Employees' Retirement System (ERS) old plan, new plan, GSEPS plan guide

Employees' Retirement System (ERS) Old Plan, New Plan, GSEPS
Plan Guide

E RSGA

Serving those who serve Georgia

Employees' Retirement System of Georgia

Table of Contents
Introduction ............................................................................................................................ 3 Membership ........................................................................................................................... 4 Contributions............... ........................................................................................................... 6 Earnable Compensation .......................................................................................................... 8 Creditable Service ................................................................................................................... 9 Benefits Eligibility ................................................................................................................... 12 Service Retirement ................................................................................................................. 13 Service Retirement Benefit Formulas ...................................................................................... 14 Limitations on Benefits ........................................................................................................... 20 Disability Retirement .............................................................................................................. 21 Death Benefits ........................................................................................................................ 24 Refund of Contributions and Interest........................................................................................ 25 Optional Forms of Payment ................................................................................................... 26 Group Term Life Insurance....................................................................................................... 33 Cost of Living Adjustments ..................................................................................................... 34 Benefit Payment Details.......................................................................................................... 35 Returning to State Employment............................................................................................... 36 Designating a Beneficiary ....................................................................................................... 38 Appendix A .............................................................................................................................. 39 Appendix B .............................................................................................................................. 47
ERS

About this Handbook

ERS

This Handbook summarizes the main provisions of laws that provide benefits to certain State of Georgia employees. Unless otherwise specifically indicated, the Handbook describes these laws as in effect on July 1, 2011.
It is important to remember that this Handbook is only a summary of the law, and therefore provides only general information. A summary cannot deal with every possible set of circumstances. Also, from time to time, the laws will be amended, and while we make every effort to update this Handbook in a timely fashion, there may be a period of time during which the Handbook does not reflect recent changes in the law. If something is not covered in detail in this summary, or if this summary can be read to be inconsistent with the governing laws, the law will control.
It is important that you read the entire Handbook. Reading only portions can be confusing and misleading.

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Introduction

ERS

About the Benefits Described in this Handbook
The Employees' Retirement System (ERS) was established and began administering retirement benefits for certain State of Georgia employees on January 1, 1950, as provided by laws enacted through the Georgia General Assembly.
Laws governing ERS provide for service retirements, death and disability benefits, or refunds of contributions and interest to members who leave State employment. Employee and Employer Contributions are paid into the retirement fund for the welfare of members and their beneficiaries. All benefits are paid from this fund. Benefit structures have changed over time, and this Handbook will describe the differences between each. However, any benefit provisions which no longer apply to any active member or apply only to a small population may not be covered in detail.
An independent actuarial firm specializing in pension and retirement plans examines the fund every year. The actuarial firm prepares an annual valuation on the ability of the fund to meet future obligations, and every five years performs an actuarial experience study. The System is also examined annually by an independent accounting firm.
A Board of Trustees is responsible for the administration of ERS. Daily operations are under the direct administration of the ERSGA Director and staff. For more information about the Board of Trustees, please visit our website.

Contacting ERS
ERSGA maintains a website at http://www.ers.ga.gov. Through this website, you can:

Access your personal account information Conduct transactions such as designating a
beneficiary and estimating your retirement benefits
Download this Handbook, pamphlets, and various forms
Review frequently asked questions Obtain information about legislation under
consideration by the Georgia General Assembly
Link to other websites Inquiries related to retirement or general inquiries about ERS can be emailed to: contact@ers.ga.gov.

Other retirement systems included under the authority of ERSGA are:
Public School Employees Retirement System (PSERS)
Legislative Retirement System (LRS) Georgia Judicial Retirement System (GJRS) Georgia Defined Contribution Plan (GDCP) Georgia Military Pension Fund (GMPF)
ERSGA also administers:
Group Term Life Insurance (GTLI) program Peach State Reserves program (PSR) -- the
State's 457 and 401(k) Plans

Mailing Address: Employees' Retirement System of Georgia Two Northside 75, Suite 300 Atlanta, GA 30318
Fax: Financial Management: (404) 350-6304 Member Services: (404) 350-6310 Seminars: (404) 350-6306

Information about these plans can be found on our website.
Phone: General Number: (404) 350-6300 Toll free: 1-800-805-4609 (outside metro Atlanta area) Hours of Operation: 8:00 am to 4:30 pm ET

To contact Peach State Reserves, call toll free: 1-866-694-2777

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Membership

ERS

Generally, membership in ERS is a condition of employment for any person employed by a participating department or agency on a full-time basis. For purposes of determining membership eligibility, "full-time" means employment with the department or agency that:
Is a person's primary occupation, and Is full-time (requiring you to work at least 35 hours per week for a
minimum of 9 months per year).

Benefits for eligible members of the Appellate and Supreme Courts participating in this plan are not covered in this booklet. If you are a member of the Appellate or Supreme Court, please contact ERSGA at the number provided on page 3.

A person who meets the requirements is considered an Employee. However, you are not considered an Employee if you are classified by an employer as an independent contractor or a leased employee within the meaning of Section 414(n) of the federal Internal Revenue Code, even if you are later reclassified as a common law employee by the Internal Revenue Service.
A list of departments and agencies participating in ERS as of July 1, 2011 is provided in Appendix A. These participating departments and agencies are called "Employers" in this Handbook.
Employees become ERS Members on the first day of their full-time employment with an Employer. This Handbook will refer to Employees who are Members as "Members."

Special Membership Eligibility Rules
If you first become an Employee of an Employer at age 60 or later, you may elect not to become a Member of ERS. The election must be submitted in writing to ERS within 30 days of the date you become an Employee of the Employer. The election to not become a Member is irrevocable.
Any vested member of the Teachers Retirement System of Georgia ("TRS") who becomes an Employee of an Employer may elect to remain a Member of TRS instead of becoming a member of ERS. The election to opt out of ERS membership by remaining a Member of TRS must be made in writing to ERS and TRS within 60 days of the date hired by the Employer.
A vested ERS Member who accepts a position covered by TRS can opt out of TRS membership and remain an ERS Member by following the same procedure.
Employees of a county official (tax commissioner, tax collector or tax receiver) have the option to elect to become a Member of ERS. The election must be made in writing within 180 days of employment.
Please note: The final conviction of certain crimes can affect a person's ERS status, as well as the claim to any benefits earned through ERS. Please contact ERS directly with questions regarding the right to benefits under these circumstances.

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When you become a Member of ERS, you are covered by the benefit structure in effect at the time of your membership. Since inception, three primary defined benefit structures have been created in ERS:
the Old Plan the New Plan the Georgia State Employees' Pension and Savings Plan (GSEPS)
You can use the following chart to determine in which plan you participate:

Old Plan
Current Members continuously employed on a full-time basis since before July 1, 1982
Members originally employed before July 1, 1982 who are reemployed on or after July 1, 1982 without having received a refund of their annuity savings fund account, retiring, or rendering less than one year of service within a period of five consecutive years as a Member

New Plan
Employees first or again becoming ERS Members on or after July 1, 1982 and before January 1, 2009 as a result of:
Their initial employment as an Employee of an Employer
Their rehire before January 1, 2009 as an Employee of an Employer after receiving a refund of their annuity savings fund account, retiring, or rendering less than one year of service within a period of five consecutive years as a Member
Employees who were ERS Members on June 30, 1982 who chose to become a New Plan Member
Employees first or again becoming ERS Members on or after July 1, 1982 who are reemployed on or after January 1, 2009 without having received a refund of their annuity savings fund account, retiring, or rendering less than one year of service within a period of five consecutive years as a Member

GSEPS
Employees first or again becoming ERS Members on or after January 1, 2009 as a result of:
Their initial employment as an Employee of an Employer
Their rehire on or after January 1, 2009 as an Employee of an Employer after receiving a refund of their annuity savings fund account, retiring, or rendering less than one year of service within a period of five consecutive years as a Member
Employees who were ERS Members on December 31, 2008 who chose to become a GSEPS Member

Members who participate in GSEPS are automatically enrolled in the Peach State Reserves 401(k) Plan (the "401(k) Plan"). Please see the Peach State Reserves 401(k) Plan Handbook for more information regarding your participation in the 401(k) Plan.

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Contributions

ERS

The benefits paid through each of the three retirement plans are funded through Employee Contributions and Employer Contributions. This section of the Handbook describes the contributions made on behalf of each participating Member.

Employee Contributions
The contributions made to ERS by or on behalf of each Member are either put in the Member's annuity savings fund account or go towards the Member's Group Term Life Insurance ("GTLI") premiums, depending on the plan(s) in which the Member participates. The contributions are based on the Member's "Earnable Compensation". See the section of this Handbook titled "Earnable Compensation" to learn more about what types of pay are included and excluded in Earnable Compensation.
The following chart describes the Employee Contributions made to each plan:

Old Plan
A total of 6.5% of a Member's Earnable Compensation less $7 is contributed on a Member's behalf each payroll period. While all of these contributions are considered Employee Contributions, the Member's employer actually pays a portion of the contributions on the Member's behalf. These employer paid contributions are called "pick up contributions."

Pick up contributions are not made on behalf of tax officials and their employees, or State court employees. These employees pay the full contribution amount.

Employee Contributions are made through payroll deductions in the amount of 1.5% of the Member's Earnable Compensation. Of the 1.5%:
1.25% is put into the Member's annuity savings fund account, and
.25% goes towards the Member's GTLI premiums.

Pick Up Contributions make up the remainder of the per payroll
contributions as follows:

4.75% less $7 of the Member's

Earnable

Compensation,

which is put into the Member's

annuity savings fund account,

and .25% of the Member's

Earnable Compensation, which goes towards the Member's

GTLI premiums.

New Plan
A total of 1.5% of a Member's Earnable Compensation is contributed to ERS through payroll deductions each payroll period. Of the 1.5%: 1.25% is put into the Member's annuity savings fund account, and
.25% goes towards the Member's GTLI premiums.

GSEPS
A total of 1.25% of a Member's Earnable Compensation is contributed to ERS through payroll deductions each payroll period. The entire amount is put into the Member's annuity savings fund account. There is no GTLI coverage for GSEPS members.

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The EmployeeContributions put into the Member's annuity savings fund account start earning 4% interest (compounded annually) after being in the account for one year. Earned interest is posted on June 30 of each year to annuity savings fund accounts belonging to Members who are employed at that time. Interest is not posted to any annuity savings fund account belonging to a Member who has terminated employment.
Employer Contributions
In addition to the Employee Contributions made to ERS on a Member's behalf, the Member's Employer makes additional contributions in order to fund the benefits payable under ERS. The Employer Contribution amount is an actuarially determined percentage of a Member's Earnable Compensation. It is not applied to the Member's annuity savings fund account, and it is not refundable to the Member.
Peach State Reserves 401(k) Plan Contributions for GSEPS Members
GSEPS Members who contribute a portion of their compensation to the 401(k) Plan are eligible to receive an employerfunded matching contribution. For more information about the 401(k) Plan, please see the Peach State Reserves 401(k) Plan Handbook.
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Earnable Compensation

ERS

Earnable Compensation generally means the full rate of regular compensation payable to a Member for his or her full normal working time. If, for example, you miss a portion of a month of work due to a Leave Without Pay (LWOP), you will be credited with Earnable Compensation as if you had worked the entire month. (Note that if you miss an entire calendar month of work, you will not be credited with Earnable Compensation for that month.)
Examples of items that are contained in Earnable Compensation include:

Regular pay for normal working hours Vacation pay Shift differentials Certain bonuses Your contributions to a qualified transportation plan (effective July 1, 2003) Your contributions to a cafeteria plan (effective July 1, 2003) Your contributions to the Peach State Reserves 401(k) plan (effective July 1, 2003)

Examples of items not included:
Overtime pay Expense reimbursements Supplements from local funds

Your Employee Contributions made to ERS under the Old Plan, the New Plan, or GSEPS are based upon your Earnable Compensation. Please see the Handbook section titled "Contributions" for further information.

