Retirement

Faculty and principal administrators have a choice of two retirement plans each of which requires a 5% contribution. One plan is the Teachers Retirement System of Georgia which is a defined benefit program providing a 2% factor for each year of service. 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. The state's contribution is 8.81% currently.

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. The three companies currently offering a supplemental retirement plan are VALIC, LINCOLN NATIONAL and TIAA-CREF.

To visit TRSGA, click www.trsga.com.