Teacher retirement plan in good shape, Gwinnett says
The Gwinnett County school system’s teacher retirement fund is fully funded, district finance officials recently said.
The fund has about $1.62 billion in assets and $1.54 billion in liabilities, Gwinnett’s chief financial officer Rick Cost told school board members.
Gwinnett has paid about $105 million over the past three years into the account, according to the district’s most recent financial report. Teachers pay 1 percent of their annual salary into the system for the disability fund.
Cost gave his update during a presentation of an independent audit of the school district’s finances. The audit, by Mauldin & Jenkins, found no compliance issues.
About the Author
Eric Stirgus joined The Atlanta Journal-Constitution in 2001. He currently writes about higher education and has assisted in the newsroom’s COVID-19 vaccine coverage. Born and raised in Brooklyn, N.Y., Eric is active in the Atlanta Association of Black Journalists and the Education Writers Association and enjoys mentoring aspiring journalists.
