Eligibility For Retirement And Determination Of Benefits
Retirement benefits are paid from the Plan if you retire on one of the following dates:
- Your Normal Retirement Date: In most cases, this is the first day of the month coincident with or immediately following your 65th birthday.
- Your Early Retirement Date: This is the first day of any month that you choose after you are eligible for early retirement under one of the following applicable State Plans: 1. Teachers Retirement System of Georgia , or 2. Public School Employees Retirement System of Georgia ,or 3. Employees Retirement System of Georgia
- Your Postponed Retirement Date: Retirement benefits may be postponed if you remain employed with GCPS after age 65.
When you are preparing to retire, it is IMPORTANT to advise the Retirement Services Department as soon as possible prior to the date your pension is to begin. You must file a written application with the Gwinnett Retirement System for benefits no later than seventy-five days before retirement benefits are to begin.
Building Your Retirement Future
You and USG both contribute to the TRS, which provides a monthly lifetime benefit once you become vested. Before youre vested, you will only receive your contributions plus interest at the stated rate.
If youre a nonexempt or hourly paid employee working 20 or more hours per week, youll automatically be enrolled in the TRS Plan as of your date of hire or eligibility.
If youre an exempt or salaried employee working 20 or more hours per week, you can choose either the Optional Retirement Plan or the TRS. Your retirement selection must be made within 60 days of eligibility or you will default into the TRS plan retroactively to your date of hire or eligibility. Retirement elections are irrevocable.
Once youre enrolled, youll receive a welcome letter from TRS with instructions to visit their website to open a TRS online account and assign your beneficiary.
Pensions In The Southeast
Public pensions across the United States experienced similar losses during the last economic recession. The chart below displays a survey of the percent of teacher pension system that is funded and the average annual benefit for nine southeastern states. The average annual benefit is the average amount that each retiree receives in benefits from that states teacher pension system.
Georgias teacher pension system, like many government pensions in the United States, sits at the heart of discussions about the states responsibility for its public servants. With assets that nearly triple the states yearly budget and the financial health of hundreds of thousands of retirees in the balance, TRS leadership and state lawmakers carry a considerable duty to the state. For these reasons, any deliberation of changes to the program must be undertaken with the utmost care.
Meaning that Georgia teachers that participate in TRS contribute 6 percent of their pretax salary annually.
For the purposes of this fact sheet, the state is considered the single employer for TRS-participating employees even though local school districts contribute to the employer share of annual contributions.
National Association of State Retirement Administrators. Investment. Retrieved from:
O.C.G.A § 47-3-23
Teachers Retirement System of Georgia. . Comprehensive Annual Financial Report. Retrieved from:
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Fulton County Schools Employee Pension Fund
Who participates in this program?Bus Drivers, Cafeteria Workers, Custodians, Fleet Mechanics, Maintenance Workers, and Warehouse Personnel
FCSEPF is a “Defined Benefit” plan. Your retirement benefit is “defined” by calculation using your years of membership service, the average of your three highest membership salary years, and a 2% multiplier. Unlike a “defined contribution” plan, you assume no investment risk, plus you are guaranteed monthly retirement income for the rest of your life once you have completed the required 10 years of service to vest your benefit.
For more information, please read our Frequently Asked Questions.
Important Websites And Phone Numbers
Refer to these contacts when you need to connect with OneUSG Connect or the Benefits Call Center or reach a benefits provider directly.
If you are a new hire or have questions before you enroll
OneUSG Connect- Benefits
1-844-587-4236 If you have questions afteryouenroll
Go to your campus HR partner or
your plans insurance carrier
See below University System of Georgia Human Resources Administration
All benefit related questions will be routed to Accolade
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Tips For A Successful Retirement
- When preparing for retirement, you may run into some questions along the way. This is why you should seek the professional guidance of a financial advisor. A financial advisor can ease the savings and retirement plan process and push you closer to your financial goals. SmartAssets financial advisor matching tool can help you find the best advisor suited to your needs.
