The basic retirement program is offered through the Teachers Retirement System of Georgia (TRS). It is a "defined benefit" plan (a pension-type program). Normal retirement age for TRS benefits is 60 with at least 10 years of service. If you have at least 30 years of service, you can retire regardless of age. Reduced benefits are available if you have at least 25 years of service and opt to take "early retirement."
The actual benefit amount you will receive when you retire depends on a formula that takes into account your total years of service and two highest consecutive years of average salary.
To help administer the TRS program and to fund its benefits, the University also contributes on your behalf. Effective July 1. 2010, the University's contribution represents 10.28%, and employee's contribution represents 5.53% of each participant's salary. There is currently a 10-year vesting schedule, meaning that once you have 10 years of creditable services in the TRS system, you are eligible for a retirement benefit once you reach age 60.
Instead of participating in the TRS defined benefit plan, faculty and certain administrators may elect to participate in an optional retirement plan (ORP). Exempted employees hired after June 30, 2008 will have the opportunity to elect to particapte in the optional retirement plan. The ORP is a "defined contribution" plan. Again, the individual makes a 5% mandatory contribution. Effective January 1, 2010, the University also makes a contribution of 9.24% directly toward the individual's ORP account. There is full and immediate vesting of all contributions to an individual's ORP account.
The resources contributed to your ORP can be invested through your choice of four investment companies: Each company offers several investment options. You may change your company allocations once a year, during the annual Benefits Open Enrollment period.
IMPORTANT NOTE: Exempt employees have 60 days to make an election. Otherwise, your retirement election will default to TRS. Your election is irrevocable for the duration of your comtinuous employment.