If you are subject to any furlough period(s), the Plan will treat you as though you were working during the furlough(s). This means that you will receive Earnable Compensation and Creditable Service for the furlough time. This also means that you will be responsible for Employee Contributions based on the pay you would have received had you not been on furlough.

If you were hired on or after July 1, 2009, the amount of your Earnable Compensation for the last 12 months of your employment can be no more than 5% greater than your Earnable Compensation for the immediately preceding 12 months of your employment.

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Creditable Service
Creditable Service is used to determine:
Whether a Member has earned a right to a retirement benefit ("vesting")
A Member's eligibility for certain Plan benefits The amount of benefits payable upon a Member's retirement
Creditable Service is made up of "prior service" plus service for which you are credited while you are a Member. It can be earned, transferred into ERS, or in some cases, purchased.
You earn Creditable Service for each month of your active ERS membership. If you are paid for only part of a month, you will receive a pro rata portion of that month toward your Creditable Service. When you have partial months of service during a year, the total months credited for the year are rounded to the nearest number of months.

ERS
For more information about how a Member's rights to retirement benefits are determined, please see the Handbook section titled "Benefits Eligibility."
For more information about how retirement benefits are calculated, please see the Handbook section titled "Service Retirement."

Prior Service
If you were employed by an Employer (including the Georgia National Guard or Georgia State Guard) as a temporary full-time employee prior to becoming an ERS Member, you may be able to receive Creditable Service for your prior employment. You must:
Become an ERS Member by beginning full-time, permanent employment with an Employer Apply in writing requesting Creditable Service for the period of prior employment within 24 months after
becoming an ERS member Have your former employer certify the prior employment with ERS Pay all Employee Contributions and Employer Contributions, with interest, pertaining to the period of prior
employment
Members under the New Plan and GSEPS may acquire no more than 12 months of Creditable Service in this manner. Also, if you were a Member of the Georgia Defined Contribution Plan during your prior employment, you may not receive Creditable Service for that period of employment.
If you have previously worked for the State, please contact ERS to learn if you are eligible to receive Creditable Service for your prior employment.

Forfeited Leave Service
Forfeited leave time (which consists of forfeited annual leave, forfeited sick leave, and accrued sick leave) may be converted to Creditable Service at the time you retire if you have accrued a total of at least 960 hours. You will receive one month of Creditable Service for every 160 hours of forfeited leave. All forfeited leave that you accrue in your career must be certified by your last Employer in order for you to receive credit.
Forfeited Leave Service cannot be counted toward the 10 years of Creditable Service needed for you to become vested in an ERS monthly retirement benefit or the 18 years of Creditable Service needed for you to retain GTLI coverage (if applicable) after you terminate employment but before you retire.

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Job Related Temporary Disability / Leave Without Pay
If you return to work after taking a Leave Without Pay (LWOP) due to certain temporary disabilities, you may be eligible to receive Creditable Service for some or all of the time you missed work. You must:
Take a LWOP due to either a mental or physical issue caused by a job-related disease or accident Return to work and apply for the service credit in writing Pay ERS an amount equal to the applicable Employee Contributions, plus 4% interest Make your payment within six months after your return to work
You may receive a maximum of 12 months of such Creditable Service in any five-year period.

Refund Buyback
A Member who terminates employment but has not yet retired (or is not eligible to retire) has the option to receive a refund of Contributions plus Interest (a.k.a. the "annuity savings fund account"). If you receive such a refund, you forfeit all Creditable Service for the period of employment covered by the refund.
However, if you return to active Membership, you can re-establish your Creditable Service via a "buyback". To do so, you must be employed for two additional years. At that point, you must pay to ERS a lump sum payment equal to the refund amount you originally received, plus 4.25% interest (compounded annually from the refund date to the buyback date).

For more information about how to receive a refund of your annuity savings fund account, please see the Handbook section titled "Refund of Contributions and Interest".

Military Service

The Uniformed Services Employment and Reemployment Rights Act ("USERRA") provides you with certain rights regarding your employment and retirement benefits, if you perform qualified military service. If you return to employment after a military leave, you may receive Creditable Service for your period of leave if:

If you left State employment to perform military service prior to October 13, 1994, please contact ERS for information about your rights to establish Creditable Service.

You apply with ERS in writing to establish the service
You pay the applicable Employee Contributions for the period of service (these Contributions must be paid within a period up to the lesser of three times the length of your military service, or five years)

If you are actively employed and are called to active duty in the National Guard or Reserves, you may make Employee Contributions during your active duty period. You must provide ERS with a copy of your orders as soon as you receive them.

Air Time
Active members may also increase their retirement benefit when submitting a retirement application by directly purchasing up to three additional years of Creditable Service. This is commonly known as purchasing "air time." If you wish to purchase air time, you must pay the full cost of the additional service (not just the Employee Contribution amount), as calculated by the Plan's actuary.
Air time cannot be counted toward the 10 years of Creditable Service needed for you to become vested in an ERS monthly retirement benefit.

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Transferring Service from TRS
If you work in a position covered by the Teachers Retirement System of Georgia (TRS) and later take a position covered by ERS, you may have your TRS Creditable Service and TRS annuity savings fund account transferred to ERS as well. You will need to submit your transfer request to ERS in writing. If you were previously a member of TRS and received a refund of your TRS contributions, you may perform a refund buyback of your TRS service and establish that service with ERS, once you have been an ERS active Member for at least two years.
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Benefits Eligibility

ERS

The retirement benefits available to a Member under ERS are based upon a benefit formula and are funded through both Employee Contributions and Employer Contributions. You will always have a nonforfeitable right to your Employee Contributions. However, you must earn a right to receive other benefits. This right is referred to as a "vested" right.

The word "vested" means that a Member has a nonforfeitable right. Your Contributions to ERS are always 100% vested. Once you earn 10 years of Creditable Service, you have a vested right to a service retirement at age 60, even if you terminate employment before reaching age 60.

When you terminate employment, you may be eligible for one of the following types of benefits from the plan:

Normal Retirement Benefit Early Retirement Benefit Terminated Vested Retirement Benefit Refund of your Contributions and Interest Disability Benefit Death Benefit

Your Benefit may be forfeited under two situations: Conviction of a state or federal crime or A withdrawal of your contributions and interest

The rules governing your benefit eligibility and the benefit formula used to compute your benefit depend on which of the three plans (Old Plan, New Plan, or GSEPS) you are a member.

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Service Retirement

ERS

There are three different types of Service Retirement you can apply for in this Plan: Normal Retirement, Early Retirement, and Terminated Vested Retirement.

Normal Retirement
Under the Old Plan, the New Plan, and GSEPS, once you have reached Normal Retirement Age, you can retire and begin receiving monthly benefits. Normal Retirement Age is defined as the earlier of:
the attainment of age 60 and 10 years of Creditable Service (for certain Law Enforcement positions, age 55 and 10 years), or
the attainment of 30 years of Creditable Service

Early Retirement
Under the Old Plan, the New Plan, and GSEPS, you can commence Early Retirement benefits at any age before your Normal Retirement Age once you have attained 25 years of Creditable Service. The benefit payable at Early Retirement will be an amount equal to your Normal Retirement benefit earned at that time, reduced by either 7% for each year you are commencing benefits prior to age 60, or 7% for each year under 30 years of Creditable Service you have earned, whichever reduction is less. The reduction cannot exceed 35%.
Terminated Vested Retirement
If you terminate employment after attaining 10 years of service, but prior to age 60, you will be eligible to start drawing a retirement benefit once you reach age 60.You should contact ERS within 90 days prior to your 60th birthday.
Your effective retirement date will be the first day of the month in which your retirement application is received at ERS, or if later, the first of the month following your final month of employment.

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If you withdraw your contributions and interest at any time, you will automatically forfeit the monthly benefit payable at age 60.

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Service Retirement Benefit Formulas

ERS

The benefit formula used to calculate Normal Retirement benefits under each of the three plans (Old Plan, New Plan, and GSEPS) is:

Formula Salary

x

Benefit Formula Factor

x Creditable Service =

Maximum Plan Benefit

As shown above, the benefit formula calculates the amount payable at Normal Retirement Age under the Maximum Plan Benefit.
"Maximum Plan Benefit" is the highest monthly benefit available; does not provide a monthly benefit to a beneficiary.
"Formula Salary" is the average of the highest 24 consecutive calendar months of Earnable Compensation while you are an ERS Member. There are minor differences in Formula Salary between the plans, which are highlighted below.
The "Benefit Formula Factors" used in the above benefit formula differ for each of the three plans. Creditable Service is generally determined the same way for all three benefit structures. The following provides specific details about how benefits are calculated for each benefit structure.

Your benefit may be reduced if you apply for an Early Retirement Benefit or if you select an optional form which provides for a survivor benefit to your beneficiary upon your death.
Old Plan
"Formula Salary" is the average of the highest 24 consecutive calendar months of Earnable Compensation while you are an ERS Member. Any Pick-Up Contributions paid on your behalf are added to your actual compensation to calculate your retirement benefit.

For a reduction in benefit, you may elect to provide survivor benefits to a beneficiary in lieu of a benefit for only your lifetime. See the section titled "Optional Forms of Benefit."
For more information about Pick-Up Contributions, please see the section of this Handbook titled "Contributions."

Using the table on the next page, the Benefit Formula Factor is determined by how many years of Creditable Service you have attained.

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Under the Old Plan, if you retire after attaining 34 years of Creditable Service, your benefit will be calculated as if your service with your Employer continued until you would have attained age 65 and as if your compensation remained unchanged until then.

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Years of Creditable Service 10-28 29 30 31 32 33 34
35 or more

Benefit Formula Factor .0200 .0202 .0205 .0208 .0211 .0214 .0217 .0220

Normal Retirement Calculation Example:
You choose to commence benefits at age 65 and have elected benefit payment Option 3, which provides for a monthly payment for your lifetime. Upon your death, your beneficiary(ies) will receive a monthly benefit for his or her lifetime equal to 50% of the monthly benefit you were receiving.

