and over. The amount, from 1.5% to 21.8%, determined by age and date of retirement. Cost-of-living increases authorized for beneficiaries of deceased retirees.

Cost of Living Adjustments

Within Georgia House Bill 916, the Governor and General Assembly have proposed a Cost-of-Living Adjustment (COLA) for full-time, benefit- eligible state employees to be effective July 1, 2024. Eligible Georgia Tech employees will receive a 4% increase to base salary, not to exceed $3,000.