More than 15,000 retired Georgia teachers or their beneficiaries will receive a lump sum of retirement payments they should have been receiving all along from the Teachers Retirement System of Georgia.
The agreement between TRS Georgia and the lead plaintiffs, Larrie Grant Plymel and Connie D. Monroe, brings the 5-year-old class-action lawsuit to a close, following a hearing Monday in Fulton County Superior Court.
How much the retirees or their beneficiaries will receive is unclear.
It could take 60 days to calculate the amount each person will receive.
“We’re gratified that the ruling will result in a substantial recovery for the vast majority of class members,” said David Forehand, one of the attorneys representing the plaintiffs.
At the crux of the lawsuit is the contention that TRS Georgia, which has about $42 billion in retirement funds, did not correctly calculate retirement benefits.
Because of those miscalculations, the plaintiffs argued, some retirees were underpaid for years.
TRS Georgia, which has two other similar lawsuits pending, will give payouts to those school employees who retired between Aug. 1, 1983, and Feb. 3, 2003.
The back payments cover the six-year period of April 1998 to April 2004 before the filing of the lawsuit.
Labels: 000, back pay 15, retirement, teachers retirement system of georgia
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Brian Vanderhoff @ 12:07 PM
