New Plan
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 Benefit 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.
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.
ERS Forms
- Service Retirement Application
- Disability Retirement Application
- Federal Income Tax Substitute Form W-4P
- Pension Benefit Estimate Request Form
- Retiree Change of Address Form
- Active Member Change of Beneficiary
- Retiree Change of Beneficiary
- Inactive Member Change of Address Form
- GTLI Leave Without Pay Continuation Form
- State Income Tax Substitute Form G-4P
- Retiree Pension Direct Deposit Form
- Click for ERS forms