While Duke does not contribute to the b plan for non-exempt employees, eligible non-exempt employees may receive a retirement benefit through a pension paid entirely by Duke through the Employees' Retirement Plan. For the b Plan, you are responsible for investments decisions. Please go to the Faculty and Staff Retirement Plan website for more information. If you work on a DTS holiday: and are eligible for holiday pay, you will receive pay for the actual hours worked plus eight 8 hours of holiday pay at your current pay rate.
You will not receive holiday pay. If you do not work on a DTS holiday: and are eligible for holiday pay, you will receive pay for eight 8 hours at your current pay rate.
Macalester's retirement contributions are made on a pre-tax basis. In response to financial challenges resulting from COVID, Macalester College has temporarily suspended the employer contribution to retirement accounts beginning August 1, All employees are eligible to contribute to the Macalester Retirement Plan on a pre-tax or a post-tax basis starting the first day of any month or immediately upon beginning employment at Macalester.
There is no waiting period and all contributions are made by the participant. To do so, the Member must:. Upon return to employment after a military leave, Creditable Service may be received for the period of leave with the following conditions:. Example: If you were deployed for 1 year, you have up to 3 years after returning to work to pay your Employee Contributions. If you were deployed for 3 years, you have up to 5 years after returning to work to pay your Employee Contributions.
If a Member is actively employed and called to active duty in the National Guard or Reserves, the Member may make Employee Contributions during the active duty period. The Member must provide ERS with a copy of the orders as soon as you they are received. Note: If a Member left State employment to perform military service prior to October 13, , please contact ERS for information about the rights to establish Creditable Service. Active members may also increase their retirement benefit when submitting a retirement application by directly purchasing up to three additional years of Creditable Service.
This is commonly known as purchasing Air Time. A Member who has worked as a law enforcement officer prior to State service should contact ERS to determine eligibility to purchase additional Creditable Service. If you have multiple periods of GDCP service with different employers, only the most recent service with a single employer will be considered for eligibility.
In order to apply, you must have at least 5 years of ERS service and submit a request to purchase such service with ERS, after which ERS will notify you of your eligible service and the cost associated with purchasing.
Service will be credited to your account once the amount has been paid in full. This section details the types of benefits ERS Members may be entitled to, and how a Member becomes eligible for these benefits. Members always have a nonforfeitable right to Employee Contributions. However, a Member must earn a right to receive other benefits. This right is referred to as a vested right. Once a Member earns 10 years of Creditable Service, they have a vested right to a service retirement at age 60, even if the Member terminates employment before reaching age When a Member terminates employment, the Member may be eligible for one of the following types of benefits from the plan:.
Normal Retirement Age is defined as the earlier of:. See Appendix B for details. If you terminate employment after attaining 10 years of service, but prior to age 60, you will be eligible to start drawing a retirement benefit once you reach age You should contact ERS within 90 days prior to your 60th birthday.
Your effective retirement date will be the first day of the month in which your retirement application is received at ERS, or if later, the first of the month following your final month of employment. If you withdraw your contributions and interest at any time, you will automatically forfeit the monthly benefit payable at age As shown above, the benefit formula calculates the amount payable at Normal Retirement Age under the Maximum Plan Benefit.
Maximum Plan Benefit is the highest monthly benefit available. It does not provide a monthly benefit to a beneficiary. For this purpose, Earnable Compensation will always be calculated as if you had worked full time for the entire month, There are differences in Formula Salary between the plans, which are highlighted below. The Benefit Formula Factors used in the above benefit formula differ for each of the three plans.
Creditable Service is generally determined the same way for all three benefit plans. The exception is for Old Plan Members who retire under age 65 with 34 or more years of Creditable Service. For more information about Pick-Up Contributions, please see the section of this Handbook titled Contributions. Under the Old Plan, if you retire after attaining 34 years of Creditable Service, your benefit will be calculated as if your service with your Employer continued until you would have attained age 65 and as if your compensation remained unchanged until then.
You choose to commence benefits at age 65 and have elected benefit payment Option 3, which provides for a monthly payment for your lifetime.
Certain limitations on retirement benefits may apply. Refer to Limitation on Benefits section of this Handbook for more information. You choose to commence benefits at age 57 under the Maximum Plan Benefit. Upon your death, no further benefits are payable. You get credit for 6 additional years of Creditable Service.
If you have contributed to your PSR account and received employer matching contributions, this account in addition to your benefit payable from ERS constitutes your total retirement benefit. There are Plan limits, as well as federal tax law limits on the amount of benefits you can receive from ERS.
