New Plan

Overview

New Plan

For a more detailed explanation of your retirement benefits and the information in the categories below, please see the ERS Handbook in the link to the right.

Membership

ERS New Plan members are employees who were hired between 7/1/1982 and 12/31/2008.

Contributions

Members are required to contribute 1.50% of their earnable compensation to the plan.
• 1.25% goes to the member’s annuity savings plan
• .25% goes to the member’s Group Term Life Insurance premiums

Retirement Eligibility 

There are three different types of Service Retirement in ERS:

Normal Retirement

• At least age 60 and a minimum of 10 years of creditable service (for certain Law Enforcement positions, age 55 and 10 years)
• At least 30 years of creditable service

• For certain Law Enforcement positions, at least age 55 and 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 may contact ERS within 90 days of his/her 60th birthday for more details.

Retirement Amount

Retirement Benefit Calculation Formula

To calculate the Maximum Plan Benefi t for a normal retirement, ERS New Plan uses the following formula:

Formula Salary x
2% Benefit Formula Factor x
Creditable Service =
Maximum Plan Benefit

Please see the ERS Handbook for calculation examples.

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Are you saving enough for retirement?

Are you saving enough for retirement?
 
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.