Age at Commencement of Benefits
65

Beneficiary's Age 60

Years of Service 20

Formula Salary $2,088.00

Step 1: Calculate the Normal Retirement Benefit
Formula Salary x Benefit Formula Factor x Creditable Service $2,088.00 x .02 x 20 years = $835.20 per month (Maximum Plan Benefit)
Step 2: Calculate the Option 3 Benefit
Maximum Plan Benefit x Option 3 Factor $835.20 x .8989* = $750.76, monthly benefit payable to you

Certain limitations on retirement benefits may apply. Refer to "Limitation on Benefits" section of this Handbook for more information.

$750.76 x 50% = $375.38, monthly benefit payable to your beneficiary(ies)

*The Option 3 factor is dependent on your age and the age of your beneficiary(ies) as of your retirement effective date.

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Early Retirement Calculation Example:
You choose to commence benefits at age 57 under the Maximum Plan Benefit. Upon your death, no further benefits are payable.

Age at Commencement of Benefits
57

Years of Service 25

Formula Salary $2,088.00

Step 1: Calculate the Normal Retirement Benefit
Formula Salary x Benefit Formula Factor x Creditable Service $2,088.00 x .02 x 25 years = $1,044 per month (Maximum Plan Benefit)
Step 2: Calculate the Early Retirement Benefit
Maximum Plan Benefit x Early Reduction Factor $1,044.00 x .21* = $219.24, reduction for early retirement $1,044.00 $219.24 = $824.76, monthly benefit payable to you at age 57
*7% reduction for each year the Member is commencing benefits before age 60

34 Year Retirement Calculation Example:
You choose to commence benefits at age 59 under the Maximum Plan Benefit. Upon your death, no further benefits are payable.

Age at Commencement of Benefits
59

Years of Service 34

Formula Salary $2,088.00

Formula Salary x Benefit Formula Factor x Creditable Service $2,088.00 x .0220 x 40** years = $1,837.44 monthly benefit payable to you

*Formula Salary is determined as if you continued working until age 65 without any change in compensation. **Creditable Service is determined as if you continued working until age 65. You get credit for 6 additional years of Creditable Service.

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New Plan
Under the New Plan, Formula Salary is the average of the highest 24 consecutive calendar months of Earnable Compensation while an ERS Member, and the Benefit Formula Factor always equals .02, making the benefit formula:
Formula Salary x .02 x Creditable Service = Maximum Plan Benefit
Normal Retirement Calculation Example: You choose to commence benefits at age 65 and have elected benefit payment Option 3, which provides for a monthly payment for your lifetime. Upon your death, your beneficiary(ies) will receive a monthly benefit for his or her lifetime equal to 50% of the monthly benefit you were receiving.

Age at Commencement of Benefits
65

Beneficiary's Age at Commencement
60

Years of Service 20

Formula Salary $2,000.00

Step 1: Calculate the Normal Retirement Benefit
Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .02 x 20 years = $800.00 per month (Maximum Plan Benefit)
Step 2: Calculate the Option 3 Benefit
Maximum Plan Benefit x Option 3 Factor $800.00 x .8989* = $719.12, monthly benefit payable to you
$719.12 x 50% = $359.56, monthly benefit payable to your beneficiary(ies)
*The Option 3 factor is dependent on your age and the age of your beneficiary as of your retirement effective date.
Early Retirement Calculation Example: You choose to commence benefits at age 57 under the Maximum Plan Benefit. Upon your death, no further benefits are payable.

Age at Commencement of Benefits
57

Years of Service 25

Formula Salary $2,000.00

Step 1: Calculate the Normal Retirement Benefit

Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .02 x 25 years = $1,000.00 per month (Maximum Plan Benefit)

Step 2: Calculate the Early Retirement Benefit

Maximum Plan Benefit x Early Reduction Factor $1,000.00 x .21* = $210.00, reduction for early retirement $1,000.00 $210.00 = $790.00, monthly benefit payable to you at age 57

*7% reduction for each year the Member is commencing benefits before age 60

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GSEPS
Under GSEPS, Formula Salary is the average of the highest 24 consecutive calendar months of Earnable Compensation while an ERS Member. However, for new Members employed on or after July 1, 2009, no salary increase occurring during the last 12 months of membership will be taken into consideration when determining the Member's Formula Salary to the extent the increase is more than 5%.
The Benefit Formula Factor always equals .01, making the benefit formula:
Formula Salary x .01 x Creditable Service = Maximum Plan Benefit
Normal Retirement Calculation Example: You choose to commence benefits at age 65 and have elected benefit payment Option 3, which provides for a monthly payment for your lifetime. Upon your death, your beneficiary(ies) will receive a monthly benefit for his or her lifetime equal to 50% of the monthly benefit you were receiving.

Age at Commencement of Benefits
65

Beneficiary's Age at Commencement
60

Years of Service 20

Formula Salary $2,000.00

Step 1: Calculate the Normal Retirement Benefit
Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .01 x 20 years = $400.00 per month (Maximum Plan Benefit)
Step 2: Calculate the Option 3 Benefit
Maximum Plan Benefit x Option 3 Factor $400.00 x .8989* = $359.56, monthly benefit payable to you
$359.56 x 50% = $179.78, monthly benefit payable to your beneficiary

*The Option 3 factor is dependent on your age and the age of your beneficiary as of your retirement effective date.

Early Retirement Calculation Example:
You choose to commence benefits at age 57 under the Maximum Plan Benefit. Upon your death, no further benefits are payable.

Age at Commencement of Benefits
57

Years of Service 25

Step 1: Calculate the Normal Retirement Benefit

Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .01 x 25 years = $500.00 per month (Maximum Plan Benefit)

Formula Salary $2,000.00

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Step 2: Calculate the Early Retirement Benefit
Maximum Plan Benefit x Early Reduction Factor $500 x .21* = $105.00, reduction for early retirement $500.00 $105.00 = $395.00, monthly benefit payable to you at age 57
*7% reduction for each year the Member is commencing benefits before age 60

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As a Member under the GSEPS structure, you should also consider the value of your Peach State Reserves account. If you have contributed pre-tax dollars and received employer matching contributions, this account in addition to your benefit payable from ERS constitutes your total retirement benefit.

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Limitations on Benefits

ERS

There are Plan limits, as well as federal tax law limits on the amount of benefits you can receive from ERS.
Plan Limit The monthly Service or Disability Retirement benefit you receive from ERS cannot exceed 90% of the highest monthly salary you received as a State employee. If the calculated benefit exceeds 90% of your highest monthly salary, you should consider receiving the excess benefit as either a partial lump sum under Option 6 or as an additional benefit to a named beneficiary under Option 4.
Federal Tax Limit Section 415 of the federal Internal Revenue Code limits the amount of benefits you can receive from ERS. You will be notified if the benefit you would otherwise be eligible to receive under ERS exceeds this limit.

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Disability Retirement

ERS

You may receive a Disability Retirement benefit if you:

Are an active ERS Member at the time you become disabled; Are unable to perform your job or any offered alternative position (see re-
quirements below) due to a permanent medical condition(s); and
Have attained the minimum years of service, as follows: For Old Plan and New Plan Members: at least 13 years and 4 months of Creditable Service; For GSEPS Members: at least 15 years of Creditable Service.

If you are considering applying for disability retirement, you should first consult with ERS and/or your personnel department.

Once you have submitted a Disability Retirement application, your Employer must offer you an alternative position, if available. The requirements for an alternative position are:
The physical requirements are compatible with your physical limitations; The annual compensation and possibility for future advancement are the same or greater than your current
position; The duties are reasonably compatible with your experience and educational qualifications; The position is covered under ERS; and The position is available and offered to you in writing no later than 45 days after your disability application is
submitted.

If an alternative position is offered to you, you must, within 30 days of the offer, accept the offer or dispute in writing your ability to perform in the alternate position by submitting a written appeal to both ERS and the Employer.

If you are age 60 or have 30 years of service, you should apply for a Service Retirement versus a Disability Retirement.

The ERS Medical Board evaluates Disability Retirement applications to determine whether you are eligible for Disability Retirement based upon your inability to perform the duties of your original position and, if applicable, an alternate position. If the Medical Board determines that you are capable of performing the duties of either position, the Disability Retirement application will be denied.

Medical Re-examination Information If you retire under Disability Retirement, you are subject to medical re-examination annually for the first five years following retirement and every three years thereafter until you reach the age of 60. Refusal to submit to the medical re-examination may result in a discontinuation of benefits until the re-examination occurs. If the refusal continues for one year, all rights to a Disability Retirement benefit under ERS may be revoked by the ERS Board of Trustees.

Returning to Gainful Occupation
If you are receiving a Disability Retirement benefit, the amount of your Disability benefit may be limited or reduced if you work or are able to work in a gainful occupation.
The Disability benefit you receive plus your wages cannot be greater than your Earnable Compensation used to calculate your Disability Benefit.

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Example of a Disability Retirement Benefit Adjustment: The EarnableCompensation used to calculate a Disability Retirement benefit is $3,500.00.The monthly retirement benefit received by the Member is $3,000.00. If this Member earns or is able to earn more than $500.00 per month from gainful employment, the Member's monthly Disability Retirement benefit will be reduced by the amount of earnings over $500.00.
Whenever a Member's earnings capacity changes, the amount of the Member's Disability Retirement benefit will change. Therefore, a Member's Disability Retirement benefit amount can change multiple times, depending upon a Member's ability to engage in gainful occupation.
How Your Disability Benefit is Calculated
The date when you became a member of ERS determines how your Disability benefit is calculated. You may refer to your account on www.ers.ga.gov to review the membership date we have on file for you. The same formula used for Service Retirement is used for Disability calculations, except that you may receive additional Creditable Service as a result of being disabled.
If Your Membership Date is Before July 1, 2007 The minimum service requirement for Disability Retirement is 13 years and 4 months; however, the amount of your benefit may vary based on your Creditable Service. The following chart explains how your benefits are determined:

A Member with Creditable Service equal to:

Receives the Following:

13 years 4 months to 18 years 0 months

Additional Creditable Service that would be earned had the Member worked until age 60
75% of the Normal Retirement Benefit payable at age 60 based upon the projected years of Creditable Service

18 years 1 month to 22 years 9 months

Additional Creditable Service that would be earned had the Member worked until age 60
The Normal Retirement Benefit payable at age 60 based upon the projected years of Creditable Service

22 years 10 months to 27 years 6 months

Additional Creditable Service that would be earned had the Member worked until age 65
75% of the Normal Retirement Benefit payable at age 65 based upon the projected years of Creditable Service

27 years 7 months or more

Additional Creditable Service that would be earned had the Member worked until age 65
The Normal Retirement Benefit payable at age 65 based upon the projected years of Creditable Service

When determining a Member's disability benefits, the Formula Salary is determined as if the Member remained employed until the projected age and the Member's compensation remained unchanged through that time.
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Disability Calculation Example 1:
Age at Commencement of Benefits
50

Years of Service 15

Formula Salary $2,088.00

Step 1: Calculate the Years of Creditable Service that will be used to Determine the Member's Disability Retirement Benefit

15 years Creditable Service actually earned +10 years Creditable Service (determined by projecting the Member's service to age 60)
25 years Total Creditable Service

Step 2: Calculate the Disability Retirement Benefit

Formula Salary x Benefit Formula Factor x Creditable Service x 75% $2,088 x .02 X 25 years x 75% = $783.00 per month (Maximum Plan Benefit)

If Your Membership Date is On or After July 1, 2007 but Before January 1, 2009 The minimum service requirement for Disability Retirement is 13 years and 4 months. Disability benefits are calculated in the same manner as a Service Retirement under the New Plan, except that there will be no reduction of the monthly benefit payable to the Member as result of the Member retiring before reaching Normal Retirement Age.