You will be notified if the benefit you would otherwise be eligible to receive under ERS exceeds this limit. It may be necessary for a Member to apply for a Disability Retirement at some point in their career. This section explains the requirements and process for Disability Retirement. The requirements for an alternative position are:.
Note: If an alternative position is offered, the Member must, within 30 days of the offer, accept the offer or dispute in writing the ability to perform in the alternate position by submitting a written appeal to both ERS and the Employer.
The ERS Medical Board evaluates Disability Retirement applications to determine whether an applicant is eligible for Disability Retirement based upon the inability to perform the duties of the original position and, if applicable, an alternate position. If the Medical Board determines that the applicant is capable of performing the duties of either position, the Disability Retirement application will be denied.
If you are age 60 or older, you should apply for a Service Retirement rather than a Disability Retirement. Also, if your Membership Date in ERS is on or after July 1, and you have 30 or more years of service, you should apply for a Service Retirement rather than a Disability Retirement.
Your effective retirement date must be at least 30 days after the completed application is received by our office. The first monthly retirement allowance is paid on either the last working day of the month in which your retirement effective date occurs or the next available payroll month.
If a Member retires under Disability Retirement, they are subject to medical re-examination annually for the first five years following retirement and every three years thereafter until they reach the age of Refusal to submit to the medical re-examination may result in a discontinuation of benefits until the re-examination occurs.
If a Member is receiving a Disability Retirement benefit, the amount of the Disability benefit may be limited or reduced if the Member works or is able to work in a gainful occupation. The Disability benefit received plus wages cannot be greater than Earnable Compensation used to calculate the Disability Benefit. Service prior to Disability Retirement will be restored and, upon subsequent retirement, the Member will be credited with all service as a Member.
The date when a Member started contributing to ERS determines how the Disability benefit is calculated. The same formula used for Service Retirement is used for Disability calculations, except that the Member may receive additional Creditable Service as a result of being disabled.
The following chart explains how benefits are determined. Disability benefits are calculated in the same manner as a Service Retirement under the New Plan, except that there will be no reduction for Early Retirement.
If Membership Date is on or after January 1, The minimum service requirement for Disability Retirement is 15 years. Monthly benefits cannot be paid to an estate or an organization. If you do not name a living person s as your beneficiary ies , then the only death benefit payable is a refund of your annuity savings fund account, regardless of your age or years of Creditable Service. Members under the Old Plan or New Plan must have at least 13 years and 4 months of Creditable Service in order for their surviving beneficiary ies to receive a monthly lifetime benefit.
GSEPS members must have at least 15 years of Creditable Service for their beneficiary ies to receive a monthly lifetime benefit.
The amount of the monthly benefit is equal to an Option 2 benefit calculated in the same manner as a Disability Retirement benefit. Please see the Handbook section titled Optional Forms of Payment and the section titled Disability Retirement for further information.
A member must have at least 10 years of Creditable Service in order for their surviving beneficiary ies to receive a monthly lifetime benefit. The amount of the monthly benefit is equal to an Option 2 benefit calculated in the same manner as a service retirement benefit. Please see the Handbook section titled Optional Forms of Payment and the section titled Service Retirement for further information. If a Member is receiving a monthly retirement benefit at the time of death, the benefits payable to their beneficiary ies , if any, will be based on the optional form of payment chosen at the time of retirement.
Please see the Handbook section titled Optional Forms of Payment for more information. Please see the Handbook section titled Group Term Life Insurance for information regarding this benefit. A Member may decide to take a refund of their contributions and interest after terminating employment. For more information about Employee Contributions, please see the Handbook section titled Contributions. When terminating State employment, regardless of age or years of Creditable Service, a Member is immediately entitled to receive a refund of their annuity savings fund account in a lump sum payment.
For more information about buying back Creditable Service after taking a refund, please see the Handbook section titled Creditable Service , subsection Refund Buyback. When retiring, a Member has several ways in which to receive benefit payments.
Other benefit options pay a reduced monthly benefit to the Member, in order to provide for certain specified beneficiary payments. Detailed descriptions of the various options are shown in the table below. It is important to think carefully before making a payment option selection. In most cases, the payment option cannot be changed after receiving the first monthly benefit payment.
Before making the decision, an estimate calculation of the amounts payable under the various payment options should be obtained. Please see the section of this Handbook titled Designating a Beneficiary for more information regarding how to designate a beneficiary. If a Member is unmarried at retirement, and later marries, the Member may elect a new reduced Option with their new spouse designated as the primary beneficiary. Payable to the Beneficiary : No monthly benefit is payable after death.
