Pension news (Employees' Retirement System of Georgia), 2008 Summer

Public School Employees Retirement System Two Northside 75, Suite 300 Atlanta, Georgia 30318-7778 Tel 404-350-6300 Fax 404-350-6310
Michael J. Nehf Executive Director
PENSION NEWS
FALL / WINTER 2005 ISSUE

Good News for PSERS Members and Retirees

Effective July 1, 2005, the benefit formula multiplier for current and future retirees increased from $13.00 for each year of service to $13.50. The 2005 General Assembly provided for this increase in the General Appropriations Act (House Bill 85) and Governor Perdue signed the bill.

What this means for you as a PSERS member is that your retirement benefit increased. For example, if you retire at age 65 with ten years of service, your monthly benefit is now $135.00.

10 years x $13.50 per year = $135.00

The following table shows sample calculations:

10 yrs x $13.50 = $135.00 12 yrs x $13.50 = $162.00 15 yrs x $13.50 = $202.50 18 yrs x $13.50 = $243.00 20 yrs x $13.50 = $270.00

25 yrs x $13.50 = $337.50 29 yrs x $13.50 = $391.50 32 yrs x $13.50 = $432.00 37 yrs x $13.50 = $499.50 42 yrs x $13.50 = $567.00

While normal retirement is at age 65 with at least 10 years of creditable service, you can retire as early as age 60 and begin receiving a monthly benefit, as long as you have a minimum of 10 years of creditable service. However, your monthly benefit will be reduced 6% for each year under age 65. The following example assumes you retire at age 60.

10 years x $13.50 per year = $135.00 per month for normal retirement $135.00 x 30% (reduction of 6% for 5 years) = $40.50 $135.00 - $40.50 = $94.50 per month for early retirement

Our Mission is to Serve
The mission of ERSGA is to be the guardian of the retirement plans for the ultimate benefit of members, retirees and beneficiaries of those plans. This mission is accomplished through ERSGA's core responsibilities which include pension administration; the collection, reconciliation and disbursement of contributions for the welfare of the members, retirees and beneficiaries of the plans; and the sound and secure investment of the retirement funds.
For detailed financial information about the retirement plans administered by ERSGA (including PSERS) please visit our web site at www.ersga.org where you can download a copy of our Annual Report.

Frequently Asked Questions about PSERS Member Statements

Q. Why does PSERS send me a Member Statement each year?
A. The statement contains important information about your retirement account and general information about your retirement plan. It also gives you the opportunity to make us aware of any changes or corrections.

Q. What do I do if my name, address, birth date, or Social Security number is incorrect on my Member Statement?
A. Corrections to your personal information can be made only by your school system. Contact your local pay roll/personnel office to verify and/or correct this information.

Q. I did not receive a Member Statement. What should I do?

Q. My retirement service credit (years of service) is wrong. How can I get this corrected?

A. Please wait until October 31, 2005, as your Member Statement may have been delayed in the mail. If you still have not received your statement by October 31, please contact our office. Our mailing address, phone numbers, FAX number and e-mail address are listed below. Just make sure you give us your full name, complete mailing address, a daytime phone number, and tell us that you are covered by the Public School Employees Retirement System.
Q. What should I do if I believe my contributions and interest are incorrect?
A. Members of PSERS contribute $4.00 per month (September through May) for a total of $36.00 per year. Interest is credited to your account at four percent (4%) annually. If you believe there is a mistake, mark the correction in black ink on a copy of your Member Statement and mail or FAX that copy to PSERS (see below for phone numbers and address). Let us know if you told us about the error previously. We will review your account and notify you of the results.

A. Recent payments or corrections may not have been posted before the Member Statement was printed. Also, if you have had a "break in service," your school system did not report you for that time period.
If you believe there is a mistake, mark the correction in black ink on a copy of your Member Statement and mail or FAX that copy to PSERS. (See below for phone numbers and address). Again, let us know if you told us about the error previously. We will review your account and notify you of the results.
Q. I would like to change my beneficiary. What should I do?
A. Obtain a Change of Beneficiary form from your local school system's personnel office or from our office. Any change in beneficiary(ies) is not effective until the completed form is received by PSERS.

Public School Employees Retirement System Two Northside 75, Suite 300 Atlanta, GA 30318-7778

Phone No. Toll Free FAX No. E-mail address

(404) 350-6300 (800) 805-4609 (404) 350-6308 contact@ers.state.ga.us