Officials need extra $400 million for Georgia teacher pension system

Members of the teacher group TRAGIC say teacher pensions are vital to attracting and retaining teachers. Some lawmakers say costs are skyrocketing and changes need to be made. BRANT SANDERLIN /BSANDERLIN@AJC.COM

Members of the teacher group TRAGIC say teacher pensions are vital to attracting and retaining teachers. Some lawmakers say costs are skyrocketing and changes need to be made. BRANT SANDERLIN /BSANDERLIN@AJC.COM

Taxpayers may have to chip in an extra $400 million next year to ensure the financial security of the state's massive teacher and university employee pension system.

That's on top of the extra $223 million the state put into the system this year.

The extra money will likely eat up a sizable chunk of new revenue the state expects to take in next year.

Teachers say the money is worth it to the state because the pension system is a great recruiting tool that attracts educators and keeps the best on the job for decades. Some lawmakers, on the other hand, would like to see the state offer portable, 401(k)-like plans for new teachers rather than solely pensions, which guarantee a monthly income for life.

Any attempt to alter the current system — which covers about 400,000 teachers, University System of Georgia employees and retired educators — causes a political stir at the Capitol.

To read more about the retirement system's financial situation and the debate over changing it, check out our story at myajc.com.