21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Georgia Supplemental Retirement Plan
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US-CC-21-104
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FAQ
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
The TRS Plan is a defined benefit pension plan. Your retirement benefit is based upon on a predetermined formula, using your length of service and average monthly salary based on your highest 24 months of earnings.
For example, if an SSI applicant receives a pension of $300 per month, he or she will receive an SSI payment of $323 ($20 of the pension does not count against the SSI payment; additional exclusions apply to earned income).
A supplemental executive retirement plan is a deferred compensation agreement between the company and the key executive whereby the company agrees to provide supplemental retirement income to the executive and his family if certain pre-agreed eligibility and vesting conditions are met by the executive.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
You are eligible to receive benefits upon reaching age 60. Once you reach 30 years of service or age 60, you are eligible for an immediate benefit without penalties.
Supplemental contributions Type of limit2023403b under age 50$22,500403b age 50 and over$30,000Compensation limit (employer's matched retirement contributions are limited to matches made on this amount of salary)$330,000
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 401(k) plan offers flexibility and ?portability? and the pension plan rewards state career longevity.