All employees, excluding student employees, part-time or temporary employees, must be part of a state sponsored retirement program.
All non-exempt (hourly) benefits-eligible employees are required to participate in the Teachers Retirement System of Georgia (TRS).
Faculty and exempt (salaried) employees have the option to choose to participate in the Teachers Retirement System (TRS) or in the Optional Retirement Plan (ORP) within the first 60 days of employment. Eligible employees who do not make an election within the first 60 days will default to Teachers Retirement Plan of Georgia.
Employees enrolled in the retirement plans offered are required to make contributions of a percentage of gross salary from payroll deductions. The employee and employer contribution rate may change each fiscal year. The current employee rate is 6.00%.
The decision to elect TRS or ORP is irrevocable and may not be changed at a later date.
Teachers Retirement System of Georgia (TRS)
TRS is considered a "defined benefit" program. Your benefit is "defined" by calculation using your years of membership service, the average of your two highest membership salary years, and a 2% multiplier. Members are vested after 10 years of membership service and any unused sick leave may be applied towards additional membership service. Under TRS, you assume no investment risk and you are guaranteed retirement income for the rest of your life.Employees who participate in TRS contribute 6.00% of salary; UNG contributes 14.27% (effective July 1, 2015)
Optional Retirement Plan (ORP)
ORP is a "defined contribution" program. There are three authorized ORP vendors: Fidelity, TIAA-CREF, and Valic. ORP members are immediately vested in both employee and employer contributions. Retirement income is directly linked to the value of the account and the performance of investment choices.
Employees who participate in ORP contribute 6.00% of salary; UNG contributes 9.24% (effective July 1, 2015)
- Eligibility to Retire
- Unused Sick Leave Credit at Retirement (TRS ONLY)
- TRS Options for Retirement Benefit Disbursement
- TRS Determining Your Retirement Benefit
- I’m Ready to Become a TRS Retiree