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Board rejects proposed change to teacher pensions

ATLANTA - A state board voted unanimously Wednesday to keep a nearly 40-year-old policy that guarantees cost-of-living increases to pension payments for retired Georgia teachers.

The vote by the board of the Teachers Retirement System of Georgia rejected a proposed change by Gov. Sonny Perdue's office, which was concerned the retirement fund won't always be as financially stable as it is now.

The policy guarantees retirees 1.5 percent cost-of-living increases twice a year. The proposed change would have let the board vote each year on how much retired teachers get in cost-of-living adjustments, which would have opened up the possibility that retirees get no increase in their pension payments some years.