ERS retiree news, 2008/Summer

ERS Appoints New Executive
Director
The Employees' Retirement System (ERS) Board of Trustees has appointed Pamela Pharris as the new Executive Director of the Employees' Retirement System of Georgia, effective July 2, 2008. Pamela brings over 20 years of experience working with all aspects of retirement plans. Her expertise includes Pension, Defined Contribution and Health plans. Prior to ERS, Pamela worked as a Benefits Plan Consultant with Hewitt, a global HR consulting firm, for 8 years. At Hewitt, Pamela assisted clients with plan redesigns, administration, compliance, customer service, financial planning, acquisitions and total rewards. Prior to Hewitt, Pamela worked for GeorgiaPacific Corporation and SunTrust Banks where she managed the Pension and Defined Contribution plans.
"For 20 years, retirement plan management has been a strong passion for me. It provides continual excitement, diversity and challenges. As the Executive Director for ERS, I will use my passion and experience with retirement to continue and enhance the ERS goal of exceeding the expectations of all our members while being fiscally prudent and responsible stewards of the systems we administer.
Retirement is a process which begins the day a person enters the workforce, but is often not thought about until later in life. For our retirees and beneficiaries, my goal will be to continue to provide a top-rated customer service experience throughout all phases of your retirement and to be a source of information around every aspect of retirement."
Cost of Living Adjustments
(COLAs) and ERS Update
Subject to the approval of the ERS Board of Trustees, Cost of Living Adjustments (COLAs) are granted twice a year; with the January 31st check and the July 31st

ERS RETIREE NEWS - SUMMER 2008
check. At its most recent meeting on June 19, 2008, the Board of Trustees granted a 1% COLA in July 2008 and a 1% COLA in January 2009. Remember retirement checks are paid at the end of the month, so your July 2008 retirement check, including the increase, will be mailed or directly deposited on July 31, 2008.
You must be at least age 45 and retired for 7 months to be eligible for COLAs. There is no age requirement for disability retirees. If you retired early under age 60 and with more than 25 years of service but less than 30 you are not eligible to receive a COLA until you either turn 60 years old or would have 30 years service had you continued working, whichever is earlier.
As many of you know, while ERS is a properly funded retirement system in accordance with the law, its financial condition has been declining over the past several years. Reports of the Actuary indicate that the funded ratio of ERS has decreased from 100.5% in 2003 to 93% in 2007. With the increasing number of retirees and lower investment returns, the liabilities of the pension plan are growing faster than the assets.
ERS continues to study the need for additional funding of the retirement system, including:
Increased exposure to broader investment options to improve investment returns
Increased employer contributions
Increased employee contributions
In addition, we will be implementing a new retirement plan for state employees hired on or after January 1, 2009. The new Georgia State Employees Pension and Savings Plan (GSEPS) is a combination Defined Benefit/ Defined Contribution plan.
The GSEPS Defined Benefit component provides for a different pension benefit formula compared to the current ERS retirement plans (1% rather than 2%), while the Defined Contribution component offers an employer match to the state 401(k) plan of up to 3%. The GSEPS retirement plan is competitive in today's marketplace,
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ERS General Office ERS Toll Free

