Human Resources & Employee Development
All regular employees of Valdosta state University are required by the Act of the General Assembly of the State of Georgia to participate in a retirement program. Faculty and Key Administrators have the option o of participating either in the Teacher's Retirement System of Georgia or an Optional Retirement Plan. All other staff must participate in the Teachers Retirement System of Georgia. Part-time, seasonal, and casual laborers must participate in the Georgia Defined Contribution Plan.
Teachers Retirement System of Georgia (TRS)
Effective July 1, 2006 the employee contributes 5 % ( tax deferred) of salary; the State currently contributes 9.28%. After 10 years of creditable service the employee has a vested right to a retirement benefit. If termination occurs prior to vesting, all employee contributions will be returned. Currently the inters rate is set at 4 1/2 % and is compounded annually on the members prior year's balance. To calculate the basic monthly retirement income under the maxi um plan of retirement: Years of service x 2.00% X highest 24 months average salary. If the date of employment is on or after the employee's 60th birthday, participation in TRS is optional.
Effective April 1, 2004 , Valdosta State University may not request any confidential information from TRS on an employee's behalf unless the a release form is filled out, and received by the member or retiree to whom the information pertains.
Optional Retirement Plan
Effective January 1, 2007 the employee contributes 5 % (tax deferred) of salary; the State currently contributes 8.13%. Vesting is immediate. The employee may allocate funds among four companies, TIAA-CREF, VALIC, FIDELITY and American Century. These plans provide a flexible and portable retirement program.
Georgia Defined Contribution Plan
The Georgia Defined Contribution Plan (GDCP) was created by the 1992 Georgia Law Act 996, effective July 1, 1992. "The purpose of the law is to provide a retirement system for temporary, seasonal and part-time employees of the State of Georgia who are not eligible for membership in the Employee's Retirement System or the Teacher's Retirement System."
Note: Members of GDCP are only covered for Medicare. There is no Social Security Coverage!
Members contribute seven and one-half percent (7 1/2 %) of gross salary to the plan through payroll deductions. The deducted is credited to the individual account of the member.
Supplemental Retirement 403 (b) and 457 Plans
Vendors and related links:
- VALIC Prospectus
- TIAA-CREF ORP Prospectus
- Fidelity Prospectus
- 2009 Retirement Limits
- New ORP Legislation
- Social Security SignUp Information