History & Background
PSERS was established January 1970 under Georgia Laws 1969 (O.C.G.A. Title 47, Chapter 4) to provide certain public school employees with a supplemental retirement plan.Member contributions and contributions by the State are paid into PSERS for the exclusive benefit of members of the System and their beneficiaries. All benefits are paid out of this fund and are separate from any other retirement income you may have. The ability of this fund to meet future obligations is examined each year by an independent actuarial firm specializing in pension and retirement plans. In addition, PSERS is examined annually by an independent accounting firm in accordance with generally accepted auditing standards. PSERS is administered by a Board of Trustees consisting of the Board of Trustees of the Employees' Retirement System plus two additional members appointed by the Governor.
Benefits of Membership
If you qualify by years of service and age, PSERS provides lifetime retirement benefits, disability benefits, and death benefits. At retirement, options may also be chosen that can provide lifetime benefits to your beneficiary beginning at your death. The amount you receive is calculated by years of CREDITABLE SERVICE multiplied by a SPECIFIC DOLLAR AMOUNT. The dollar amount is set by the Georgia General Assembly. The current DOLLAR AMOUNT is $14.75. Members who leave employment before retirement are entitled to a refund of member contributions plus interest.
Member Contribution Rates
New Members who first join PSERS on or after July 1, 2012 will pay a required contribution of $10 each month for the 9-month contribution period of September through May. This amounts to an annual contribution of $90. Members who first joined PSERS prior to July 1, 2012 will continue to pay a required contribution of $4 each month, for an annual contribution of $36. Download the PSERS Handbook for more information.