404-350-6300

ERS Fax

800-805-4609

Peach State Reserves

www.ersga.org

404-350-6308 866-694-2777

Making Changes to Your Retirement Account

Address and Taxes Changes to your address, and federal and State of Georgia withholding taxes can be made at any time. The easiest way to change your address is to access your account on our Retiree Self-Service website at www.ersga.org and make your change on-line, or you can send a letter to ERSGA that includes name, social security number, new address, signature and date.
OR
ERSGA can mail you a change of address form to complete and send back to ERSGA or fax to (404) 350-6308.
(Changes received by ERSGA after the 18th of the month may not be processed until the next month.)
Direct Deposit The easiest way to change your direct deposit information is to access your account on our Retiree Self-Service website at www.ersga.org and make your change on-line, or download a direct deposit form from our website and fax or mail to ERSGA. You can change your financial institution by completing a direct deposit form.
Mail or fax a letter to ERSGA requesting to stop direct deposit of monthly retirement check. Include name and social security number and signature on the letter.
After any change in your direct deposit, the first check will be mailed to your home on the last business day of the month. Direct deposit should start with your next month's benefit.
(Changes received by ERS after the 18th of the month may not be processed until the next month.)
Health Insurance ERSGA can not change your health insurance coverage. There is an Open Enrollment period for retirees in the fall of each year for coverage for the upcoming calendar year. There are situations in which coverage can be changed outside of the Open Enrollment period, like divorce or death of spouse. For assistance with health insurance, call direct at (404) 656-6322 or 1-800-6101863.
Dental Insurance ERSGA can not change your dental insurance coverage. For assistance with dental insurance call, direct at (404) 656-2730 or 1-888-968-0490.

Retirement Benefit Options Once you have retired, you can only change your retirement option under very specific circumstances. If you are unmarried at the time of retirement, you may choose an option with your new spouse as beneficiary; however, in some instances, you must make this choice within 6 months after your marriage.
Beneficiaries Primary Retirement Beneficiary(ies) If you chose the Maximum Plan or Option 1 at retirement, you may change your primary beneficiary(ies) at any time. There are strict limitations on changing primary retirement beneficiaries under any other retirement benefit option choice. Secondary Retirement Beneficiary(ies) Secondary or contingent beneficiary(ies) may be changed at any time, regardless of your retirement benefit option choice. Group Term Life Insurance Both primary and secondary beneficiary(ies) may be changed at any time. Beneficiary changes take effect when ERSGA receives the changes in writing.
The Adult Cognition Lab Needs You!
The Adult Cognition Lab is a research team in the School of Psychology at the Georgia Institute of Technology.
The lab is interested in understanding how people learn new things and maintain their skills through their lifespan.
Are you between 60 and 80 years of age? Are you in reasonably good health?
You do not need any prior experience with computers or a particular education backgound. No medication is involved with the research.
You will be paid for your time. Call (404) 894-7450 if you are interested in learning more.
Hertzog Adult Cognition Lab School of Psychology - Georgia Tech
(404) 894-7450 www.psychology.gatech.edu/chertzog

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Explore Georgia's State Parks & Historic Sites

Just because gas prices are sky high does not mean you have to cancel your vacation plans. Stay closer to home and explore the places that make Georgia special. The 13th colony features Revolutionary War and Civil War forts, the beginning of our nation's first gold rush, spectacular canyons and mountains, sparkling lakes and even the famous Okefenokee Swamp. To immerse yourself in natural beauty and rich history, plan a trip to one of Georgia's 63 state parks and historic sites operated by the Department of Natural Resources. Below are a few tips for affordable getaways this summer.
Discounted Accommodations Most people think of camping when they think of state parks, but the parks also offer hotel-style lodge rooms and fully equipped cottages. Bobby Brown and Red Top Mountain state parks offer yurts which are like canvas and wooden tents complete with furniture inside. Park visitors who are 62 or older receive 20% off cottage rates from December 1 through March 31, Sunday through Thursday nights only. Campsites and lodge rooms are discounted 20% as well. (Limited to one campsite or lodge room.)
ParkPass Discounts Visitors pay a $3 parking fee when they arrive at a state park; however, Wednesdays are free days. Seniors 62 and older save 50% on Annual ParkPasses that normally sell for $30. Join Friends of Georgia State Parks & Historic Sites and you'll save even more during the year, especially since seniors get $20 off their membership. If you want to try out the parks before buying a membership, you can check out a ParkPass from your local library.
Events for Every Interest Visit www.GeorgiaStateParks.org to see a full calendar of events,
Vacation With Your Grandchildren National Grandparents Day is September 7, yet every day can be special when spent with those you love. While finding activities that both 6-year-olds and 60year-olds can enjoy is a challenge, Georgia's State Parks & Historic Sites offer plenty of ideas. Even a simple stroll in the woods can be fascinating, and some state parks have trails suitable for little legs or strollers. Tallulah Gorge State Park near Clayton has a paved trail that follows an old railroad bed and crosses a stream. A mostly flat trail at Red Top Mountain State Park in Cartersville offers nice views of Lake Allatoona and is perfect for older children who love riding bikes.

