On Wednesday, the TRS Board voted unanimously to REJECT a proposal to change the semi annual Cost Of Living Adjustment (COLA) for retired Georgia educators.
The proposal was to allow a Board vote annually on the amount of the COLA for the following year. The 40 year history of the current guideline has a 1.5% increase in January and an additional 1.5% increase in July every year as long as the CPI for the previous year was positive.
Additionally, a letter from the Georgia attorney general's office said that Georgia could potentially be held in breach of contract if the proposal was approved. Assistant Attorney General Christopher McGraw wrote that the state would probably have a tough legal battle if the long-standing policy was changed.
A HUGE WIN FOR GEORGIA EDUCATORS!!!
The proposal was to allow a Board vote annually on the amount of the COLA for the following year. The 40 year history of the current guideline has a 1.5% increase in January and an additional 1.5% increase in July every year as long as the CPI for the previous year was positive.
Additionally, a letter from the Georgia attorney general's office said that Georgia could potentially be held in breach of contract if the proposal was approved. Assistant Attorney General Christopher McGraw wrote that the state would probably have a tough legal battle if the long-standing policy was changed.
A HUGE WIN FOR GEORGIA EDUCATORS!!!
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