Retirement
Faculty and principal administrators have a choice of two retirement plans.
- One plan is the Teachers Retirement System of Georgia which is a defined benefit program providing a 2% factor for each year of service. TRS operates on a fiscal year cycle (July 1st - June 30th. Effective FY 2010, the employer contribution rate increases from 9.28% to 9.74% and the employee contribution rate increases from 5% to 5.25%. The maximum allowance after 40 years' service is equal to 80% of the average of two highest consecutive annual salaries.
- The other retirement plan is a defined contribution plan. This plan will provide for investment options in four companies, TIAA-CREF, VALIC, FIDELITY and AMERICAN CENTURY(TWENTIETH CENTURY) with immediate vesting. ORP (Optional Retirement Plan) operates on a calendar year. Effective January 1, 2009 the employer contribution rate is 9.24% and the employee contribution rate is 5%.
Additional contributions can be made to a voluntary retirement plan (403b). There are limits to these employee only contributions. Contributions are sheltered from state and federal taxes the same as the regular Teacher Retirement/Optional Retirement contributions. We currently offer supplemental retirement through payroll deduction with VALIC.
To visit TRSGA, click www.trsga.com.