Retirement - Human Resources-University of Georgia

All regular employees of the University of Georgia are required by the Act of the General Assembly of the State of Georgia to participate in a retirement program. Faculty and key administrators have the option of participating either in the Teachers Retirement System of Georgia or an Optional Retirement Plan. All other staff must participate in the Teachers Retirement System of Georgia.

Enrollment
New employees will receive a welcome letter from TRS with insructions to visit the TRS Web site and create a user account. Once the user account is established, the employee may designate beneficiaries, update personal information, and check account balances.

May I purchase my military time for TRS credit?
If you are not receiving a retirement benefit for military service, you may be able to purchase your military time to apply toward your TRS membership credit. If interested, please request a copy of your form DD214 - Certificate of Release or Discharge from Active Duty by using the standard form 180 - Request Pertaining to Military Records. When you receive your DD214 form, bring or mail it to your Employee Benefits counselor. S/he will then contact TRS for a cost to purchase this time.

Plan year 2007 maximum compensation for computing retirement benefits: $225,000
The maximum compensation change is effective January 1, 2007 for TRS participants.
This maximum compensation limit under Internal Revenue Code 401(a)(17) only applies to those TRSGA employees hired on or after July 1, 1996. All employees hired prior to this date are "grandfathered" with no maximum salary limitation.

Salary increase limitations for retirement benefit determination: In determining a member’s highest two-year average salary for computing the retirement benefit, limitations on salary increases may apply. The possible salary increase limitations apply to TRS members whose current membership date is on or after July 1, 1984. These limits are determined each year. For more information concerning salary increase limitations, visit the TRS site relating to salary limitations or contact TRS at 800-352-0650.

Faculty and key administrators on contract have the opportunity to make a one-time irrevocable decision to participate in an Optional Retirement Plan (ORP) in lieu of the Teachers Retirement System. This decision must be made within 60 days following employment.

Plan year 2008 maximum compensation for computing retirement benefits: $230,000
The maximum compensation change is effective January 1, 2008 for ORP participants.
This maximum compensation limit under Internal Revenue Code 401(a)(17) only applies to those ORP employees hired on or after January 1, 1996. All employees hired prior to this date are "grandfathered" with no maximum salary limitation.

ORP employer & employee contribution limit for 2008 (applies to all ORP participants regardless of hire date, IRC Section 415): lesser of $46,000 or 100% of compensation

If eligible, you must complete several forms in order to enroll in the Optional Retirement Plan.

Get the ORP enrollment form.

You must also complete company application forms for each ORP company you select. Contact your ORP company if you have questions about the forms.

Change of contribution allocations
You may make changes to your ORP contribution allocations at any time by contacting your ORP company.

Change of ORP company
You may change ORP companies up to 4 times per calendar year. Get the ORP change form.

The Georgia Defined Contribution Plan was created by the 1992 Georgia Law, Act 996 effective July 1, 1992. The purpose of the law is to provide a retirement system for temporary, seasonal, and part time (less than 50%) employees of the State of Georgia who are not eligible for membership in the Employees’ Retirement System, the Teachers Retirement System, or the Optional Retirement Plan at one of the University System of Georgia’s colleges or universities. View more details about GDCP.

If you have any questions about your benefit options, please contact Employee Benefits at
706-542-2222 or e-mail benefits@uga.edu.