Georgia pension fund offers 1.5% cost-of-living adjustment to help pensioners | New

(The Center Square) – Retired Georgia state employees have started receiving a 1.5% cost-of-living adjustment with their monthly benefit payment, which state lawmakers say is necessary in a context of rising inflation.

Passing the state’s $30.2 billion for fiscal year 2023 budget with House Bill 911Georgian legislators assigned $119.6 million to increase the employer contribution rate to several pension plans. The spending plan represented an increase of approximately 10.8% over last year’s budget.

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Dolores W. Simon