Who May Be a Beneficiary: A living person s. If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages. This Option may not be available with a non-spouse beneficiary more than 10 years younger than the Member. Changing a Beneficiary: Generally, beneficiary ies may not be changed after the Member receives the first monthly benefit payment.
NOTE: If a spouse or dependent child as defined by the Internal Revenue Code is named as sole primary beneficiary, and the beneficiary dies before the Member, the Member may elect to begin receiving an actuarially reduced benefit with a new spouse or current spouse, respectively, after one year of marriage. NOTE: If a spouse is named as sole primary beneficiary, and divorce occurs after retirement, the Member may elect to receive the Maximum Plan benefit.
After one year of remarriage or birth of a child of that marriage, whichever is earlier, the Member may again choose Option 2 and name the new spouse as the sole, primary beneficiary with an actuarially recalculated benefit. After one year of remarriage or birth of a child of that marriage, whichever is earlier, the Member may again choose Option 3 and name the new spouse as the sole, primary beneficiary with actuarially recalculated benefit.
Payable to the Beneficiary : A monthly benefit equal to the amount chosen at the time of retirement, payable for the lifetime of the beneficiary ies. After one year of remarriage or birth of a child of that marriage, whichever is earlier, the Member may again choose Option 4 — Flat Amount to Beneficiary and name the new spouse as the sole, primary beneficiary with an actuarially recalculated benefit. Payable to the Beneficiary: A monthly benefit is guaranteed to be paid for a period of time selected at retirement 5, 10, 15, or 20 years.
If the Member lives longer than the guarantee period, there is no benefit payable to the beneficiary ies. If the Member dies before the end of the guarantee period, the beneficiary ies will receive the balance of the guaranteed payments, payable in a single lump sum payment.
Payable to the Beneficiary: A monthly benefit equal to the maximum amount allowed by the IRS for a non-spouse beneficiary, as calculated at the retirement date. The benefit is payable for the lifetime of the beneficiary ies.
Changing a Beneficiary: Generally, beneficiaries may not be changed after the Member receives the first monthly benefit payment. Only one beneficiary may be named. Option 5A may not be available with a dependent child more than 10 years younger than the Member. Changing a Beneficiary: The beneficiary may not be changed after the Member receives the first monthly payment unless the beneficiary predeceases the Member, or if the beneficiary is a spouse and divorce occurs.
The lump sum cannot be less than 1 times the monthly benefit calculated under the Maximum Plan Option, and not more than 36 times the monthly benefit calculated under the Maximum Plan Option. This will occur every year for the lifetime of the Member. Changing a Beneficiary: Please refer to the Changing a Beneficiary for each applicable option listed in Section GTLI provides a lump sum death benefit in the event of your death while active or as a retiree.
Premiums for GTLI are not refundable at any time. The base GTLI benefit is 18 times of monthly eligible compensation. However, this base benefit is reduced with age. If a Member has earned service prior to April 1, , special rules apply to the calculation of this benefit. This coverage may be kept for a maximum of four years. Anyone accepting employment outside of State government while on LWOP other than military service is not eligible to retain this coverage.
If terminating employment with at least 18 years of Creditable Service excluding forfeited leave , GTLI coverage is automatically retained. This coverage can be discontinued only by a written request to ERSGA, and premiums will continue to accrue until this request is received by our office. The decision to grant a Post-Retirement Benefit Adjustment will be based on the long-term financial soundness of the pension system.
Post-Retirement Benefit Adjustments are not guaranteed and financial decisions should not be based on the possibility of an increase until a Post-Retirement Benefit Adjustment has been announced. When a Post-Retirement Benefit Adjustment is approved, it is granted to retirees and beneficiaries:.
Early Retirement Exception: If retiring under the Early Retirement provision, a Member will be eligible to begin receiving Post-Retirement Benefit Adjustments at age 60 or when they would have obtained 30 years of Creditable Service had the Member continued to work, whichever is earlier. Benefit payments are made the last working day of each month.
Before the payments can begin, a Member must complete the retirement process and leave State employment. Benefits from ERS are not subject to execution, garnishment, attachment, writ of sequestration, or any other process or claim, except with regard to an IRS levy, court-ordered child support, or court-ordered sanctions due to conviction of certain criminal acts.
If a Member receives more or less than the benefit to which they are entitled due to an error, the error will be corrected upon discovery and the benefit will be adjusted accordingly. With errors, there is a potential for underpayments or overpayments. Underpayments will be made as soon as possible. For any overpayments, repayment is required and repayment options will be discussed with the Member. The ERS retirement benefit is generally not assignable. This means that only limited deductions may be made from retirement payments, such as:.
