HB 591 - Peace Officers Annuity and Benefit (POAB) Fund Update
Dec 16, 2015
Your Support is Needed for HB 591,
HB 591 was introduced by Representative Bill Hitchens to shore up a stagnant Peace Officers Annuity and Benefit (POAB) Fund. To accomplish this, it would raise member contributions to $30.00 per month and add a 0.25% tax to all motor vehicle insurance premiums in Georgia. It is expected to fund a reasonable increase of the pension benefit for current and future fund members.
Many cities and counties are getting out of structured retirement systems. In place of this, many now pay the POAB Fund monthly payments for their officers. This trend is predicted to continue to grow and further challenge the available fund balance. The small amount of money derived from traffic fines (less than 1% of the fine money), which has supported the fund for many decades is not sufficient to support the number of eligible law enforcement officers working today.
The current monthly maximum POAB benefit comes at age 55 with 30 or more years of service and is $732.30. No matter how many more years you work, you will not draw any more money. For comparison purposes, the Georgia Firefighters Pension Plan pays its members at age 55 and 30 years of service $970.00 per month. A firefighter with 35 years of service would draw $1,058.00 per month.
Also please contact your own state representative and ask him or her to support HB 591. Check this link to find your representative and their contact info: http://openstates.org/ga/legislators/
Georgia Division
