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.
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