22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Georgia Savings Plan for Employees
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FAQ
A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions.
Vesting is 10 years minimum creditable service. *Average of the highest 24 consecutive calendar months of salary while a member of the retirement system.
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.
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.
This typically means that if you leave the job in five years or less, you lose all pension benefits. But if you leave after five years, you get 100% of your promised benefits. Graded vesting. With this kind of vesting, at a minimum you're entitled to 20% of your benefit if you leave after three years.
You become vested (retain ownership of every dollar contributed to your TRS account, even if you leave USG) after 10 years of service. Vesting is calculated using your length of service and average monthly salary (based on the highest 24 months). Sick leave credit can be added to your years of service upon 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. The 401(k) plan offers flexibility and ?portability? and the pension plan rewards state career longevity.
A 401(k) plan allows employees and employers to contribute to a tax-deferred retirement account. However, a defined benefit plan promises employees a specified benefit at retirement and places the risk of providing the benefit on the employer.
