Retirement For Law Enforcement In Georgia
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FAQ
Under both CSRS and FERS, the minimum retirement age is 50 for law enforcement personnel with 20 years of service. Under FERS, employees are eligible for retirement at any age after completing 25 years of service.
Retirement The Georgia State Employees' Pension and Savings Plan (GSEPS) combines a traditional pension plan with a 401(k) plan that includes an employer match. Provides a pension benefit formula of 1% x years of service x highest average salary (30 years = approximately 29% of salary as a monthly benefit).
It is a “defined benefit” plan (a pension-type program). Normal retirement age for TRS benefits is 60 with at least 10 years of service. If you have at least 30 years of service, you can retire regardless of age. Reduced benefits are available if you have at least 25 years of service and opt to take “early retirement.”
Being vested means that you've earned the required amount of creditable service to be able to qualify for a pension benefit.
30 Years and Last Five (5) Years Continuous You must have at least 30 total years of benefitted service established with a State of Georgia sponsored retirement plan and the last five (5) years must have been continuous with the USG.
Defined Benefit (DB) Plan Provides a pension benefit formula of 1% x years of service x highest average salary (30 years = approximately 29% of salary as a monthly benefit). Vesting for the DB plan is 10 years.
The Georgia State Employees' Pension and Savings Plan (GSEPS) combines a traditional pension plan with a 401(k) plan that includes an employer match.
The basic annuity as an employee eligible to retire under the special provisions for law enforcement officers and firefighters is computed as follows: 50% of high-3. plus 2% of high-3 multiplied by years and whole months of service exceeding 20.
Law enforcement personnel in FERS accrue benefits at the rate of 1.7% per year for the first 20 years of service and 1% per year for each year thereafter. FERS contribution rates vary by date of hire.