Georgia State Employees' Pension & Savings Plan (GSEPS)


New! Watch the GSEPS New Hire Orientation here.


During the 2008 Georgia Legislative Session, the legislature passed Senate Bill 328, which provides for a new retirement plan for state employees hired on and after January 1, 2009.

GSEPS Plan Brochure
GSEPS Refund Application
GSEPS 401(k) Opt-Out Form

The State of Georgia employs a diverse and multi-generational workforce. In order to become competitive in the marketplace for talent and become an employer of choice, the state must take steps to appeal to varying sets of employee values, attitudes and compensation expectations.

Simply put, we should have competitive benefits that attract the best and the brightest to state government, and employees want “portable” retirement plans that can travel with them throughout their careers. The new Georgia State Employees’ Pension and Savings Plan (GSEPS) combines a traditional pension plan with a 401(k) plan that includes an employer match. The 401(k) plan offers flexibility and “portability” and the pension plan rewards state career longevity.

The Defined Benefit component of GSEPS allows us to retain employees that choose to make state government their career – the more years of service, the higher their monthly pension. The 401(k) plan allows us to attract new employees to state government with a matching employer contribution – the more the employee saves, the higher their retirement savings. Together, the new GSEPS plan offers an attractive, competitive and portable pension and savings plan that meets the needs of today’s emerging workforce.

Employees eligible for new membership in ERS hired on and after January 1, 2009 will be enrolled in the new GSEPS Plan. Employees hired prior to January 1, 2009 maintain their membership in either the ERS “new” or “old” plan.ψ GSEPS is a combination Defined Benefit/ 401(k) plan and works as follows:

Defined Benefit (DB) Plan

Provides a pension benefit formula of 1% x years of service x highest average salary (30 years = approximately 29% of salary as a monthly benefit*). Vesting for the DB plan is 10 years.

401(k) Plan

Provides State matching up to 3% with member contributing 5%, utilizing the Peach State Reserves 401(k) Plan.

▪ Member contributes 1% of compensation and receives 1% salary match from State (100% match on the first 1% of compensation contributed)
▪ For each additional percent contributed by member (up to 4%), the State will match 50% of that amount (up to 2% of compensation)
▪ The 401(k) employer contribution is subject to a 5-year vesting schedule, vesting 20% for each completed year of service in a GSEPS-eligible position

DB/401(k) Plans combined

30 years = approximately 59% of salary** (annuitized). With Social Security benefits, total benefit could provide 90% or more of final salary.

Current employees who are ERS members as of December 31, 2008 may opt-in to GSEPS at any time on or after January 1, 2009. Click here for more information.

Actuarial Assumptions:

*Assumes annual salary increase of 3.75% and retirement at age 60 with 30 years of service.

**Assumes annual employee 401(k) contribution of 5%, average annual 401(k) investment return of 6% over 30 years, annual salary increase of 3.75% and retirement at age 60 with 30 years of service.