Senate Retirement Committee Tables Dues Request
On Tuesday, February 21st, the Senate Retirement Committee met to consider Senate Bill 456, which addressed a dues increase for the Georgia Firefighters' Pension Fund. Our Executive Director presented the case for the need for an increase based on a burgeoning shortfall in revenue (combined taxes and dues) versus benefit payments that we are experiencing and the diminishing relationship of dues to benefits. We asked for a 67% increase in dues ($10) considering that benefits had increased 76% since the last dues increase in 1988.
The Committee raised questions regarding whether the Fund could earn the shortfall in revenue and then whether the projected revenue, including an increase in dues, would support the Fund's demographics. The bill was tabled for an actuarial study of revenue requirements to be completed this summer.