DEPARTMENT
OF
AUDITS
AND
ACCOUNTS
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
Russell W.
Hinton
STATE AUDITOR
(404) 656-2174
STATE AUDITOR
(404) 656-2174
February
14, 2007
The Honorable Horacena
Tate
State Senator
State Capitol, Room 110-C
Atlanta, Georgia 30334
State Senator
State Capitol, Room 110-C
Atlanta, Georgia 30334
SUBJECT: State
Auditor’s
Certification
Senate Bill (LC 21 9285)
Senate Bill (LC 21 9285)
Dear Senator
Tate:
This
bill would amend provisions relating to retirement allowances for members of the
Teachers Retirement System. Specifically, this bill would increase the
multiplier used to compute a member’s annual pension. If this legislation
is enacted, a member’s annual pension would be calculated by multiplying
2.5 percent of his/her average compensation over the two consecutive years
producing the highest such average by the number of years of creditable service.
Currently, the annual pension is calculated using a multiplier of 2.0 percent.
However, under the provisions of this legislation, a member’s benefit
would be calculated based on a maximum of 35 years of creditable service.
Currently, the maximum number of years used to calculate benefits is 40 years of
creditable service.
This
is to certify that this is a fiscal retirement bill as defined in the Public
Retirement Systems Standards Law.
Respectfully,
/s/ Russell W.
Hinton
State Auditor
State Auditor