Changes in government accounting standards mean many of the nation’s public employee pension funds will have to show they owe more money on their books than they’re currently reporting. The changes likely will have only a small impact on Georgia’s retirement fund, however.
The Senate has unanimously approved legislation that would increase the monthly contribution of certain public school employees to their retirement system from $4 to $10. The bill would also slightly increase members’ benefits.
A national report gives Georgia high marks for setting aside money for its state employee pension funds. But the Pew Center for the States study also says, Georgia isn't saving nearly enough to cover workers' future health care bills. But Georgia isn't alone in underfunding health care promises to state employees.