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

Public School Employees Retirement System PENSION NEWS SPRING / SUMMER EDITION 2006

FOR THE BENEFIT OF PSERS MEMBERS

The Public School Employees Retirement Sys- Both are available for easy downloading and

tem has two new publications to help you under- printing. Visit our website at www.ersga.org,

stand your retirement benefits:

and look under "Forms and Publications."

- the PSERS Handbook &
- the PSERS Brochure

Of course, if you still have questions, you can always call the PSERS office.
404-350-6300 or 1-800-805-4609
A representative will be more than happy to help.

* * * * * * * * * * * * * *

GOOD NEWS FOR PSERS MEMBERS
Effective July 1, 2006, the benefit formula multiplier for current and future retirees increases from $13.50 for each year of service to $14.00. The 2006 General Assembly provided the funds for this increase and Governor Perdue signed the bill.

What this means for you as a PSERS member is that your future retirement benefit will increase. For example, if you retire at age 65 with ten years of service, your monthly benefit will be $140.

10 years x $14.00 per year of creditable service = $140.00

The following table shows sample calculations:

10 yrs x $14.00 = $140.00 12 yrs x $14.00 = $168.00 15 yrs x $14.00 = $210.00 18 yrs x $14.00 = $252.00 20 yrs x $14.00 = $280.00

25 yrs x $14.00 = $350.00 29 yrs x $14.00 = $406.00 32 yrs x $14.00 = $448.00 37 yrs x $14.00 = $518.00 42 yrs x $14.00 = $588.00

Normal retirement is at age 65 with at least 10 years of creditable service. You can retire as early as age 60 with 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 $14.00 per year = $140.00 per month for normal retirement $140.00 x 30% (reduction of 6% for 5 years) = $42.00
$140.00 - $42.00 = $98.00 per month for early retirement

Remember that retirement checks are paid at the end of the month, so the July 2006 retirement check that includes the increase will be mailed or directly deposited on July 31, 2006.

Contact Information

PSERS General Office 404-350-6300

PSERS Fax

404-350-6308

PSERS Toll Free

800-805-4609

Web Site www.ersga.org

Two Northside 75, Suite 300 Atlanta, GA 30318-7778

FUN IN THE SUN
There are golf specials for Georgia Government employees in eight locations around Georgia. You can reserve tee times as well as order special golf packages. Go to www.georgiagolf.com.

Two Northside 75, Suite 300 Atlanta, GA 30318-7778

Presort Standard US Postage
PAID Permit #7926 ATLANTA, GA

ARE YOUR BENEFICIARY FORMS UP-TO-DATE?

It may seem an unimportant question, but it needs addressing. Your selection of a beneficiary is important should something happen to you. Your family could suffer extreme hardship if you don't keep this selection up-to-date.
It may have been a long time since you completed those forms. Even if it's only been a short period of time, a lot of things could have happened since then.
Have you been married? Widowed? Divorced? Have you had a child? Additional children? Has one or both of your parents died?
By law, the last named living beneficiary on file

with the Retirement System is the only one eligible for your benefits, so a "yes" to any of these questions might mean that your selection of beneficia-
ries is not in keeping with your wishes.
You can change your beneficiary as often and as many times as you want. You may name the same or different beneficiaries to receive your retirement system benefit. The important thing is that you and only you can make these choices.
The Public School Employees Retirement System has forms for changing your beneficiary. Call our office (our phone numbers are listed above) and we will mail one to you.