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Retirement

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Selecting a Retirement Plan

Find out what choices you have for retirement benefits.

Preparing to Retire

Thinking of retiring? Find out what steps you need to take and when to take them.

a Retiree

Have questions about your benefits as an existing retiree?

Selecting a Retirement Plan

All employees (excluding student employees, part-time, or temporary employees) must be a part of a state-sponsored retirement program.

Which Retirement Plan is for Me?

Non-Exempt (Hourly)

All non-exempt (hourly) benefits-eligible employees are required to participate in the following program:

  • Teachers Retirement System of Georgia (TRS)

Important:

The decision to elect TRS or ORP is irrevocable and may not be changed at a later date.

Faculty and Exempt (Salaried)

Faculty and exempt (salaried) employees have the option to choose to participate within the first 60 days of employment in one of the following:

  • Teachers Retirement System of Georgia (TRS)
  • Optional Retirement Plan (ORP)

Eligible employees who do not make an election within the first 60 days will default to the Teachers Retirement Plan of Georgia (TRS).

How Much is My Contribution?

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%.

Retirement Plan Options

Teachers Retirement System of Georgia (TRS)

Who Can Enroll in this Plan?

  • Non-exempt (hourly) benefits-eligible employees
  • Exempt (salaried) staff employees
  • Faculty members

Required

All non-exempt benefits-eligible UNG employees are required to participate in TRS.

Defined Benefit

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.

Vesting

Members are vested after 10 years of membership service and any unused sick leave may be applied towards additional membership service.

Risk

Under TRS, you assume no investment risk and you are guaranteed retirement income for the rest of your life.

Contributions

Employees who participate in TRS contribute 6.00% of their salary; UNG contributes 14.27% (effective July 1, 2015).

Optional Retirement Plan (ORP)

Who can Enroll in this Plan?

  • Exempt (salaried) staff employees
  • Faculty members

Optional

Faculty members and exempt staff employees also have the option to participate in ORP.

Defined Contribution

ORP is a "defined contribution" program.

Vendors

There are three authorized ORP vendors:

  • Fidelity
  • TIAA-CREF
  • Valic

Important: The decision to elect TRS or ORP is irrevocable and may not be changed at a later date.

Vesting

ORP members are immediately vested in both employee and employer contributions.

Risk

Retirement income is directly linked to the value of the account and the performance of investment choices.

Contributions

Employees who participate in ORP contribute 6.00% of their salary; UNG contritubes 9.24% (effective July 1, 2015).

Supplemental Retirement Plans - 403(b) and 457(b)

As an employee of the University of North Georgia you can participate in a 403(b) or 457(b) tax deferred retirement program on a voluntary basis. Participation in these supplemental plans is voluntary and would be in addition to TRS or ORP, not a replacement for either.

Who Can Enroll in This Plan?

All benefited employees of UNG.

Vendors

There are three authorized vendors:

  • Fidelity
  • TIAA-CREF
  • Valic

Vesting

Members are immediately vested in employee contributions.

Risk

Retirement income is directly linked to the value of the account and the performance of investment choices.

Contributions

There is no match from USG to either plan.

Additional Information

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