Disability Calculation Example 2:
Age at Commencement of Benefits
50

Years of Service 14

Formula Salary $2,000.00

Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .02 x 14 years = $560.00 per month (Maximum Plan Benefit)
If your Membership Date is on or after January 1, 2009 The minimum service requirement for Disability Retirement is 15 years. Disability benefits are calculated in the same manner as a Service Retirement under GSEPS, except that there will be no reduction of the monthly benefit payable to the Member as result of the Member retiring before reaching Normal Retirement Age.

Disability Calculation Example 3:
Age at Commencement of Benefits
50

Years of Service 15

Formula Salary x Benefit Formula Factor x Creditable Service $2,000.00 x .01 x 15 years = $300.00 per month (Maximum Plan Benefit)

Formula Salary $2,000.00

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Death Benefits

ERS

The benefits payable to your beneficiary(ies) upon your death are dependent upon your employment / retirement status, age, and Creditable Service at the time of your death.

Actively Employed, Death Before Age 60
If you are a Member under the Old Plan or New Plan, you must have at least 13 years and 4 months of Creditable Service in order for your surviving beneficiary(ies) to receive a monthly lifetime benefit. If you are a GSEPS member, you must have at least 15 years of Creditable Service for your beneficiary(ies) to receive a monthly lifetime benefit. The amount of the monthly benefit is equal to an Option 2 benefit calculated in the same manner as a Disability Retirement benefit. Please see the Handbook section titled "Optional Forms of Benefit" and the section titled "Disability Retirement" for further information.
If you have fewer than the required number of years of Creditable Service, then your beneficiary(ies) will receive a refund of your annuity savings fund account in a single payment.

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Monthly benefits cannot be paid to an estate or an organization. If you do not name a living person(s) as your beneficiary(ies), then the only death benefit payable is a refund of your annuity savings fund account, regardless of your age or years of Creditable Service.

Actively Employed, Death On or After Age 60
You must have at least 10 years of Creditable Service in order for your surviving beneficiary(ies) to receive a monthly lifetime benefit. The amount of the monthly benefit is equal to an Option 2 benefit calculated in the same manner as a service retirement benefit. Please see the Handbook section titled "Optional Forms of Payment" and the section titled "Service Retirement" for further information.
If you have fewer than 10 years of Creditable Service, then your beneficiary(ies) will receive a refund of your annuity savings fund account in a single payment.
Not Actively Employed, Death while Receiving Benefits
If you are receiving your monthly retirement benefit at the time of your death, then the benefits payable to your beneficiary(ies), if any, will be based on the optional form of payment you chose at the time of your retirement. Please see the Handbook section titled "Optional Forms of Payment" for more information.
Not Actively Employed, Death Prior to Receiving Benefits
If you terminate your employment and die prior to beginning to receive your monthly retirement benefit, then your beneficiary(ies) will receive a refund of your annuity savings fund account in a single payment.
Group Term Life Insurance
Please see the Handbook section titled "Group Term Life Insurance" for information regarding this benefit.

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Refund of Contributions and Interest

ERS

As a Member of ERS, you are required to make Employee Contributions into the System. You are always 100% vested in your Employee Contributions and any interest earned in your annuity savings fund account.

For more information about Employee Contributions, please see the Handbook section titled "Contributions".

When you terminate State employment, regardless of your age or years of Creditable Service, you are immediately entitled to receive a refund of your annuity savings fund account in a lump sum payment. Taking a refund, however, has several consequences:

YouwaiveallotherbenefitrightsintheERSplan.Nootherbenefitswillbepayabletoyouortoanybeneficiary(ies). If you have 10 or more years of Creditable Service and are vested in a monthly benefit, taking a refund cancels your right to receive a monthly benefit in the future.

You end your plan membership. If you are later rehired, you will become a member again under the terms of the plan in effect at your rehire date. This is true even if you later buy back your refunded Creditable Service.
If you have GTLI coverage, you waive such coverage when you receive your refund.

For more information about buying back Creditable Service after taking a refund, please see the Handbook section titled "Creditable Service", subsection "Refund Buyback".

Employer Contributions and contributions you make for GTLI premiums are not refundable to you. Please see www.ers.ga.gov for information about how to apply for a refund of your annuity savings fund account.

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Optional Forms of Payment

ERS

When you retire, you have several ways in which to receive your benefit payments. Every payment option provides a monthly benefit for your lifetime, and many of the options provide a benefit to one or more beneficiaries after your death. Please see the section of this Handbook titled "Designating a Beneficiary" for more information regarding how to designate a beneficiary.
The Maximum Plan Benefit provides the highest monthly benefit available to you, because it does not provide a monthly benefit to anyone after your death. Other benefit options pay a reduced monthly benefit to you, in order to provide for certain specified beneficiary payments. Your ongoing monthly benefit will also be reduced if you choose to receive a Partial Lump Sum Option Payment at the time of your retirement. Detailed descriptions of the various options are shown in the table below and on the following pages.
Actuarial tables are used to determine the amount of the reduction of your benefit, in the event that you choose one of the optional benefits and / or the Partial Lump Sum Option Payment. Tables used to determine the benefit payable under Options 2, 3, 5A, 5B, and the Partial Lump Sum Option Payment are provided in Appendix B to this Handbook. Please contact ERS if you need further information about the actuarial tables.
It is important that you think carefully about your decision before making a payment option selection. In most cases, you cannot change your payment option after you receive your first monthly benefit payment. Before making your decision, you should obtain an estimate calculation of the amounts payable to you under the various payment options.

Benefit Payment Options

Maximum Plan Benefit (Life Annuity)
Option 1 (Reduced Life Annuity)

Payable to You: The highest monthly benefit available to you, payable for your lifetime.
Payable to Your Beneficiary: No monthly benefit is payable after your death. If you die before you receive total payments which at least equal your annuity savings fund account, your beneficiary(ies) will receive the difference in a single payment.
Who May Be a Beneficiary: An estate, a charity, a trust, or a living person(s).
Changing a Beneficiary: You may do this at any time.
Payable to You: A reduced monthly benefit, payable for your lifetime.
Payable to Your Beneficiary: No monthly benefit is payable after your death. Your beneficiary(ies) will receive any funds remaining in your annuity savings fund account.
Who May Be a Beneficiary: An estate, a charity, a trust, or a living person(s).
Changing a Beneficiary: You may do this at any time.

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Option 2 (100% Survivor Benefit)
Option 3 (50% Survivor Benefit)

Payable to You: A reduced monthly benefit, payable for your lifetime.
Payable toYour Beneficiary: A monthly benefit equal to 100% of the monthly benefit you received during your lifetime, payable for the lifetime of the beneficiary(ies).
Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.
Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.
However, if you name your spouse as your sole beneficiary, and then divorce after retirement:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you do later remarry, you must wait for one year after remarriage. At that point, you may reelect your original option with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.
Payable to You: A reduced monthly benefit, payable for your lifetime.
Payable to Your Beneficiary: A monthly benefit equal to 50% of the monthly benefit you received during your lifetime, payable for the lifetime of the beneficiary.
Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.
Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.
However, if you name your spouse as your sole beneficiary, and then divorce after retirement:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you do later remarry, you must wait for one year after remarriage. At that point, you may reelect your original option with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.

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Option 4

Option 4 provides several choices.

Flat Amount to Beneficiary

Payable toYou: A reduced monthly benefit, payable for your lifetime.

Payable to Your Beneficiary: A monthly benefit equal to the amount you choose at the time of your retirement, payable for the lifetime of the beneficiary (ies).

Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.

Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.

90% to Retiree with Remainder to Beneficiary

However, if you name your spouse as your sole beneficiary, and then divorce after retirement:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you do later remarry, you must wait for one year after remarriage. At that point, you may reelect your original option with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.
Payable to You: The highest monthly benefit available to you, payable for your lifetime. This amount cannot exceed 90% of the highest monthly salary you received as a State employee.

Payable to Your Beneficiary: A monthly benefit equal to the value of the "excess" (over 90%) amount of your calculated benefit, payable for the lifetime of the beneficiary(ies).

Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.

Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.

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90% to Retiree with Remainder to Beneficiary (cont'd)
Period Certain

However, if you name your spouse as your sole beneficiary, and then divorce after retirement:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you do later remarry, you must wait for one year after remarriage. At that point, you may reelect your original option with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.
Notes:
This option is only available to certain Old Plan Members with at least 34 years of Creditable Service and New Plan Members with at least 45 years of Creditable Service.
The plan's limitation on monthly benefit amounts may prevent certain otherwise eligible members from selecting this benefit option. Please see Handbook section "Limitations on Benefits" for more information.
Payable toYou: A reduced monthly benefit, payable for your lifetime.
Payable to Your Beneficiary: Your benefit is guaranteed to be paid for a period of time that you select at retirement (5, 10, 15, or 20 years). If you live longer than the guarantee period, there is no benefit payable to your beneficiary(ies). If you die before the end of your guarantee period, your beneficiary(ies) will receive the balance of the guaranteed payments, payable in a single lump sum payment.
Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.
Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.

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Accelerated Benefit
Maximum Beneficiary Amount

Payable to You: A monthly benefit equal to 135% of the Maximum Plan Benefit, payable for the first five continuous years of your retirement. After five years, your monthly benefit will be actuarially reduced, and the reduced benefit will be paid for your lifetime.
Payable to Your Beneficiary: No monthly benefit is payable after your death. If you die before you receive total payments which at least equal your annuity savings fund account, your beneficiary(ies) will receive the difference in a single payment.
Who May Be a Beneficiary: An estate, a charity, a trust, or a living person(s).
Changing a Beneficiary: You may do this at any time.
Payable toYou: A reduced monthly benefit, payable for your lifetime.
Payable to Your Beneficiary: A monthly benefit equal to the maximum amount allowed by the IRS for a nonspouse beneficiary, as calculated at your retirement date. The benefit is payable for the lifetime of the beneficiary(ies).
Who May Be a Beneficiary: A living person(s). If multiple beneficiaries are named, each beneficiary will receive a partial amount based on their respective ages.
Changing a Beneficiary: Generally, you may not change your beneficiary(ies) after you receive your first monthly benefit payment.
However, if you name your spouse as your sole beneficiary, and then divorce after retirement:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you do later remarry, you must wait for one year after remarriage. At that point, you may reelect your original option with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.

