All regular employees of Augusta University are required by the Act of the General Assembly of the State of Georgia to participate in a retirement program. Regular faculty, principal administrators and all other exempt employees with a work commitment of half time or more are eligible to elect membership with the Teachers Retirement System of Georgia (TRS) or the Optional Retirement Plan (ORP). All other benefits eligible employees must participate in the Teachers Retirement System of Georgia.
Enrollment
New employees will receive a welcome letter from TRS with instructions to visit the TRS Web Site and create a user account. Once the user account is established, the employee may designate beneficiaries, update personal information and check account balances.
Maximum compensation and salary increase limitation for computing retirement benefits:
This maximum compensation limit under Internal Revenue Code 401(a)(17) only applies to those TRSGA employees hired on or after July 1, 1996. All employees hired prior to this date are "grandfathered" with no maximum salary limitation. For more information concerning maximum compensation limitations, visit the TRS site related to salary limitations or contact TRS at 800-352-0650.
In determining a member's highest two-year average salary for computing the retirement benefit, limitations on salary increases may apply. The possible salary increase limitations apply to TRS members who current membership date is on or after July 1, 1984. These limits are determined each year. For more information concerning salary increase limitations, visit the TRS site relating to salary limitations or contact TRS at 800-352-0650.
TRS Contribution Rates - Current rates
Employer: 20.90% (effective 7/1/2018)
Employee: 6.00%
Regular Faculty, principal administrators and all other exempt employees with a work commitment of half time or more have the opportunity to make a one-time irrevocable decision to participate in the Optional Retirement Plan (ORP) in lieu of the Teachers Retirement System. This decision must be made within in 60 days following employment.
Plan year 2016 maximum compensation for computing retirement benefits: $270,000. The maximum compensation change was effective January 1, 2009 for ORP participants. This maximum compensation limit under Internal Revenue Code 401(a)(17) only applies to those ORP employees hired on or after January 1, 1996. All employees hired prior to this date are "grandfathered" with no maximum salary limitation.
ORP Contribution Rates (effective January 1, 2013)
Employer: 9.24%
Employee: 6.00%
Enrollment
If eligible, you must complete several forms in order to enroll in the Optional Retirement
Plan.
Complete the ORP Allocation Form.
You must also complete the application for each ORP vendor you select. Contact your ORP vendor if you have questions about the forms.
Vendor Contact Information
Fidelity: 800-343-0860 (Enroll online)
TIAA-Cref: 800-842-2776
AIG Retirement Services (VALIC): Contact the local office for one-on-one counseling at 706-722-4600
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 (less than 50%) employees of the State of Georgia who are not eligible for membership in the Employees' Retirement System, Teachers Retirement System, or the Optional Retirement Plan at one of the University System of Georgia's colleges or Universities. View more details about GDCP.
GDCP Contribution Rates:
Employer: No matching Funds
Employee: 7.5%
