Teachers Retirement System of Georgia (TRS)
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. 2012, the University’s contribution represents 11.41%, and employee’s contribution represents 6% 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.
Optional Retirement Plan (ORP)
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 participate in the optional retirement plan. The ORP is a “defined contribution” plan. Again, Effective January 1, 2013, the individual makes a 6% mandatory contribution. The University’s contribution of 9.24% remains the same 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 ORP vendor quarterly. Click any of the links below to:
enroll, get guidance, choose investments, and view products and services.
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.