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Option 5 (Survivor Benefits)

Payable to You: A reduced monthly benefit, payable for your lifetime.
Payable to Your Beneficiary: A monthly benefit equal to 100% (option 5A) or 50% (option 5B) of the monthly benefit you received during your lifetime, payable for the lifetime of the beneficiary.
Who May Be a Beneficiary: Either your spouse or your dependent child (as defined by the Internal Revenue Code). You may name only one beneficiary.
Changing a Beneficiary: You may not change your beneficiary after you receive your first monthly payment unless (a) your beneficiary predeceases you, or (b) you name your spouse as your sole beneficiary and later divorce after retirement. See below.
IfYour Spouse Beneficiary PredeceasesYou:
1. You have the option to change your benefit payment to the Maximum Plan Benefit amount. If you do not remarry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death.
2. If you remarry, you must wait until the earlier of (a) one year of marriage, or (b) the birth of a child of that marriage. At that point, you may reelect your original option (5A or 5B as applicable) with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.
IfYour Dependent Child Beneficiary PredeceasesYou: 1. Your benefit will change to the Maximum Plan Benefit amount, effective the month following the death. If you are not married and do not (re)marry, your benefit will remain at this new amount for your lifetime, and no further benefits will be payable upon your death. 2. If you remarry, you must wait until the earlier of (a) one year of marriage, or (b) the birth of a child of that marriage. At that point, you may reelect your original option (5A or 5B as applicable) with your new spouse as your sole beneficiary. You may alternatively keep your Maximum Plan Option if you wish.

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Partial Lump Sum Option Payment

Payable to You: A one-time lump sum payment of a portion of your retirement benefit, plus a reduced monthly benefit payable for your lifetime. The amount of the reduction will be based on both the amount of the partial lump sum and the payment option (see above) you choose for the remaining monthly benefit.
You may choose the amount of your lump sum, provided that it is equal (to the nearest $1,000) to between 1 and 36 times the monthly amount of your benefit as calculated under the Maximum Plan Option.
Payable to Your Beneficiary: The monthly benefit payable after your death is dependent on the payment option you select (see above). Just as your monthly benefit will be reduced when you take a Partial Lump Sum, your beneficiary's benefit will also be reduced accordingly.
Who May Be a Beneficiary: This is dependent on the payment option you select (see above).
Changing a Beneficiary: This is dependent on the payment option you select (see above).
Notes: You may only receive a Partial Lump Sum if you are electing a Service Retirement
(not Disability Retirement). You must have at least 30 years of Creditable Service or be at least age 60 with
10 years of Creditable Service to receive a Partial Lump Sum. More information about the Partial Lump Sum Option Payment is available in
the ERS pamphlet entitled "Partial Lump Sum Option Payment (PLOP)", which may be found on the ERS website.

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Group Term Life Insurance

EERRSS

Participation in Group Term Life Insurance (GTLI) is mandatory and a condition of employment for all ERS Members covered under the Old or New Plans. Employees under GSEPS do not have GTLI coverage. GTLI provides a lump sum death benefit in the event of your death while active or as a retiree.

While you are actively employed, premiums equal to % of Earnable Compensation are deducted from your pay. Premiums for GTLI are not refundable at any time.

The base GTLI benefit is 18 times your monthly eligible compensation. However, as you get older, this base benefit is reduced. At age 60, your eligible compensation is frozen and your coverage begins reducing by % per month until you reach 65.

When you retire, your GTLI coverage continues; however, you will pay no premiums, and the amount of coverage regardless of age is reduced to 70% of the benefit payable at the date of retirement or age 60, whichever was earlier.

Disability retirees retain full coverage until age 60, when coverage reduces to 70%.

If a Member has earned service prior to April 1, 1964, special rules apply to the calculation of this benefit. Please contact ERSGA if you fall into this category.
If you retired before 7/1/1998, please contact ERSGA to determine how your benefit may have been calculated, as rules have changed over time.

Coverage While on Leave Without Pay (LWOP)
Coverage while on LWOP may be retained by Members with one year of membership service if a written request is made to ERSGA to continue this coverage. This coverage may be kept for a maximum of four years. Coverage terminates if a written request to continue is not filed with ERSGA. A copy of the GTLI Leave Without Pay Continuation Form can be found on our website: http://www.ers.ga.gov.
Anyone accepting employment outside of State government while on LWOP (other than military service) is not eligible to retain this coverage. Premiums in the amount of 1% of your final monthly salary accumulate each month while on LWOP and are due at the time of retirement or refund of annuity savings fund account.
GTLI after Termination
If you terminate employment with at least 18 years of Creditable Service (excluding forfeited leave), GTLI coverage is automatically retained. Premiums in the amount of 1% of the final monthly salary accumulate each month while vested, and are due at retirement, refund of annuity savings fund account, or death. This coverage can be discontinued only by a written request to ERSGA, and premiums will continue to accrue until this request is received by our office.
If you take a refund of your ERS Plan annuity savings fund account, coverage in GTLI is revoked.

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Cost of Living Adjustments

ERS

Each year, the Board of Trustees may consider the grant of a Cost of Living Adjustment (COLA) for retirees. The decision will be based on the long term financial soundness of the pension system. COLAs are not guaranteed and you should not base your financial decisions on the possibility of a COLA until a COLA has been announced.
When a COLA is approved, it is granted to retirees and beneficiaries:

Employees who first or again become Members of ERS on or after July 1, 2009 are not entitled to any COLA after retirement.

Who are at least 45 years old (disability retirees have no age limit), and Who have been receiving retirement benefits for at least seven months
Early Retirement Exception: If you retire under the Early Retirement provision, you will be eligible to begin receiving COLAs at age 60 or when you would have obtained 30 years of Creditable Service had you continued to work, whichever is earlier.

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Benefit Payment Details

ERS

Protection of Benefits
Your benefits from ERS are not subject to execution, garnishment, attachment, writ of sequestration, or any other process or claim, except with regard to an IRS levy, court-ordered child support, or court-ordered sanctions due to conviction of certain criminal acts. Your benefits are not assignable even with a Domestic Relations Order (DRO).

Benefit payments are made the last working day of each month. Before the payments can begin, you must complete the retirement process and leave State employment.

Correcting a Benefit Error
The Board of Trustees of ERS is in charge of all records of the retirement system. If you receive more or less than the benefit to which you are entitled due to an error, the error will be corrected upon discovery and your benefit will be adjusted accordingly. With errors, there is a potential for underpayments or overpayments. Underpayments will be made to you as soon as possible. For any overpayments, your repayment is required and repayment options will be discussed with you.

Deductions
Your ERS retirement benefit is generally not assignable. This means that only limited deductions may be made from your retirement check, such as:
Federal income tax Georgia state income tax Health insurance premiums Dental insurance premiums GTLI premiums (if applicable) Some Credit Unions

Taxes
Employee Contributions made by a Member are contributed to ERS on an after-tax basis, and the portion of the retirement benefits which are attributable to these Employee Contributions is determined on a pro-rated basis using tables found in the Internal Revenue Code to provide a partial tax exemption each calendar year.
However, Employee Contributions only provide a small portion of each monthly payment. The majority of the monthly payment is taxable to the retiree and/or beneficiary(ies). When the Employee Contributions are exhausted, the total benefit check is taxable. Each year a 1099-R is issued to every retiree and beneficiary receiving benefits to identify taxable retirement benefits when filing for income taxes.
Withholding forms (W-4P for federal and G-4P for Georgia state taxes) are included in the retirement packet. Retirees can change their tax withholding and direct deposit elections at any time on the secure retiree section of http://www.ers.ga.gov, or by contacting ERS.

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Returning to State Employment

ERS

Re-employment after Commencement of Retirement Benefits
If you return to employment for an Employer, even as an independent contractor, while you are receiving benefits from ERS, your benefits will be suspended if you work over 1,040 hours during any calendar year.
For purposes of this Handbook, an Employer is a State department or agency participating in ERS, as well as the Board of Regents. A list of departments and agencies participating in ERS as of July 1, 2011 is provided in Appendix A. There are no restrictions on re-employment with an employer not participating in ERS.

Before you consider returning to work after retirement, we would advise you to discuss the matter with an ERS representative and/or a personnel manager.

If you retire under ERS's Early Retirement provisions, you must not return to work with any State department or agency, even as an independent contractor, during the two months following your retirement date. Prior to your receipt of Early Retirement benefits, your Employer must certify that no agreement exists for you to return to employment with the State after your retirement. In other words, there must be a true intent on your part to stop working for the State at the time of your Early Retirement.
If you retire under any of ERS's provisions other than Early Retirement, you must not return to work with an Employer, even as an independent contractor, during the first month following your retirement date.

Re-employment before Receiving a Refund of your Annuity Savings Fund Account
When you terminate employment and leave your annuity savings fund account with ERS, you have the opportunity to retain your membership rights under ERS in the event you decide to return to work for an Employer.
If you have least ten years of Creditable Service, you will retain all of your rights as a Member upon returning to work, regardless of how long of you are gone.
If you return to work for an Employer within four years of your initial separation from service, you will retain all membership rights, regardless of your years of Creditable Service.
If you have less than ten years of Creditable Service and return after a four-year break in employment, you will have your previous service re-established after earning a year of Creditable Service following your most recent hire date; however, you will become a Member of ERS under the plan in place for new Members (currently GSEPS).

Re-employment after Receiving a Refund of your Annuity Savings Fund Account
When you receive a refund of your annuity savings fund account, you forfeit any Creditable Service attributable to that same period of employment.

When you return to work, you receive a new ERS membership date that disregards any prior membership you had under ERS. Your benefits will be based on the benefit structure (Old Plan, New Plan, and GSEPS) in place for new hires at the time of your re-employment.

You may re-establish any prior Creditable Service after completing two additional years of ERS membership and making a lump sum payment to ERS in an amount equal to the refund you originally received, plus 4.25% interest compounded annually from the date of your refund.

If you previously were a member of TRS and received a refund of your annuity savings fund account under that plan, you can also establish Creditable Service under ERS after being employed by an Employer for two years.

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Even if you establish forfeited Creditable Service by paying back the refund of your annuity savings fund account, your membership date will not be adjusted back to your original membership date, and your benefits will be based on the benefit structure in effect for new hires at the time of your re-employment (currently GSEPS).
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Designating a Beneficiary

ERS

Actively Employed
All active ERS Members are strongly encouraged to designate one or more beneficiaries to receive the ERS benefit which may be payable at the Member's death. Old Plan and New Plan Members should also designate a beneficiary(ies) to receive the Group Term Life Insurance (GTLI) benefit.
Failure to designate a beneficiary(ies) will result in any applicable death benefits for an active Member being paid to the Member's estate. In certain circumstances, the death benefit payable to a living person beneficiary is larger than the death benefit which may be paid to an estate. Please see the Handbook section titled "Death Benefits" for more information.
You will be asked to designate a primary beneficiary and a contingent (also known as a secondary) beneficiary(ies) for both the retirement plan and the GTLI benefit (if applicable). You may designate one or more primary and one or more contingent beneficiaries for each benefit. If you want your Estate to be your primary beneficiary, you do not need a contingent beneficiary.
A primary and a contingent beneficiary do not share benefits. A contingent beneficiary(ies) will only receive a benefit if there is no surviving primary beneficiary(ies) at the time the death benefit is to be paid, or if the primary beneficiary (ies) does not survive the Member by at least 32 days.
You may designate your retirement plan and GTLI (if applicable) beneficiary(ies) online at http://www.ers.ga.gov or by contacting ERSGA directly. If you are a GSEPS member, you may also designate your 401(k) plan beneficiary(ies) through Peach State Reserves at http://gabreeze.ga.gov.
You do not have to designate the same beneficiary(ies) for all of your benefits (retirement plan, GTLI, and/or 401(k)). Note that under the 401(k) plan, if you are married, you must designate your spouse as the sole primary beneficiary unless your spouse signs a waiver agreeing to a different beneficiary.
At Retirement
When you retire, you will be asked to choose the form of the benefit you wish to receive and designate the applicable beneficiary(ies) at that time. Please see the Handbook section titled "Optional Forms of Payment" for more information.

