ERS Georgia State Employees' Pension and Savings Plan (GSEPS)
Georgia State Employees’ Pension & Savings Plan (GSEPS)
GSEPS Enhancement Update 2022
Effective July 1, 2022
Exciting enhancements were added to the Georgia State Employees’ Pension and Savings Plan (GSEPS)!
Click here for more information.
Membership
ERS members hired on and after January 1, 2009 will be automatically enrolled in the new GSEPS Plan. Employees hired prior to January 1, 2009 maintain their membership in either the ERS New or Old plan.
GSEPS Enrollment Information Notice
What is GSEPS?
GSEPS is a combination Defined Benefit (pension) and 401(k) plan.
Contributions
GSEPS is a combination of a defined benefit, or pension plan, with an employer-matching defined contribution (401k) plan. Contributions are as follows:
Pension Contributions
GSEPS members are required to contribute 1.25% of their earnable compensation to the plan.
- All contributions are deposited to the member’s annuity savings plan.
- GSEPS members are not eligible for Group Term Life Insurance.
PSR 401(k) Contributions
Currently, new members are automatically enrolled at a 5% contribution rate, allowing for the maximum employer match to be contributed to the member’s account. How much you contribute to your 401(k) determines how much your employer contributes on your behalf.
Your Contribution | Employer Match |
---|---|
1.0% | 1.0% |
2.0% | 2.0% |
3.0% | 3.0% |
4.0% | 4.0% |
5.0% | 5.0% |
- You may increase or decrease your 401(k) contribution rate at any time.
- The employer match portion of your 401(k) balance is subject to a 5-year vesting schedule. You vest 20% of the employer match for each completed year of service in a GSEPS-eligible position.
PSR 401(k) Plan
Provides State matching up to 5% with member contributing 5%, under the Peach State Reserves 401(k) Plan.
- Your state employer will match your contribution dollar per dollar, up to 5% of pay. Members saving 5% or more receive a full 5% match. This is a 2% increase from the previous 3% match.
- GSEPS members with at least six years of service, and who are contributing at least 5%, will get an additional half percent Employer match for every full year of service in excess of five years, up to a maximum match of 9%.
- The employer match portion of the member’s 401(k) balance is subject to a 5-year vesting schedule. A member vests 20% of the employer match for each completed year of service in a GSEPS-eligible position.
During the 2008 Georgia Legislative Session, the legislature passed Senate Bill 328, which provided for a new retirement plan for state employees hired on and after January 1, 2009.
Retirement Eligibility
There are three different types of Service Retirement in the ERS pension plan:
Normal Retirement
- at least age 60 and a minimum of 10 years of creditable service
- at least 30 years of creditable service
Certain Law Enforcement Positions:
- at least age 55
- a minimum of 10 years of creditable service
Early Retirement
- Under age 60
- At least 25 years of creditable service but not yet 30 years of service
- Retiree benefit is reduced at a rate of 7% for every year the retiree is under age 60 or every year the retiree has less than 30 years. ERS will use the lesser reduction to calculate the benefit.
Terminated Vested Retirement
A member terminating after attaining at least 10 years of service but prior to age 60, will be able to start drawing retirement benefits at age 60.
A member should contact ERSGA within 90 days of their 60th birthday for more details.
Retirement Amount
Pension Plan
Retirement Benefit Calculation Formula
To calculate the Maximum Plan Benefit for a normal retirement, ERS GSEPS Plan uses the following formula:
Formula Salary x
1% Benefit Formula Factor x
Creditable Service =
Maximum Plan Benefit
Please see the ERS Handbook for calculation examples. You may also log in to your ERSGA account to run a benefit estimate at any time.
PSR 401(k) Plan
Your 401(k) benefit depends on the contributions you and your employer have made over the years, and the investment returns earned. At retirement you may:
- start withdrawals from your 401(k), including setting up a monthly withdrawal
- choose a lump sum withdrawal or rollover
- continue to invest your 401(k) until you need it at a later date
Pension and fully-matched 401(k) Plans Combined
30 years of service = approximately 59% of salary* (annuitized). With pension, 401(k), and Social Security benefits, total benefits could provide 90% or more of final salary.
*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.
2024 Tour
Upcoming Tour Dates
ERS New Plan and GSEPS Presentations
Wednesday, January 24th
Tour Stop: New Plan and GSEPS
In-Person Presentation: 3:00 – 4:30 p.m.
Gwinnett Technical College
Invest in your future self and attend an in-person presentation to learn about:
GSEPS Enhancements
Effective July 1, 2022
Exciting enhancements were added to the Georgia State Employees’ Pension and Savings Plan (GSEPS)!
During the 2022 Legislative Session, the Georgia General Assembly approved a significant increase in the state employee 401(k) employer match, with an enhanced benefit that increases with your years of service.
Contributing at least 5% into your PSR 401(k) is more valuable than ever! Make sure you’re saving at least 5% to take advantage of the increased employer match. Don’t leave free money on the table!
Are you saving enough for retirement?
Save more through Peach State Reserves (PSR)
Did you know to live comfortably during retirement, you will need
70% to 100% of your pre-retirement income? Even with other
savings, pension(s), and Social Security, you may still need to
consider enrolling in or increasing your contributions to
PSR.
To understand your personal retirement needs, log in
to GaBreeze, click the
Savings & Retirement tab, then select Retirement
Projections under the Peach State Reserves menu.
Supplemental Guaranteed Lifetime Income (SGLI)
ERS Retirees can Convert Peach State Reserves funds to Guaranteed Monthly Income
Supplemental Guaranteed Lifetime Income (SGLI)
ERS retirees can now use funds in Peach State Reserves to purchase a supplemental annuity from ERS. The SGLI is a program that can be used to provide additional financial security during retirement through lifetime monthly benefit payments.
For more information, please visit the SGLI main page.
Roth Contributions
Members can make Roth, or after-tax, contributions to PSR accounts. Roth contributions offer several advantages, including tax-free distribution of contributions and earnings when you retire.
For more information about making Roth contributions to your PSR account, please read our guide: Understanding Roth Contributions and Savings Plan Options
ERS Forms
- Service Retirement Application
- Disability Retirement Application
- Pension Benefit Estimate Request Form
- Active or Inactive Member Change of Beneficiary
- Retiree Change of Beneficiary
- GTLI Leave Without Pay Continuation Form
- State Income Tax Substitute Form G-4P
- Retiree Pension Direct Deposit Form
- GTLI Change of Beneficiary
- Federal Income Tax Form W-4P
- Retiree and Inactive Change of Address Form
- Click for ERS forms
ERS
Board of Trustees
The ERS Board of Trustees consists of 7 members who are appointed or elected for a term of four years.
Click below for board members, contact information, and meeting details.
ERS History and Background
The Employees’ Retirement System (ERS) was established and began administering retirement benefits for State of Georgia employees on January 1, 1950, as provided by laws enacted through the Georgia General Assembly.