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Retirement

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 all benefit-eligible staff in exempt positions 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.

All newly-hired exempt benefit-eligible staff may choose between the TRS and ORP. (Non-exempt benefit-eligible staff must participate in TRS.) Also, UGA temporary employees moving to exempt, benefit-eligible positions may choose between TRS and ORP. To view exempt and non-exempt positions, select any pay plan listed on the UGA pay plan page.

View a brief comparison of the TRS and ORP Programs.

Teachers Retirement System (TRS)

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.

Maximum compensation and salary increase limitations for computing retirement benefits
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. For more information concerning maximum compensation limitations, visit the TRS site relating to salary limitations or contact TRS at 800-352-0650.

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.

TRS contribution rates (effective July 1, 2009)
Emloyer   9.74%
Employee   5.25%

Optional Retirement Plan

Faculty and all exempt benefit-eligible staff 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.

Effective July 1, 2008, all newly-hired exempt benefit-eligible staff may choose between the TRS and ORP. (Non-exempt benefit-eligible staff must participate in TRS.) Also effective July 1, UGA temporary employees moving to exempt, benefit-eligible positions may choose between TRS and ORP. To view exempt and non-exempt positions, select any pay plan listed on the UGA pay plan page.

Plan year 2009 maximum compensation for computing retirement benefits: $245,000
The maximum compensation change is effective January 1, 2009 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 2009 (applies to all ORP participants regardless of hire date, IRC Section 415): lesser of $49,000 or 100% of compensation

ORP contribution rates (effective January 1, 2009)
Employer  9.24%
Employee  5.00%

View details about the Optional Retirement Plan.

Enrollment

If eligible, you must complete several forms in order to enroll in the Optional Retirement Plan.
Complete 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.
Submit to UGA Human Resources (1) the ORP enrollment form and (2) a copy of the company application you sent to your selected ORP vendor.

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 as often as once per month.
Complete the ORP change 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.
Submit to UGA Human Resources (1) the ORP enrollment form and (2) a copy of the company application you sent to your selected ORP vendor.

Georgia Defined Contribution Plan

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.

Go to the GDCP enrollment form
Go to the GDCP reimbursement form

View forms relating to all retirement plans.

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

Revised 11/14/08

 

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