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Appendix A

ERS

Departments and Agencies Participating in ERS as of July 1, 2011

127-001 127-002 127-003 127-004 127-005 127-006 127-007 127-008 127-009 127-010 127-011 127-012 127-013 127-014 127-015 127-016 127-017 127-018 127-019 127-020 127-021 127-022 127-023 127-024 127-025 127-026 127-027 127-028 127-029 127-030 127-031 127-032 127-033 127-034 127-035 127-036 127-037 127-038 127-039 127-040 127-041 127-042 127-043 127-044 127-045 127-046 127-047 127-048

Appling County DFACS Atkinson County DFACS Bacon County DFACS Baker County DFACS Baldwin County DFACS Banks County DFACS Barrow County DFACS Bartow County DFACS Ben Hill County DFACS Berrien County DFACS Bibb County DFACS Bleckley County DFACS Brantley County DFACS Brooks County DFACS Bryan County DFACS Bulloch County DFACS Burke County DFACS Butts County DFACS Calhoun County DFACS Camden County DFACS Candler County DFACS Carroll County DFACS Catoosa County DFACS Charlton County DFACS Chatham County DFACS Chattahoochee County DFACS Chattooga County DFACS Cherokee County DFACS Clarke County DFACS Clay County DFACS Clayton County DFACS Clinch County DFACS Cobb County DFACS Coffee County DFACS Colquitt County DFACS Columbia County DFACS Cook County DFACS Coweta County DFACS Crawford County DFACS Crisp County DFACS Dade County DFACS Dawson County DFACS Decatur County DFACS Dekalb County DFACS Dodge County DFACS Dooly County DFACS Dougherty County DFACS Douglas County DFACS

127-049 127-050 127-051 127-052 127-053 127-054 127-055 127-056 127-057 127-058 127-059 127-060 127-061 127-062 127-063 127-064 127-065 127-066 127-067 127-068 127-069 127-070 127-071 127-072 127-073 127-074 127-075 127-076 127-077 127-078 127-079 127-080 127-081 127-082 127-083 127-084 127-085 127-086 127-087 127-088 127-089 127-090 127-091 127-092 127-093 127-094 127-095 127-096

Early County DFACS Echols County DFACS Effingham County DFACS Elbert County DFACS Emanuel County DFACS Evans County DFACS Fannin County DFACS Fayette County DFACS Floyd County DFACS Forsyth County DFACS Franklin County DFACS Fulton County Gilmer County DFACS Glascock County DFACS Glynn County DFACS Gordon County DFACS Grady County DFACS Greene County DFACS Gwinnett County DFACS Habersham County DFACS Hall County DFACS Hancock County DFACS Haralson County DFACS Harris County DFACS Hart County DFACS Heard County DFACS Henry County DFACS Houston County DFACS Irwin County DFACS Jackson County DFACS Jasper County DFACS Jeff Davis County DFACS Jefferson County DFACS Jenkins County DFACS Johnson County DFACS Jones County DFACS Lamar County DFACS Lanier County DFACS Laurens County DFACS Lee County DFACS Liberty County DFACS Lincoln County DFACS Long County DFACS Lowndes County DFACS Lumpkin County DFACS Macon County DFACS Madison County DFACS Marion County DFACS

39

127-097 127-098 127-099 127-100 127-101 127-102 127-103 127-104 127-105 127-106 127-107 127-108 127-109 127-110 127-111 127-112 127-113 127-114 127-115 127-116 127-117 127-118 127-119 127-120 127-121 127-122 127-123 127-124 127-125 127-126 127-127 127-128 127-129 127-130 127-131 127-132 127-133 127-134 127-135 127-136 127-137 127-138 127-139 127-140 127-141 127-142 127-143 127-144 127-145 127-146 127-147

Mcduffie County DFACS Mcintosh County DFACS Meriwether County DFACS Miller County DFACS Mitchell County DFACS Monroe County DFACS Montgomery County DFACS Morgan County DFACS Murray County DFACS Muscogee County DFACS Newton County DFACS Oconee County DFACS Oglethorpe County DFACS Paulding County DFACS Peach County DFACS Pickens County DFACS Pierce County DFACS Pike County DFACS Polk County DFACS Pulaski County DFACS Putnam County DFACS Quitman County DFACS Rabun County DFACS Randolph County DFACS Richmond County DFACS Rockdale County DFACS Schley County DFACS Screven County DFACS Seminole County DFACS Spalding County DFACS Stephens County DFACS Stewart County DFACS Sumter County DFACS Talbot County DFACS Taliaferro County DFACS Tattnall County DFACS Taylor County DFACS Telfair County DFACS Terrell County DFACS Thomas County DFACS Tift County DFACS Toombs County DFACS Towns County DFACS Treutlen County DFACS Troup County DFACS Turner County DFACS Twiggs County DFACS Union County DFACS Upson County DFACS Walker County DFACS Walton County DFACS

127-148 127-149 127-150 127-151 127-152 127-153 127-154 127-155 127-156 127-157 127-158 127-159 128-001 128-002 128-003 128-004 128-005 128-006 128-007 128-008 128-009 128-010 128-011 128-012 128-013 128-014 128-015 128-016 128-017 128-018 128-019 128-020 128-021 128-022 128-023 128-024 128-025 128-026 128-027 128-028 128-029 128-030 128-031 128-032 128-033 128-034 128-035 128-036 128-037 128-038 128-039

Ware County DFACS Warren County DFACS Washington County DFACS Wayne County DFACS Webster County DFACS Wheeler County DFACS White County DFACS Whitfield County DFACS Wilcox County DFACS Wilkes County DFACS Wilkinson County DFACS Worth County DFACS Appling County Health Dept Atkinson County Health Dept Bacon County Health Dept Baker County Health Dept Baldwin County Health Dept Banks County Health Dept Barrow County Public Health Bartow County Health Dept Ben Hill County Health Dept Berrien County Health Dept Bibb County Health Dept Bleckley Co. Health Dept Brantley County Health Dept Brooks County Health Dept Bryan County Health Dept Bulloch County Physical Health Burke County Health Dept Butts County Health Dept Calhoun County Health Dept Camden County Health Dept Candler County Health Dept Carroll County Health Dept Catoosa County Health Dept Charlton County Health Dept Chatham County Health Dept Chattahoochee County Health Dept Chattooga County Health Dept Cherokee County Health Dept Clarke County Health Dept Clay County Health Dept Clayton County Health Dept Clinch County Health Dept Cobb County Health Dept Coffee County Health Dept Colquitt County Health Dept Columbia County Health Dept Cook County Health Dept Coweta County Health Dept Crawford County Health Dept

40

128-040 128-041 128-042 128-043 128-044 128-045 128-046 128-047 128-047B 128-048 128-049 128-050 128-051 128-052 128-053 128-054 128-055 128-056 128-057 128-058 128-059 128-061 128-062 128-063 128-064 128-065 128-066 128-067 128-068 128-069 128-070 128-071 128-072 128-073 128-074 128-075 128-076 128-077 128-078 128-079 128-080 128-081 128-082 128-083 128-084 128-085 128-086 128-087 128-088 128-089 128-090

Crisp County Health Dept Dade County Health Dept Dawson County Health Dept Decatur County Health Dept Dekalb County Health Dept Dodge County Health Dept Dooly County Health Dept Dougherty County Health Dept Southwest Health District Douglas County Health Dept Early County Health Dept Echols County Health Dept Effingham County Health Dept Elbert County Health Dept Emanuel County Health Dept Evans County Health Dept Fannin County Health Dept Fayette County Health Dept Floyd County Health Dept Forsyth County Health Dept Franklin County Health Dept Gilmer County Health Dept Glascock County Health Dept Glynn County Health Dept Gordon County Health Dept Grady County Health Dept Greene County Health Dept Gwinnett County Health Dept Habersham County Health Dept Hall County Health Dept Hancock County Health Dept Haralson County Health Dept Harris County Health Dept Hart County Health Dept Heard County Health Dept Henry County Health Dept Houston County Health Dept Irwin County Health Dept Jackson County Health Dept Jasper County Health Dept Jeff Davis County Health Dept Jefferson County Health Dept Jenkins County Health Dept Johnson County Health Dept Jones County Health Dept Lamar County Health Dept Lanier County Health Dept Laurens County Health Dept Lee County Health Dept Liberty County Health Dept Lincoln County Health Dept

128-091 128-092 128-093 128-094 128-095 128-096 128-097 128-098 128-099 128-100 128-101 128-102 128-103 128-104 128-105 128-106 128-107 128-108 128-109 128-110 128-111 128-112 128-113 128-114 128-115 128-116 128-117 128-118 128-119 128-120 128-121 128-122 128-123 128-124 128-125 128-126 128-127 128-128 128-129 128-130 128-131 128-132 128-133 128-134 128-135 128-136 128-137 128-138 128-139 128-140 128-141

Long County Health Dept Lowndes County Health Dept Lumpkin County Health Dept Macon County Health Dept Madison County Health Dept Marion County Health Dept Mcduffie County Health Dept McIntosh County Health Dept Meriwether County Health Dept Miller County Health Dept Mitchell County Health Dept Monroe County Health Dept Montgomery County Health Dept Morgan County Health Dept Murray County Health Dept Muscogee County Health Dept Newton County Health Dept Oconee County Health Dept Oglethorpe County Health Dept Paulding County Health Dept Peach County Health Dept Pickens County Health Dept Pierce County Health Dept Pike County Health Dept Polk County Health Dept Pulaski County Health Dept Putnam County Health Dept Quitman County Health Dept Rabun County Health Dept Randolph County Health Dept Richmond County Health Dept Rockdale County Health Dept Schley County Health Dept Screven County Health Dept Seminole County Health Dept Spalding County Health Dept Stephens County Health Dept Stewart County Health Dept Sumter County Health Dept Talbot County Health Dept Taliaferro County Health Dept Tattnall County Health Dept Taylor County Health Dept Telfair County Health Dept Terrell County Health Dept Thomas County Health Dept Tift County Health Dept Toombs County Health Dept Towns County Health Dept Treutlen County Health Dept Troup County Health Dept

