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Employees Retirement System reports $500 million installment will raise funded ratio toward 80% goal
Summary
The Employees Retirement System of Georgia told an appropriations subcommittee a planned $500 million installment will reduce unfunded liability and is expected to lift the system's funded ratio from about 72% to roughly 75%'76%, with a second installment proposed in the FY 2024 budget to push the ratio closer to 80%.
Jim Potvin, executive director of the Employees Retirement System of Georgia, told the Education Budget Subcommittee that the system received a first $500 million installment and a second similar installment is proposed in the FY 2024 budget.
Potvin said the installments are being used to reduce unfunded liability and described the required actuarial contributions as "the ADEC." He…
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