Employee Contributions made by a Member are contributed to ERS on an after-tax basis, and the portion of the retirement benefit which is attributable to these Employee Contributions is determined on a pro-rated basis using tables found in the Internal Revenue Code to provide a partial tax exemption each calendar year.
However, Employee Contributions only provide a small portion of each monthly payment. When the Employee Contributions are exhausted, the total benefit payment is taxable.
Each year a R is issued to every retiree and beneficiary receiving benefits to identify taxable retirement benefits when filing for income taxes.
Withholding elections forms W-4P for federal and G-4P for Georgia state taxes are completed at retirement. Retirees can change their tax withholding and direct deposit elections at any time by using the Log In button above, or by contacting ERSGA.
A retiree who returns to work for any ERS Employer, even as an independent contractor, will have their ERS benefit suspended upon reaching 1, hours during any calendar year. There are no restrictions on re-employment with an employer not participating in ERS. When a Member terminates employment and leaves their annuity savings fund account with ERS, the Member has the opportunity to retain their membership rights under ERS in the event they decide to return to work for an Employer.
When a Member receives a refund of their annuity savings fund account, they forfeit any Creditable Service attributable to that same period of employment. The Member may re-establish any prior Creditable Service after completing two additional years of ERS membership and making a lump sum payment to ERS in an amount equal to the refund originally received, plus 4.
Even if the Member establishes prior Creditable Service by paying back their refund, their membership date will not be adjusted back to the original membership date, and benefits will be based on the benefit plan in effect for new hires at the time of re-employment currently GSEPS.
In certain circumstances, the death benefit payable to a living person beneficiary is larger than the death benefit which may be paid to an estate. Please see the Handbook section titled Death Benefits for more information. The Member will be asked to designate a primary beneficiary and a contingent also known as a secondary beneficiary ies for both the retirement plan and the GTLI benefit if applicable. The Member may designate one or more primary and one or more contingent beneficiaries for each benefit.
If the Member designates their Estate as their primary beneficiary, they do not need a contingent beneficiary. A primary and a contingent beneficiary do not share benefits. A contingent beneficiary ies will only receive a benefit if there is no surviving primary beneficiary ies at the time the death benefit is to be paid, or if the primary beneficiary ies does not survive the Member by at least 32 days.
At retirement, a Member will be asked to choose the form of the benefit they wish to receive and designate the applicable beneficiary ies.
Since , membership is available to those newly assuming office by written election within the first 60 days only. Laws governing ACJ Members provide for retirement benefits, death and disability benefits, or refunds of contributions and interest to Members who leave State employment. Employee and Employer Contributions are paid into the retirement fund for the welfare of Members and their beneficiaries. Benefit provisions may have changed over time, and any benefit provisions which no longer apply to any active member or apply only to a small population may not be covered in detail in this Appendix.
Eligible Members must elect in writing to participate in these special benefits within 6o days of appointment and must agree to resign their office on or before attaining age 75 or, if later, the last day of the term during which their 70th birthday occurs.
Failure to resign by this date will result in forfeiture of all benefits under the plan, including member contributions.
Also, if a Member elected to become covered for these special benefits after April 1, they will not be eligible for appointment to any emeritus position. The election to participate in the special ACJ provisions is irrevocable. If a Member did not elect ACJ benefits in writing within the first 60 days of assuming office, their ERS membership will be under the regular ERS plan provisions and all benefits will be determined under the provisions of that plan. A total of 8.
These employer paid contributions are called pick up contributions. Employee Contributions are made through payroll deductions in the amount of 3. Employer pick up contributions are 4. Earned interest is posted on June 30th of each year to annuity savings fund accounts belonging to Members who are employed at that time.
Interest is not posted to any account belonging to a Member who has terminated employment. The Employer Contribution amount is an actuarially determined amount that is approved by the Board. A Member who has reached Normal Retirement Age can retire and begin receiving monthly benefits.
Normal Retirement Age is defined as the attainment of age 65 and 10 years of Creditable Service. Retirement must be before age 75 or, if later, the last day of the term in which the Member turns age If the Member retires after that date no benefits are payable from the plan. If a Member terminates employment after earning 10 years of Creditable Service, but prior to age 65, they will be eligible to start drawing a retirement benefit once they reach age The above benefit is payable monthly for the life of the Member.
If a Member elects a beneficiary ies other than a spouse, upon the death of the Member, the non-spouse beneficiary will receive an actuarially reduced monthly benefit based upon the age of the beneficiary ies.
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