- Another important factor to consider when thinking of retirement is location. Location greatly affects the amount of taxes youll pay or the deductions you can earn from retirement income. Therefore, the state in which you retire could either push you closer or farther from your savings goals. Make sure to consider SmartAssets list of the most tax-friendly states before making a final decision.
Teachers Retirement System Of Georgia Employees
EmployeeMike BradyDetailsRaceTrac PetroleumCMIHealthPort LLCCribMasterCMINCR1987 19931984 1987Suzanne EasonDetailsTeacher’s retirement system of GeorgiaKaitlyn McKeeDetailsErnst & YoungRandstadMacy’s1999 2003Kimberly Spruill, MAFMDetailsTime Warner CablebioMerieuxVishay Precision Group2008 20111994 1997Staci Bennett, MBADetailsGeorgia Municipal AssociationHCA HEALTHCAREEMPIRE BLUE CROSS/BLUE SHIELD2003 2007Melissa Van EppsDetailsGenSpring Family OfficesWake Technical Community CollegeVance-Granville Community CollegeMay 1996 – September 1997 Anita VichareDetails1999 – 2005 1987 1991Tony PattonDetailsJPMorgan ChaseMay 2002 – July 2006 LexisNexisGE AviationMay 1999 – August 1999 Peggy WebbDetailsGeorgia Department of LaborBank of America1983 19891983 1989Gina NewtonDetails2001 – 2001 BBVA CompassJoey WallsDetailsCorinthian CollegesMay 2011 – June 2012 2008 – 2011 2008 20102000 2004Beau PuckettDetails1993 1996Christy Gray, MBADetails2012 20162007 20091991 1995
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Current Financial Health Of The Georgia Retirement System
The ERSGA holds more than $13 billion in assets, according to its 2017 Report of the Actuary on the Valuation. With its variety of pension funds and retirement plans, its total assets will likely increase. In addition to its primary pension plans, the ERSGA also provides additionally thorough retirement options. These include its Group Term Life Insurance and its Peach State Reserves options.
In July, it received its Certificate of Achievement in Financial Reporting, making that its eighth consecutive award from the Government Finance Officers Association .
Teachers Retirement System Of Georgia
Teachers Retirement System of Georgia List of Employees There’s an exhaustive list of past and present employees! Get comprehensive information on the number of employees at Teachers Retirement System of Georgia. You can filter them based on skills, years of employment, job, education, department, and prior employment.
Teachers Retirement System of Georgia Salaries. You can even request information on how much does Teachers Retirement System of Georgia pay if you want to. Learn about salaries, pros and cons of working for Teachers Retirement System of Georgia directly from the past employees.
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24 Teachers Retirement System of Georgia employees in database. Find out everything there’s to know about Teachers Retirement System of Georgia employees. We offer you a great deal of unbiased information from the internal database, personal records, and many other details that might be of interest to you.
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Teacher’s Retirement System Of Georgia
Who participates in this program?Teachers, administrators, supervisors, clerks, teacher aides, paraprofessionals and all other TRS covered positions hired since July 1, 1988.
TRS serves education professionals in the State of Georgia. Fulton County teachers participate in the TRS program and benefits are calculated according to a retirement benefit formula, which takes into account your years of creditable service, your average monthly salary for your highest consecutive 24 months of membership service and the 2% multiplier.
For more information about the Teachers Retirement System of Georgia, please visit the TRS website.
Calculation Of Your Retirement Benefits
Your retirement benefit is calculated by a formula, which produces a basic benefit. Your basic benefit is payable for as long as you live. Assuming you retire according to the GRS Plan Normal Retirement Date of age 65, the amount of your monthly retirement income is determined by using the following calculation for each year of participation and adding the years together:
2.2% of Earnings up to $9,000, plus1.6% of Earnings in Excess of $9,000,Divided by 12.
GRS calculates your annual earnings based on the calendar year, not the school year.
