TRS Retired:IN THE TRS
With Dr. Buster Evans
TRS Executive Director
The Teachers Retirement System of Georgia (TRS) has been a part of the
State of Georgia’s educator compensation package since the agency was
created in 1943.
Due to the recession of several years ago, it has been necessary for the State
of Georgia to increase employer contributions in an effort to keep the plan
viable for future generations of teachers, and the Executive and Legislative
branches of our state government have continued to honor that commitment.
When you talk to or communicate with our State leaders, be sure to thank
them for continuing to support education and educators by supporting
their retirement system. With recent positive market trends and increased
employment by educational agencies in Georgia, retirement officials are
optimistic that these steep increases can be avoided in the future. Words of
appreciation and encouragement to our leaders will help affirm that educators
value the provision of Georgia’s defined benefit retirement plan.
And it is not a one-way street. Let’s not forget what valuable assets our
members are for the State of Georgia. For example, Taliaferro County, the
smallest county in Georgia, is home to 21 TRS retirees. On average, each
of these 21 retirees receives a monthly benefit of $2,603, or $31,560
annually. The direct economic impact, or initial expenditures, of these retirees
is $427,716 annually. The indirect economic impact, which results from
businesses purchasing additional goods and services, is another $292,404
annually. And to take it a step further, the induced economic impact, which
occurs when businesses hire more employees as a result of the direct and
indirect impacts, is yet another $234,255 per year. That’s a total of $954,375
in economic impact from retirees in the smallest county in Georgia.
Let’s take a look at a larger county, Tift County.
Tift has 871 TRS retirees who each currently receive an average monthly
benefit of $3,067, or $36,804 per year. The direct economic impact of
these retirees is $20,687,838 annually. The indirect economic impact is
$14,143,016 and the induced economic impact is $11,330,454 each year.
The total economic impact of just 871 TRS retirees living in Tift County is over
$46 million per year.
As you can imagine, TRS retirees in one of the largest counties in Georgia,
Gwinnett, make a significant contribution to the State’s economy. TRS pays
4,904 retirees in Gwinnett an average monthly benefit of $3,148, or $37,780
per year. Directly, in one year, these retirees pump $119,567,824 into
Georgia’s economy. Indirectly, businesses are able to purchase more goods
and services, which adds another $81,741,249 into the economy. And finally,
the induced economic impact of 4,904 retirees is $65,485,712 per year. The
benefit payments received in retirement by TRS retirees in Gwinnett County
alone provides a whopping $266,794,785 per year in economic impact to the
State of Georgia.
By just looking at three of the 159 counties in Georgia, the retirement benefits
earned by the educators and honored by the legislators in this great State
allow them to contribute significantly to Georgia’s economy. In total, all of the
benefit payments to 123,268 TRS retirees results in an economic impact of
over $6.65 billion in the State of Georgia. Just think of all of the people who
are hired, the goods and services that are rendered, and the new businesses
that are started in part because our State leaders were generous enough to
recognize and take care of our educators in retirement.
L.C. (Buster) Evans, Ed.D.
Executive Director, Teachers Retirement System of Georgia
active and retired TRS
members look forward to
their retirement being a part
of their recognition for their
service as public educators
from the state and their
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22 | KNOW • Volume 15 Issue 4