Georgia. pensions plummet more than $11 billion

By: Associated Press
By: Associated Press

ATLANTA (AP) - Two of Georgia's major pension programs
have fallen more than $11 billion as stocks have plummeted over the
past three and a half months.

Teacher Retirement System and Employees Retirement System funds may encourage state officials to withhold cost-of-living raises for retirees next year.

The two funds pay pensions to about 115,000 former teachers,
professors, school employees and state workers. Another 380,000
residents have paid into the plan but are not yet collecting a
pension.

The value of the teacher retirement fund has dropped from $50.3 billion to $41.6 billion since June 30. The value of the employees retirement fund has fallen from $15.2 billion to $12.5 billion in that time.


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