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4 Based on your date of hire, ERS pays out benefits based on calculations for three different plans. ERS The Old Plan for employees who were hired before 07/01/1982 The New Plan for employees who were hired between 07/01/1982 and 12/31/2008 GSEPS The Georgia State Employees Pension and Savings Plan for employees hired on or after 01/01/2009

5 What Do You Contribute? GSEPS (on/after 1/1/2009) 1.25% Retirement Contribution 1.25% NO GTLI Old Plan* (Prior to 7/1/1982) & New Plan (7/1/ /31/2008) 1.25% Retirement Contribution 1.50% Retirement Funds 0.25% GTLI *Old Plan Only: Old Plan employer pays additional 4.75% less $7.00 (in lieu of a pay increase for 1980)

6 Defined Benefit Plan Your benefit is based on a formula rather than contributions Benefits are for life; you cannot outlive your income The State sets aside funds in a separate trust The State assumes investment risk Benefits guaranteed by Supreme Court decision

7 Benefit Formula What does ERSGA use to determine what your retirement payments will be?

8 Benefit Formula

9 How Do Your Contributions Add Up? What will you get when you retire? Benefit calculations based on a benefit formula: Formula Salary x Benefit Factor x Years of Service An ERS example* Formula salary**: $ highest average monthly salary 30 years of service $1, monthly retirement benefit * Hypothetical example; 100% vested ERS developed this presentation to provide general information about your retirement benefits. In the case of any conflict between what is presented here and the laws governing this System, the law will take precedence.

10 *Formula salary is equal to the highest average 24 consecutive months of earnings ERS developed this presentation to provide general information about your retirement benefits. In the case of any conflict between what is presented here and the laws governing this System, the law will take precedence.

11 Tenure of state employment covered by ERS, plus: Payback of refunded ERS membership (prior service) Public school system service Forfeited leave Temporary disability/leave without pay Military Old Plan only HB30 rules for qualified service prior to membership Air Time

12 Purchasing Service With Pre-Tax Dollars

13 No one should assume a COLA will ever be granted and you should base your financial situation on the base benefit provided by the Plan. Each year the Board will review and determine if a COLA should be granted, based on retirement system funding. If granted, retiree must be at least 45 years old (no age minimum for disability retirees) and been receiving retirement benefits for at least 7 months. Those who take Early Retirement are eligible to begin receiving COLAs at age 60 or when they would have had 30 years service had they continued to work, whichever is less. Your first check during your retirement will be increased by 3% on the first 37, of annual benefits. The maximum increase cannot exceed $93.75.

14 Qualifying for Benefits

15 Service Retirement You can begin drawing a retirement income when you reach one of the following:

16 Disability & Death-in-Service Projections For employees hired before 7/1/ years 4 months 75% of Age 60 Projection 18 years 1 months 100% of Age 60 Projection 22 years 10 months 75% of Age 65 Projection 27 years 7 months 100% of Age 65 Projection If hired after 7/1/2007, disability benefits do not start until 15 years of service AND there are no projections only a regular retirement benefit calculation will apply.

17 Disability Retirement 18 years & 1 month: 100% of age 60 benefit projection Example: Max Munnie began working at age 20 and is now 39. He has worked for the state for 19 years, but now has an accident and can t work. Here is his calculation: = 21 years of projected service 21 years + 19 years = 40 years service 40 years x 2% benefit factor (New Plan) = 80% of Formula Salary Death in service benefit projection calculated the same way, but paid to a beneficiary based on an Option 2 payout calculation

18 Disability & Death-in-Service Projections Plateaus apply for employees under age 60, with 13 years, 4 months service (minimum) For age 60+, normal retirement calculations apply Under age 60 with less than 13 years, 4 months, beneficiary or estate receives refund of member s account

19 Disability Retirement Who is eligible to apply? If hired before 7/1/07 must have at least 13 years, 4 months of creditable service If hired on/after 7/1/07 must have at least 15 years of creditable service Must be employed on date application received by ERS Once application filed, MUST go on paid leave or leave without pay Filing an application does not guarantee an approval.

20 Disability Retirement What constitutes a Disability? When Medical Board certifies to the Board of Trustees the following: Medically or physically incapable of further performance of duties in: Position held at time disability originated An alternative position offered by employer Incapacity is likely to be permanent, and Employee should be retired.

21 Retirement Income Options MAXIMUM Plan: Largest benefit to retiree (retiree only) - Does not provide income benefits beyond those to the employee/member. All income ceases at death of member - If the employee s contributions and interest exceed the amount of the total benefits paid to the employee at the time of death, the difference is paid to the beneficiary

22 Retirement Income Options

23 Retirement Income Options

24 Retirement Income Options

25 Retirement Income Options

26 Retirement Income Options

27 Retirement Income Options OPTION 4: Personalized option Retiree can specify a dollar amount to be paid to their beneficiary to fit their situation Guaranteed Period Certain and Life Payments for 5, 10, 15, and 20 year periods Max Amount to Beneficiary will pay the maximum lifetime benefit to the beneficiary in the event the primary beneficiary is not eligible to receive an Option 2 or Option 5A payment Accelerated benefit where retiree may receive 135% of their retirement pay for the first 5 years of retirement - Payment permanently drops after the 5 years to an amount equal to about 60% 70% of original monthly value Some OLD PLAN members, if their retirement calculation exceeds 90% of their highest employment income, may allow a beneficiary to receive income without cost to the member. - Member would receive maximum benefit - Beneficiary would receive a lifetime income if the member dies first

28 Retirement Income Options

29 Retirement Income Options

30 Can I Ever Change My Option? Until the time your first benefit check is mailed, an option may be changed Otherwise, only under the special circumstances of Options 2 & 3 and Options 5A & 5B If unmarried at retirement, a retiree may choose a reduced option benefit with the new spouse as beneficiary if chosen within six months of the marriage

31 GROUP TERM LIFE INSURANCE: (Not Flex!)

32

33 Designating Beneficiaries Two different benefits available for beneficiaries - Retirement Income - Group Term Life Insurance You may name more than one beneficiary for primary or for contingent for both death-in-service retirement income and Group Term Life Insurance You can name a primary and contingent beneficiary for both benefits - Contingent only receives a benefit if no primary beneficiary survives the employee/member

34 Designating Beneficiaries You cannot name an estate, trust or organization for retirement income benefits. You must name a person. You can name an estate, trust or organization for your Group Term Life Insurance benefits. Make beneficiary designations and changes online at

35 Getting Pension Estimates Access your account online at to calculate benefits To ensure dollar figures that will closely represent your actual pension benefits, please generate a benefit estimate WITHIN three to six months of your actual retirement date

36 Other Questions?

37 Thank You!

38

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