The retirement plans, Teacher's Retirement System (TRS) and Public School Employees Retirement System (PSERS), that are available to employees are established by the Georgia Legislature. The governing boards determine the plan design and employee contribution amounts. Effingham County Board of Education provides payroll deductions for your contributions and other administrative support. We also offer the 403(b) and 457(b) Supplemental Retirement Plans to help you prepare for the retirement you deserve.
The Teacher's Retirement System (TRS) is a defined benefit plan, meaning participants are guaranteed a set monthly retirement income from the plan. Eligible positions include: Certified Teachers, Administrators, Clerical Staff, Paraprofessionals, Lead Custodians, and School Nutrition Managers.
How Does It Work? All TRS employees contribute 6% of gross salary to TRS through monthly payroll deduction. In addition, Effingham County Schools contributes 19.06% to each TRS employee’s retirement account monthly.
TRS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:
The amount you will receive at retirement is based on 2%, multiplied by your years of creditable service, multiplied by the average of your highest consecutive 24 months of pay.
2% x 30 years = 60%
Average of highest 24 consecutive months of pay = $70,000
60% x $ 70,000 = $ 42,000 / year
You may contact TRS at 800-352-0650 to request a benefit estimate be mailed to you. You may also generate a benefit estimate online by following the TRS Benefit Estimate Instructions found in the Resources section. The following documents are also avalable in the Resources section: TRS Member's Guide, TRS Retirement Checklist, and What to Do When Retiring.
The Public School Employees Retirement System (PSERS) is the retirement system for public school employees who are not eligible to participate in TRS. This is also a defined benefit plan, so participants are guaranteed a set monthly retirement income. PSERS retirement income supplements income from Social Security for all employees in a permanent position, employed half time or more. Positions include: Maintenance and Custodial Staff, School Nutrition, Bus Drivers and Monitors, Transportation, and Warehouse staff.
How Does It Work? Participants in PSERS hired before 7/1/2012 contribute $4 monthly for a 9-month contribution period of September through May each year. Employees hired after 7/1/2012, without prior PSERS qualifying service, contribute $10 monthly for the 9-month period.
PSERS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:
The amount you receive in retirement is based on your years of creditable service multiplied by a set dollar amount. The current amount set by the Georgia General Assembly is $15.25.
For example, an employee with 30 years of creditable service would receive a monthly benefit based on the calculation of: $15.25 X 30 years of service = $457.50 per month.
You may contact PSERS at 800-805-4609 to request a benefit estimate be mailed to you. You may also generate a benefit estimate online by following the PSERS Benefit Estimate Instructions found in the Resources section. You can also download the PSERS Employee Handbook from the Resources section.
Arista is your Third Party Administrator for the Supplemental Retirement plans, and their service platform is designed to improve employee engagement in the 403b/457 Plan. In addition to the standard administrative services, Arista coordinates educational programs and new, diverse investment offerings. This is designed to help you understand your Retirement Savings options and why Retirement Saving is important. If you would like to speak to a Retirement Plan team member at Arista, please contact them using the information on the Resources page. A dedicated team member will be glad to help.
Retirement savings plans are available if you wish to supplement your retirement benefits. You have the choice of the following carriers: Mass Mutual, Horace Mann, AIG Retirement Services Financial Advisors, or Vision Financial.
457(b) Retirement Savings Plan
In determining if a 457(b) Roth account is right for you, we encourage you to carefully assess the advantages and disadvantages. A 457(b) Roth may appeal to those who:
403(b) Retirement Savings Plan
A Roth account can be a way to boost your savings or reduce your taxable income in the future. The account will allow you to set aside after-tax money, and after five years, make tax-free withdrawals of principal, interest, and earnings if certain conditions are met.