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Employee Retirement System reports funding gains; $500 million injections boost prospect of larger COLAs
Summary
The Executive Director of the Employees Retirement System told the committee ERS's funded ratio was 72% as of June 30, 2023, that the system received a $500 million state investment last year and that a second proposed $500 million could push the ratio toward 80%, a milestone tied to larger cost‑of‑living adjustments (COLAs).
Jim Popvin, executive director of the Employees Retirement System of Georgia (ERS), briefed the joint retirement committee on ERS finances and said the system's June 30, 2023 valuation showed a funded ratio of 72.0%. Popvin told members the system managed about $20.8 billion as of June 2023 and about $21.4 billion as of December 2024 across ERS plans and that ERS assets were roughly $17.1 billion of that total.
Popvin said ERS benefited from a $500 million legislative and governor investment in the prior year and that the governor had proposed an additional $500 million for…
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