41

128-142 Turner County Health Dept

382

128-143 Twiggs County Health Dept

383

128-144 Union County Health Dept

384

128-145 Upson County Health Dept

385

128-146 Walker County Health Dept

386

128-147 Walton County Health Dept

388

128-148 Ware County Health Dept

402

128-149 Warren County Health Dept

403

128-150 Washington County Health Dept

404

128-151 Wayne County Health Dept

405

128-151B Wayne County Home Health

406

128-152 Webster County Health Dept

407

128-153 Wheeler County Health Dept

408

128-154 White County Health Dept

409

128-155 Whitfield County Health Dept

410

128-156 Wilcox County Health Dept

411

128-157 Wilkes County Health Dept

414

128-158 Wilkinson County Health Dept

415

128-159 Worth County Health Dept

416

129-008 Woodright Industries

418

129-009 Jessamine Place

419

129-022 Carroll County MR Services

420

129-035 Green Oaks Service Center

422

129-043 Decatur-Seminole Service Center

427

129-071 Haralson Co. Center (MH/MR/SA)

428

129-101 Mitchell-Baker Service Center

429

129-136 Thomas/Grady Service Center

430

129-137 Tift County - Diversified Enterprises

432

209-0209 Agric Commodity Commission

436

234-0234 Ga Sports Hall Of Fame Authority

438

237-0237 DA-Lookout Mountain Judicial Circuit 440

237-092 District Attorneys Staff

441

361

Lookout Mountain CSB

442

363

Highland Rivers Center CSB

444

364

GA Mountains Avita Comm Partners

460

365

Cobb County Community Service

461

366

Douglas Community Service Board

462

368

Dekalb Community Service Board

465

369

GRN Community Service Board

466

370

Clayton Community M.H., Substance

467

371

Advantage Behavioral Health Systems 469

372

Pathways Center CSB

470

373

Mcintosh Trail MH, MR and SA C

471

374

River Edge Behavioral Health Center

474

375

Phoenix Center

475

376

Oconee Community Service Board

476

377

East Central GA CSB Serenity BHS

478

378

Ogeechee MH, MR and SA CSB

480

379

New Horizons

482

380

Middle Flint Community Service Board 484

381

CSB of Middle Georgia

488

Albany Area Community Service Board The Georgia Pines CSB South Georgia CSB Pineland Area MH, MR and SA Co Satilla Community Service Board Gateway Behavioral Health Services CSB Ga. Dept. of Agriculture Ga. Dept. of Admin. Services Ga. Dept. of Audits Department of Public Health GA Dept of Banking & Finance State Accounting Office Office of Comm. of Insurance Financing & Investment State Properties Commission Ga. Dept. of Defense Ga. Dept. of Education The Technical College System of GA Employees' Retirement System of GA Prosecuting Attorneys Council Ga.Dept of Community Health Georgia Forestry Commission Office of Planning and Budget GA Dept of Human Services Ga. Dept. of Community Affairs Department of Economic Development Admin. Office of the Courts Ga. Court of Appeals Superior Courts of Georgia Supreme Court Ga. Dept. of Labor Dept BH and Developmental Disabilities Georgia Department of Law General Assembly of Georgia State Personnel Administration Dept. of Juvenile Justice Ga. Dept. of Natural Resources State Board Pardons & Paroles Ga. Dept. of Public Safety Ga. Dept. of Corrections GA Dept of Early Care Learning Ga. Public Service Commission Ga. Bureau of Investigation Department of Revenue GA Dept of Driver Services Ga. Student Finance Commission Secretary of State Soil and Water Commission Teachers Retirment System of Georgia Ga. Dept. of Transportation Ga. Dept. of Veterans Service

42

489 490 492 503-0503 509-0509 512-0512 518-0518 521-0521 524-0524 527-0527 528-0528 530-0530 536-0536 539-0539 540-0540 542-0542 543-0543 545-0545 548-0548 551-0551 554-0554 557-0557 562-0562 563-0563 570-0570 571-0571 572-0572 573-0573 575-0575 576-0576 581-0581 584-0584 587-0587 589-0589 598-0598 6011 6031 6051 6071 6091 6111 6141 6161 6162 6171 6181 6201 6221 6231 6251 6252

Subsequent Injury Trust Fund State Board of Workers Comp GA Public Defender Standards Council GA Institute of Technology GA State University Georgia Health Sciences University University of GA Albany State University Armstrong Atlantic State Univ Augusta State University Clayton College & State Univ Columbus State University GA College and State Univ GA Southern University Georgia Gwinnett College GA Southwestern State Univ Kennesaw State University N GA College and State Univ Savannah State University Valdosta State University State University of West GA Abraham Baldwin Agricultural College Bainbridge College College of Coastal Georgia Darton College GA Perimeter College East GA College Georgia Highlands College Gainesville College Gordon College Macon State College Middle GA College South GA College Waycross College Regents Central Office Appling County Schools Bacon County Schools Baldwin County Schools Barrow County Schools Ben Hill County Schools Bibb County Schools Brooks County Schools Bulloch County Schools Statesboro Regional Library System Burke County Schools Butts County Schools Camden County Schools Carroll County Schools Catoosa County Board of Education Chatham County Schools Live Oak Public Libraries

6291 6311 6331 6351 6361 6381 6401 6431 6441 6451 6452 6471 6481 6511 6521 6531 6561 6571 6581 6601 6611 6621 6631 6641 6651 6661 6671 6681 6691 6711 6721 6731 6751 6761 6771 6781 6811 6851 6881 6891 6921 6941 6951 6971 6981 6991 7021 7061 7071 7091 7121

Clarke County Schools Clayton County Schools Cobb County Schools Colquitt County Schools Columbia County Schools Coweta County Schools Crisp County Schools Decatur County Schools Dekalb County Schools Dodge County Schools Ocmulgee Regional Library System Dougherty County Schools Douglas County Schools Effingham County Schools Elbert County Schools Emanuel County Schools Fayette County Schools Floyd County Schools Forsyth County Schools Fulton County Board of Education Gilmer County Schools Glascock County Schools Glynn County Schools Gordon County Schools Grady County Schools Greene County Schools Gwinnett County Schools Habersham County Schools Hall County Schools Haralson County Schools Harris County Schools Hart County Schools Henry County Schools Houston County Schools Irwin County Schools Jackson County Schools Jefferson County Schools Lamar County Schools Lee County Schools Liberty County Schools Lowndes County Schools Macon County Schools Madison County Schools Mcduffie County Schools Mcintosh County Schools Meriwether County Schools Monroe County Schools Muscogee County Schools Newton County Schools Oglethorpe County Schools Pickens County Schools

43

7131

Pierce County Schools

841

Savannah Technical College

7141

Pike County Schools

842

South Ga Technical College

7151

Polk County Schools

843

Southeastern Technical College

7191

Rabun County Schools

844

Ogeechee Technical College

7211

Richmond County Schools

846

Southwest Georgia Tech College

7221

Rockdale County Schools

848

Wiregrass Georgia Technical College

7261

Spalding County Schools

8504

Northwest Georgia RESA

7271

Stephens County Schools

8564

Metro RESA

7291

Sumter County Schools

8584

North East Georgia RESA

7301

Talbot County Schools

900

Georgia Building Authority

7321

Tattnall County Schools

910-0910 Jekyll Island State Park Authority

7331

Taylor County Schools

913-0913 Lake Lanier Island Dev Authority

7341

Telfair County Schools

9194

Mountain Education Centerr Inc

7351

Terrell County Schools

921

Ga. Correctional Industries

7411

Troup County Schools

922

George L. Smith II - GWCCA

7441

Union County Schools

926-0926 GA Agric Exposition Authority

7451

Upson County Schools

927

State Road and Tollway Authority

7481

Ware County Schools

928-0928 GA Environmental Finance Authority

7501

Washington County Board of Education 936-0936 Agric Com Commission-Peanuts

7541

White County Board of Education

955-0955 GA Superior Court Clerks Coop

7551

Whitfield County Schools

968-0968 GA Military College

7581

Wilkinson County Schools

972-0972 GA Federal-State Inspection

7611

Atlanta City Schools

973-0973 GA Lottery Corporation

7631

City of Bremen Schools (Haralson)

976

GA Regional Transportation Authority

7641

City of Buford Schools (Gwinnett)

977

Georgia Public Broadcasting

7721

City of Dalton Schools (Whitfield)

980

GTA Georgia Technology Authority

7741

City of Dublin Schools (Laurens)

988-0988 Oconee River Greenway Authority

7811

City of Marietta Schools (Cobb)

51-0217 DeKalb County State Court

7851

City of Rome Schools (Floyd)

51-0237 Bibb County State Court

7861

City of Social Circle Schools (Walton)

51-0248 Chatham County State Court

7921

City of Valdosta Schools (Lowndes)

75-001 Appling County Tax Officials

817

Oconee Fall Line Technical College

75-002 Atkinson County Tax Officials

818

Okefenokee Technical College

75-003 Bacon County Tax Officials

820

Albany Technical College

75-004 Baker County Tax Officials

821

Altamaha Technical College

75-005 Baldwin County Tax Officials

822

Athens Technical College

75-006 Banks County Tax Officials

823

Atlanta Technical College

75-007 Barrow County Tax Officials

824

Augusta Technical College

75-008 Bartow County Tax Officials

826

West Georgia Technical College

75-009 Ben Hill County Tax Officials

827

Chattahoochee Tech College

75-010 Berrien County Tax Officials

828

Columbus Technical College

75-011 Bibb County Tax Officials

829

Georgia Northwestern Technical College 75-012 Bleckley County Tax Officials

830

DeKalb Technical College

75-013 Brantley County Tax Officials

831

Southern Crescent Technical College

75-014 Brooks County Tax Officials

832

Gwinnett Technical College

75-015 Bryan County Tax Officials

833

Heart of GA Technical College

75-016 Bulloch County Tax Officials

834

Lanier Technical College

75-017 Burke County Tax Officials

835

Central Georgia Technical College

75-018 Butts County Tax Officials

836

Middle Georgia Technical College

75-019 Calhoun County Tax Officials

837

Moultrie Technical College

75-020 Camden County Tax Officials

838

North Ga Technical College

75-021 Candler County Tax Officials

44

75-022 75-023 75-024 75-025 75-026 75-027 75-029 75-030 75-031 75-032 75-033 75-034 75-035 75-036 75-037 75-038 75-039 75-040 75-041 75-042 75-043 75-044 75-045 75-046 75-047 75-048 75-049 75-050 75-051 75-052 75-053 75-054 75-055 75-056 75-057 75-058 75-059 75-060 75-061 75-062 75-063 75-064 75-065 75-066 75-067 75-068 75-069 75-070 75-071 75-072 75-073