At Skidaway Island State Park near Savannah, wave back at thousands of fiddler crabs that scamper under the boardwalk during low tide.

Get out. Get dirty. Get fit. The state's new Get Outdoors Georgia initiative encourages people to get off the couch and into the great outdoors. A new website, www.GetOutdoorsGeorgia. org makes it easy to search the state by activity. Park visitors are encouraged to post their own vacation videos on YouTube at www.youtube.com/gastateparks.

Canyon Climbers Club One way to get fit in the parks is to challenge yourself with the ultimate outdoor step machine. Scale Amicalola Falls, explore Cloudland Canyon, brave Tallulah Gorge and discover Providence Canyon then get a bragging rights t-shirt that says "I climbed the canyons." Membership cards are for sale ($10) at all four parks. Why not start a contest at your church or within your family to see who can finish first?

Fishing Pole Loaner Program Did someone special help you reel in your first fish? Re-live that memory by teaching a youngster how to bait a hook and cast a line. Luckily for Georgians, fishing is good year-round, and many state parks offer stocked ponds. If you don't have your own equipment, 25 state parks will loan poles for free.

For More Information

For more information about Georgia's State Parks and

Historic Sites, visit www.GeorgiaStateParks.org. This

easy-to-use website lets you click on the part of Georgia

that you want to discover, then takes you to maps and

photo galleries. For a free brochure, call 1-800-864-

7275.

Kim Hatcher, Public Affairs Coordinator Georgia Department of Natural Resources

Returning To Work After

Retirement

The rules for returning to work depend on where you go

to work and whether you retired on disability or service.

Refer to the information on

page 4 for general return to

work rules. Please contact

ERS for specific details if

you are thinking of return-

ing to work and have ques-

tions.

continued on page 4

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Returning to Work After Retirement - cont. from page 3
If you are a service retiree and return to work for an employer participating in the Employees' Retirement System or a community service board, you can only work 1,040 hours (roughly 6 months at full-time) during any calendar year. If you exceed that amount of hours, your ERS monthly benefit will be suspended for the rest of the calendar year. You will begin receiving your monthly benefit again in January and are allowed to work 1,040 hours before your monthly retirement benefit would again be suspended. If you go to work for a non-ERS employer or for the private sector, you may work an unlimited time.
If you are a disability retiree, there are earnings limitations on your retirement. All ERS disability retirees under the age of 60 are restricted in the earnings they receive from gainful employment. The earnings limitation is determined by taking the difference between the monthly salary used to calculate the disability retirement allowance at retirement and the initial gross monthly disability allowance. All disability retirees are advised of their individual earnings limitation at retirement. To the extent a disability retiree's earnings or earnings capacity exceed this limit, the monthly pension may be reduced in a like amount.

Two Northside 75, Suite 300 Atlanta, GA 30318-7701

Presort Standard US Postage
PAID Permit #7926 ATLANTA, GA

Cost of Living Adjustments (COLAs) and ERS Update - cont. from page 1

and it is portable. The Defined Benefit component allows us to retain employees that choose to make state government their career the more years of service, the higher their monthly pension. The 401(k) savings plan allows us to attract new employees to state government with a matching employer contribution the more the employee saves, the higher their retirement savings. Over time, the new plan can help to reduce the liabilities to the current pension plan.
ERS will continue to analyze future changes in order to responsibly and prudently mitigate further erosion of assets. For more information about ERS Financials and about GSEPS, visit our website at www.ersga.org.

Have You Tried Online Account Access?
To date, over 4,000 retirees have registered and are using their access to check their account and make changes to direct deposit, tax withholding and address. Have you registered?
Go to www.ersga.org and access Member Information/ Retirees/Retiree Self Service Website. Try it today!

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