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Senate approves changes to firefighters’ pension fund, allows higher-risk bond investments
Summary
The Georgia Senate passed a substitute to SB 143 that allows certain firefighters to retire at 50 (with a combined “80” rule) and lets the firefighters’ pension fund invest up to 10% in below-investment-grade (high-yield) bonds. Supporters said it aids recruitment and retention; opponents warned of added risk and noted no new funding plan was adopted.
The Georgia Senate on Feb. 17 passed a substitute to Senate Bill 143 that adjusts retirement rules for members of the Georgia Firefighters Pension Fund and permits the fund to place up to 10% of its assets in below-investment-grade (high-yield) bonds.
Senator (36), speaking in favor of the substitute, said the change would ‘‘help fill the gap’’ in recruitment and retention for firefighters and noted the pension fund ‘‘has no state tax dollars’’ and has historically posted strong returns. He described the proposal as allowing…
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