Carroll County Tax Officials Catoosa County Tax Officials Charlton County Tax Officials Chatham County Tax Officials Chattahoochee County Tax Officials Chatooga County Tax Officials Clarke County Tax Officials Clay County Tax Officials Clayton County Tax Officials Clinch County Tax Officials Cobb County Tax Officials Coffee County Tax Officials Colquitt County Tax Officials Columbia County Tax Officials Cook County Tax Officials Coweta County Tax Officials Crawford County Tax Officials Crisp County Tax Officials Dade County Tax Officials Dawson County Tax Officials Decatur County Tax Officials Dekalb County Tax Officials Dodge County Tax Officials Dooly County Tax Officials Dougherty County Tax Officials Douglas County Tax Officials Early County Tax Officials Echols County Tax Officials Effingham County Tax Officials Elbert County Tax Officials Emanuel County Tax Officials Evans County Tax Officials Fannin County Tax Officials Fayette County Tax Officials Floyd County Tax Officials Forsyth County Tax Officials Franklin County Tax Officials Fulton County Tax Officials Gilmer County Tax Officials Glascock County Tax Officials Glynn County Tax Officials Gordon County Tax Officials Grady County Tax Officials Greene County Tax Officials Gwinnett County Tax Officials Habersham County Tax Officials Hall County Tax Officials Hancock County Tax Officials Haralson County Tax Officials Harris County Tax Officials Hart County Tax Officials

75-074 75-075 75-076 75-077 75-078 75-079 75-080 75-081 75-082 75-084 75-085 75-086 75-087 75-088 75-089 75-090 75-091 75-092 75-093 75-094 75-095 75-096 75-097 75-098 75-099 75-100 75-101 75-102 75-103 75-104 75-105 75-106 75-107 75-108 75-110 75-111 75-112 75-113 75-114 75-115 75-116 75-118 75-120 75-121 75-122 75-123 75-124 75-125 75-126 75-127 75-128

Heard County Tax Officials Henry County Tax Officials Houston County Tax Officials Irwin County Tax Officials Jackson County Tax Officials Jasper County Tax Officials Jeff Davis County Tax Officials Jefferson County Tax Officials Jenkins County Tax Officials Jones County Tax Officials Lamar County Tax Officials Lanier County Tax Officials Laurens County Tax Officials Lee County Tax Officials Liberty County Tax Officials Lincoln County Tax Officials Long County Tax Officials Lowndes County Tax Officials Lumpkin County Tax Officials Macon County Tax Officials Madison County Tax Officials Marion County Tax Officials Mcduffie County Tax Officials Mcintosh County Tax Officials Meriwether County Tax Officials Miller County Tax Officials Mitchell County Tax Officials Monroe County Tax Officials Montgomery County Tax Officials Morgan County Tax Officials Murray County Tax Officials Muscogee County Tax Officials Newton County Tax Officials Oconee County Tax Officials Paulding County Tax Officials Peach County Tax Officials Pickens County Tax Officials Pierce County Tax Officials Pike County Tax Officials Polk County Tax Officials Pulaski County Tax Officials Quitman County Tax Officials Randolph County Tax Officials Richmond County Tax Officials Rockdale County Tax Officials Schley County Tax Officials Screven County Tax Officials Seminole County Tax Officials Spalding County Tax Officials Stephens County Tax Officials Stewart County Tax Officials

45

75-129 75-130 75-131 75-132 75-133 75-134 75-135 75-136 75-137 75-138 75-139 75-141 75-142 75-143 75-144 75-145 75-146 75-147 75-148 75-149 75-150 75-151 75-152 75-153 75-154 75-155 75-156 75-157 75-158 75-159

Sumter County Tax Officials Talbot County Tax Officials Taliaferro County Tax Officials Tattnall County Tax Officials Taylor County Tax Officials Telfair County Tax Officials Terrell County Tax Officials Thomas County Tax Officials Tift County Tax Officials Toombs County Tax Officials Towns County Tax Officials Troup County Tax Officials Turner County Tax Officials Twiggs County Tax Officials Union County Tax Officials Upson County Tax Officials Walker County Tax Officials Walton County Tax Officials Ware County Tax Officials Warren County Tax Officials Washington County Tax Officials Wayne County Tax Officials Webster County Tax Officials Wheeler County Tax Officials White County Tax Officials Whitfield County Tax Officials Wilcox County Tax Officials Wilkes County Tax Officials Wilkinson County Tax Officials Worth County Tax Officials

46

Appendix B

ERS

Optional Form Factors

The percentages in the following tables show the proportion of the Maximum Plan Benefit payable to you when choosing a survivor benefit. To calculate Options 2, 3, 5A & 5B, find the percentage relating to age and your beneficiary's age as of your retirement date and multiply the Maximum Plan Benefit amount by that factor. For multiple beneficiaries or Member/beneficiary ages not listed in the table, contact the ERS office.

Because of certain limitations under the federal Internal Revenue Code, you might not be eligible to elect the 100% Survivor Benefit under Options 2, 4, or 5A if you elect a non-spouse beneficiary who is more than 10 years younger than you. If this is applicable, you will be notified of the maximum permissible amount which can be allocated to the nonspouse beneficiary.

Option 2: 100% Survivor Benefit The following table shows the percentage of the monthly Maximum Plan Benefit as a result of receiving a monthly benefit in the form of Option 2.

Beneficiary Age
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

60
85.56% 86.06% 86.57% 87.08% 87.60% 88.12% 88.65% 89.17% 89.70% 90.22% 90.74% 91.25% 91.75% 92.24% 92.72% 93.19%

Option 2 Factors

Retiring Member's Age

61

62

63

84.29% 84.81% 85.34% 85.87% 86.42% 86.97% 87.53% 88.08% 88.64% 89.20% 89.75% 90.30% 90.84% 91.37% 91.89% 92.41%

82.95% 83.49% 84.04% 84.60% 85.17% 85.74% 86.33% 86.92% 87.51% 88.10% 88.69% 89.27% 89.85% 90.43% 90.99% 91.55%

81.55% 82.10% 82.67% 83.25% 83.84% 84.45% 85.06% 85.68% 86.30% 86.93% 87.55% 88.18% 88.79% 89.41% 90.02% 90.61%

64
80.08% 80.65% 81.23% 81.84% 82.45% 83.08% 83.72% 84.37% 85.02% 85.68% 86.34% 87.00% 87.66% 88.32% 88.97% 89.61%

65
78.54% 79.13% 79.73% 80.35% 80.99% 81.64% 82.31% 82.98% 83.67% 84.36% 85.05% 85.75% 86.45% 87.15% 87.84% 88.53%

47

Option 3: 50% Survivor Benefit The following table shows the percentage of the monthly Maximum Plan Benefit as a result of receiving a monthly benefit in the form of Option 3.

Beneficiary Age
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

60
92.22% 92.51% 92.80% 93.09% 93.39% 93.69% 93.98% 94.28% 94.57% 94.86% 95.14% 95.42% 95.70% 95.96% 96.22% 96.48%

Option 3 Factors

Retiring Member's Age

61

62

63

91.48% 91.78% 92.09% 92.40% 92.71% 93.03% 93.35% 93.66% 93.98% 94.29% 94.60% 94.90% 95.20% 95.49% 95.78% 96.05%

90.68% 91.00% 91.33% 91.66% 91.99% 92.33% 92.66% 93.00% 93.34% 93.67% 94.01% 94.33% 94.66% 94.97% 95.28% 95.59%

89.83% 90.17% 90.51% 90.86% 91.21% 91.57% 91.93% 92.29% 92.65% 93.01% 93.36% 93.72% 94.06% 94.41% 94.75% 95.08%

64
88.94% 89.29% 89.65% 90.01% 90.38% 90.76% 91.14% 91.52% 91.91% 92.29% 92.67% 93.05% 93.43% 93.80% 94.16% 94.52%

65
87.98% 88.35% 88.72% 89.10% 89.49% 89.89% 90.29% 90.70% 91.11% 91.51% 91.92% 92.33% 92.73% 93.13% 93.53% 93.92%

48

Option 5A: 100% Survivor Benefit The following table shows the percentage of the monthly Maximum Plan Benefit as a result of receiving a monthly benefit in the form of Option 5A.

Beneficiary Age
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

60
84.70% 85.12% 85.55% 85.99% 86.43% 86.87% 87.32% 87.76% 88.21% 88.65% 89.09% 89.53% 89.96% 90.39% 90.81% 91.23%

Option 5A Factors

Retiring Member's Age

61

62

63

83.41% 83.85% 84.30% 84.75% 85.21% 85.68% 86.15% 86.61% 87.09% 87.56% 88.02% 88.49% 88.95% 89.41% 89.86% 90.31%

82.05% 82.51% 82.97% 83.45% 83.93% 84.41% 84.90% 85.40% 85.89% 86.39% 86.88% 87.38% 87.87% 88.36% 88.84% 89.32%

80.64% 81.11% 81.59% 82.08% 82.57% 83.08% 83.59% 84.11% 84.63% 85.15% 85.67% 86.20% 86.72% 87.24% 87.75% 88.26%

64
79.16% 79.65% 80.14% 80.65% 81.16% 81.69% 82.22% 82.76% 83.30% 83.85% 84.40% 84.95% 85.50% 86.05% 86.60% 87.15%

65
77.63% 78.12% 78.63% 79.15% 79.68% 80.22% 80.78% 81.33% 81.90% 82.47% 83.05% 83.63% 84.21% 84.79% 85.37% 85.95%

49

Option 5B: 50% Survivor Benefit The following table shows the percentage of the monthly Maximum Plan Benefit as a result of receiving a monthly benefit in the form of Option 5B.

Beneficiary Age
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

60
91.70% 91.95% 92.20% 92.46% 92.71% 92.97% 93.22% 93.47% 93.73% 93.98% 94.22% 94.47% 94.71% 94.95% 95.18% 95.41%

Option 5A Factors

Retiring Member's Age

61

62

63

90.94% 91.20% 91.47% 91.74% 92.00% 92.28% 92.55% 92.82% 93.09% 93.35% 93.62% 93.88% 94.14% 94.40% 94.65% 94.90%

90.13% 90.40% 90.68% 90.96% 91.25% 91.53% 91.82% 92.11% 92.40% 92.68% 92.97% 93.25% 93.53% 93.81% 94.08% 94.35%

89.26% 89.55% 89.84% 90.14% 90.44% 90.74% 91.05% 91.35% 91.66% 91.97% 92.27% 92.57% 92.87% 93.17% 93.47% 93.76%

64
88.35% 88.65% 88.96% 89.27% 89.58% 89.90% 90.22% 90.55% 90.87% 91.20% 91.52% 91.85% 92.17% 92.49% 92.81% 93.12%

65
87.38% 87.70% 88.02% 88.34% 88.67% 89.01% 89.35% 89.69% 90.03% 90.38% 90.72% 91.07% 91.41% 91.75% 92.09% 92.43%

50

Partial Lump Sum Optional Payment (PLOP) Factors The following table shows the reduction of the monthly Maximum Plan Benefit for each $1,000 taken as a partial lump sum, determined by a Member's age at retirement. If a Member elects to provide a survivor benefit for a beneficiary, further reductions to the benefit will occur for that purpose.

Age
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

Cost per $1000
$6.96 $7.02 $7.10 $7.17 $7.26 $7.35 $7.45 $7.55 $7.67 $7.79 $7.92 $8.07 $8.22 $8.38 $8.55 $8.74 $8.94 $9.15 $9.38 $9.63 $9.90

51