Augusta Early Retirement Plan Suffers Setback

Augusta, GA—Three Augusta city workers were repairing a fountain downtown, but what had them bubbling was the possibility of early retirement.

“Most of us would consider early retirement. It would depend on the type of money we could get, if we could get enough money to live off of and retire, we probably would,” said James Harrison.

The proposal would offer workers 60, and with over 20 years experience, an extra five years of service credit. The more years you work, the more in your retirement check.

But, former Augusta Police Chief Freddie Lott is crying foul. He says, if current workers get five years service credit, so should retired workers. “You’re only talking about $450,000 to give us the same raise, which is the drop in the bucket,” said Lott. “We’re all in the same pension plan.”

But, some current employees are saying no to paying the retirees more.

“They have been back to the well, two or three times, and gotten raises that they shouldn’t have gotten, and there’s been no increase in benefits for those currently working, paying in, and I’m against the retirees getting anything other than what they’ve already got,” said Jimmy Wylds, of the Richmond County Sheriff’s Office.

But, Augusta pension fund managers had some bad news for the early retirement plan. The funds took a beating in the stock market, last year, and under state law, are considered underfunded. This is forcing the city to make a $1.3 million contribution to the fund this year. It’s making the early retirement plan less attractive to Commissioners.

“Can’t see it happening, just from an economic standpoint. It doesn’t make sense, in my point of view, certainly it’s not something I can support,” said Mayor Pro-Tem Alvin Mason.