15,000 retired teachers to receive back pay - WALB.com, Albany News, Weather, Sports

15,000 retired teachers to receive back pay

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By Cade Fowler - bio | email

Atlanta, GA (WALB) - Good news for hundreds of retired Georgia school teachers  - a lawsuit against the Teacher Retirement System of Georgia was settled in court Monday and now thousands of retired educators will be receiving 6 years of back pay.

The class action lawsuit, which had been in the works for 5 years, will result in a lump sum payment awarded to 15,000 retired teachers or their beneficiaries.

An agreement was reached between TRS Georgia and the lead plaintiffs in the case, Larrie Grant Plymel and Connie Monroe, in Fulton Superior Court. The suit contested that Teacher Retirement System Georgia, which has more than $40 billion dollars in retirement funds, miscalculated retirement benefits.

The payout will come in a lump sum and will be awarded to school employees that retired between August 1, 1983 and February 3, 2003. Those back payments will cover a span of 6 years, between April of 1998 and April 2004, before the lawsuit was filed.

The exact amount of how much money will be awarded to each person will take about 60 days to calculate.

This is not the only lawsuit that has been field recently against TRS Georgia. Two similar suits are pending against the system. An attorney who represented the plaintiffs in this case said that the ruling will result in a substantial recovery for the majority of class members.

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