at least 30 years of creditable service.at least age 60 and a minimum of 10 years of creditable service.There are three different types of Service Retirement in the ERS pension plan: Normal Retirement A member vests 20% of the employer match for each completed year of service in a GSEPS-eligible position.ĭuring the 2008 Georgia Legislative Session, the legislature passed Senate Bill 328, which provided for a new retirement plan for state employees hired on and after January 1, 2009. The employer match portion of the member’s 401(k) balance is subject to a 5-year vesting schedule.GSEPS members with at least six years of service, and who are contributing at least 5%, will get an additional half percent Employer match for every full year of service in excess of five years, up to a maximum match of 9%.This is a 2% increase from the previous 3% match. Members saving 5% or more receive a full 5% match. Your state employer will match your contribution dollar per dollar, up to 5% of pay.Provides State matching up to 5% with member contributing 5%, under the Peach State Reserves 401(k) Plan. You vest 20% of the employer match for each completed year of service in a GSEPS-eligible position. The employer match portion of your 401(k) balance is subject to a 5-year vesting schedule.You may increase or decrease your 401(k) contribution rate at any time.How much you contribute to your 401(k) determines how much your employer contributes on your behalf. GSEPS members are not eligible for Group Term Life Insurance.Ĭurrently, new members are automatically enrolled at a 5% contribution rate, allowing for the maximum employer match to be contributed to the member’s account.All contributions are deposited to the member’s annuity savings plan.GSEPS members are required to contribute 1.25% of their earnable compensation to the plan. Contributions are as follows: Pension Contributions GSEPS is a combination of a defined benefit, or pension plan, with an employer-matching defined contribution (401k) plan. GSEPS is a combination Defined Benefit (pension) and 401(k) plan. GSEPS Enrollment Information Notice What is GSEPS? Employees hired prior to Janumaintain their membership in either the ERS New or Old plan. MembershipĮRS members hired on and after Januwill be automatically enrolled in the new GSEPS Plan. News and Information primarily sent through Retirement MinutesĮxciting enhancements were added to the Georgia State Employees’ Pension and Savings Plan (GSEPS)!Ĭlick here for more information. Understanding Your ERS Annual Statement.Public School Employees Retirement System.ERS Georgia State Employees' Pension and Savings Plan (GSEPS).
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