In its annual meeting held today, May 11, 2022, the Board of Trustees adopted the following maximum salary increases for FY 2023 that can be used by the Teachers Retirement System of Georgia (TRS) to compute a member’s highest two-year average salary:
|Employees of the Board of Regents||10.79%||(8.29% + 2.50%)|
|All Others||4.22%||(1.72% + 2.50%)|
These percentages are in accordance with Georgia Law [O.C.G.A. § 47-3-120(d)] and apply only to TRS members whose current date of membership is on or after July 1, 1984.
The Board of Trustees also adopted the employee and employer contribution rates for FY 2024. Effective July 1, 2023, the contribution rates will be:
The memo can be viewed by clicking here.