Example 1 Normal or Full Retirement Benefit at Age 65Assume an employee began employment September 1, 1999 and decides to retire on July 1, 2022 at age 65. The GRS Plan provides full retirement benefits at age 65. Assume her earnings were as follows:
Earnings for:2018 2021 =$70,000 2000 2017 =$55,000 1999 = $12,000
Ann Smiths retirement benefit calculation is the sum of each year of participation as follows:Year 2022:
Amount for these four months $198 + $48 = $246
Annual Benefit at Age 65: Total is $614 + $4,696 + $16,812 + $246 = $22,368
Ann Smith’s basic annual retirement benefit at age 65 is $22,368.The monthly benefit would be one-twelfth of this amount or $1,864. No adjusting calculations for age are needed to her benefit because she is 65.
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Types Of Retirement Systems In Georgia
Georgia offers several different retirement systems and pension plans for employees who meet its eligibility and service requirements. Specifically, this includes public employees, public school employees, teachers, judicial employees, General Assembly members and National Guard members. Furthermore, though ERSGA offers eight pension programs, the requirements for each varies.
How The Trs Plan Works
The TRS Plan is a defined benefit pension plan. Your retirement benefit is based upon on a predetermined formula, using your length of service and average monthly salary based on your highest 24 months of earnings. To learn more, review the following Plan at a Glance information.
You and USG contribute to your TRS account.
- You: 6% of your pre-tax compensation
- USG: 19.81% of your pre-tax compensation effective July 1, 2022, 19.98%
Note: Changes in USGs contributions do not impact your benefit at retirement because its determined by a fixed formula.
- You become vested after 10 years of service.
- Vesting is calculated using your length of service and average monthly salary .
- Sick leave credit can be added to your years of service upon retirement. Certain restrictions apply.
- If you leave USG before youre vested, you will only receive your contributions plus interest at the stated rate.Learn more.
If you leave USG before you are vested in your TRS benefit, you have these options:
- Leave your contributions with TRS ,
- Roll over your contributions to another qualified plan or IRA, or
- Request a lump-sum distribution .
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Overview Of Georgias Retirement Systems
Employees Retirement System : Old Plan Created under the ERS, the Old Plans eligibility and dates of employment requirements differ from those of the ERSs New Plan and GSEPS. But the Old Plan also poses distinct contribution requirements. For instance, members must contribute 1.50% of their earnable compensation to the plan. In addition, members must qualify for three different types of Service Retirement under ERS rules: Normal Retirement, Early Retirement and Terminated Vested Retirement.
Employees Retirement System : New Plan Similar to the Old Plan, members of the New Plan must also qualify for Normal Retirement, Early Retirement and Terminated Vested Retirement. In addition, members for this plan must have been hired between July 1, 1982 and December 31, 2008.
Employees Retirement System : Georgia State Employees Pension and Savings Plan The GSEPS plan differs from the Old Plan and New Plan mainly in the components it offers. GSEPS offers a combination of the defined benefit plan and the 401 savings plan. The defined benefit plan is mandatory and costs employees 1.25% of their salary. With the 401 component, on the other hand, employees are automatically enrolled and must contribute 5% of their compensation.
Georgia Military Pension Fund Signed into law on May 15, 2002, the GMPF offers retirement benefits to members of the National Guard who meet its eligibility requirements.
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Teachers Retirement System Of Georgia Explained
State lawmakers introduced several bills in the 2019 legislative session that could significantly alter the Teachers Retirement System of Georgia if passed in 2020. There are 390,000 current and former Georgia educators participating in the pension system as either active members or benefits recipients. Any changes to TRS have immense implications to the states education workforce as well as the financial health of the state of Georgia. This fact sheet explains the basic concepts of TRS, how it is funded and where it stands financially.
What Is The Teachers Retirement System
TRS administers retirement benefits to employees of local school systems, charter schools, technical colleges, county and regional libraries, Regional Education Service Agencies , the University System of Georgia and certain state agencies. Established in 1943, TRS administers a single, defined retirement benefit that is determined by a calculation using the number of creditable years of service and final average salary multiplied by 2 percent. To receive any benefits, a member of TRS must have 10 years of service.
A complex combination of state laws, board rules and federal laws govern the management of TRS. Below is a short summary of the funding for TRS, the systems projected liabilities and how the state of Georgia has planned to address any outstanding obligations.
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