Retirement Benefits Information

All employees of the University System of Georgia are required to participate in a retirement plan. Non-exempt employees are required to participate in Teachers Retirement System, which is a state sponsored plan. Exempt employees have the option to participate in either Teachers Retirement System or Optional Retirement Plan. Part-time employees must also participate in a retirement plan called Georgia Defined Contribution Plan. Retirement elections are finalized through a paper process. Employees must submit their retirement election to Human Resources by filling out the Retirement Election Form (below).

• Georgia Defined Contribution Plan
• Retirement Election Form

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Teachers Retirement System (TRS)

The required contribution rate is 5.53 percent of base salary for the employee contribution. The employer contributes 10.28 percent to support the retirement plan. Ten years of creditable service are required in order to be vested. More information about TRS can be found on their website at www.trsga.com.

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Optional Retirement Plan (ORP)

This plan requires a 5 percent base salary employee contribution. The employer contributes 9.24 percent to the (ORP) vendor who then invests these funds on behalf of the employee.  This plan has no vesting requirements, and the employee is vested immediately in the ORP plan.   The ORP vendors are:

• Fidelity Investments
• TIAA-CREF
• VALIC

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Other Retirement Options

Deferred compensation plans (403b and 457b) are non-qualified, tax deferred compensation plans for employees of non-profit organizations such as colleges and public schools. An eligible employee can elect either a flat amount or percentage of gross earnings to be contributed to the plan, which would then lower the taxable income. The payment of taxes on the money put into the account will be deferred until the money is withdrawn, usually age 59½ or later.  Contributions to a 403b or 457b plan are tax free; however, there is no employer match. The purchase of deferred compensation plans is limited to those sold by the companies on College of Coastal Georgia's list of approved vendors.

Employees must be careful not to put excess contributions into a deferred compensation plan as there are severe penalties for doing so.  Consult with a deferred compensation company for assistance in determining the maximum amount of contributions. Employees may contribute the maximum amount to both 403b and 457b plans as long as that amount does not exceed plan limits. Electing the plan must be done through the Human Resources office in order to be processed through payroll.

• 403b Plan Form
• 457b Plan Form

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Approved deferred compensation plan vendors are:

• Fidelity Investments (403b only)
• TIAA-CREF
• VALIC