Human Resources

Administration Division

CURRENT EMPLOYEE

Learn all about your retirement benefits and use the checklists on each page to help you prepare for retirement.

CURRENT EMPLOYEE CHECKLIST

As a current employee, you have already elected to participate in either ORP or TRS. Here are some steps to help ensure that you meet your financial goals in retirement:

TRS PARTICIPANTS

Use the TRS retirement Calculator in order to determine your personal retirement strategy.

This tool will help you determine your estimated monthly benefit in retirement based upon various assumptions.

ORP PARTICIPANTS

Review your current asset allocation and investment elections to ensure that they align with your retirement goals. Be sure to set up a one-one- guidance session with your retirement plan vendor to ensure that you are on the right track for retirement. To set up an appointment click one of the following vendors: AIG, Fidelity, TIAA.

BENEFICIARIES

Make sure your beneficiaries are up to date.

TAX-DEFERRED

Learn about tax-deferred savings accounts that you can use to supplement your retirement plan on the Save More page.

SUMMARY OF YOUR OPTIONS

ORP DETAILS

Through the Optional Retirement Plan (ORP), you choose how you want both your contributions and USG’s contributions allocated among a range of investment options. ORP offers investment through three retirement plan providers — AIG, Fidelity Investments and TIAA. Each offers a three-tiered investment menu to meet a range of participant needs and goals. You can divide your investments between the retirement plan vendors. If you elect to spilt up your contributions between retirement plan vendors, you must allocate at least 10% to each vendor. You are allowed to change vendors once per quarter.

Vesting Schedule

Immediately 100% Vested ( you retain immediate ownership interest in both the employee and employer contributions)

Contributions

Employee: 6.00% ( generally range between 5-6% and are subject to change based upon State Law)

USG: 9.24%

Loans

Loans are not permitted

Hardship or Unforeseen Emergency Withdrawals

Hardship or unforeseen emergency withdrawals are not permitted

Rollovers/Transfers into the Plan

Rollovers or Transfers into the plan are not permitted

Rollovers/Transfers out of the Plan

Rollovers or Transfers out of the plan are permitted upon serevance of employment

In-service distributions

In-service distributions are not allowed

Disability Benefits

Upon separation of service

Distributions

Once you have reached the age of 55 and are no longer employed with USG, you may elect to have your account balances paid as an annuity, lump sum or in installments with out penalty. In the event of becoming disabled and separated from service, you have the option of receiving your account value as a lump sum or monthly annuity. Your funds are transferable to your designated beneficiary in the event of your death.

Plan Summaries
AIG
Fidelity
TIAA-CREF
Fund lineup

Tier 1: Allocation tier and Stable value:
The Allocation tier includes options that offer a diversified investment within a single fund. Many options in this tier are age-based target-date funds. Selecting a target-date fund may be a good choice if you prefer a hands-off approach to managing your retirement savings. Each of these investments creates a diversified portfolio within one fund, based on your expected retirement year. The “target date” indicates when you may plan to begin making withdrawals, and the fund’s investments become more conservative as the target date approaches. After the target date, the fund may be merged into a fund designed for investors already in retirement.

Tier 2: Passively managed/index fund options:
As a part of the core lineup, passively managed funds are offered for participants who would like to construct and manage their own investment portfolios to meet their specific objectives. Passive management is designed to provide consistency of returns relative to a benchmark, at relatively low cost.

Tier 3: Actively managed fund options:
As another part of the core lineup, actively managed funds are also offered for participants who would like to construct and manage their own investment portfolios to meet their specific objectives. Active strategies are designed to have the potential to generate above-market returns.

Tier 4: Self-directed brokerage services:
For experienced investors seeking maximum flexibility, USG offers a self-directed brokerage option that allows you to select from a wide array of mutual funds, individual stocks and ETFs for employee contributions. The self-directed brokerage options vary by plan and retirement plan provider, so be sure to inquire with the retirement plan provider that you select on what investment options are available. Investors may use this feature to add diversification above and beyond the core offerings. With a brokerage account, investors can independently research and select from thousands of mutual funds, individual stocks and ETFs. Individual investment options vary by plan and by provider. Additional brokerage account fees apply. However, please note that some investments offered through the self-directed brokerage window may have additional fees and expenses, and annual administrative fees may also apply. Please check with your provider prior to investing. It is your responsibility to determine if this option is appropriate for your goals. You are responsible for monitoring these investments over time and adjusting your portfolio when necessary.

It’s important to understand that USG will not monitor the performance of the funds offered through the brokerage account, and investment advice is not available for brokerage assets. Plan participants are responsible for determining if this option is appropriate for their goals and for monitoring investments in brokerage accounts over time and adjusting their portfolios when necessary.

USG recommends that participants exercise caution and consider seeking professional guidance when investing through a brokerage account. Please note that you may only invest up to 90% of your USG Retirement Plan account balance in a brokerage account.

AIG Contact Information
For more information about the broad, diversified menu of VALIC investment options or to speak with an financial advisor or make an appointment, please visit www.valic.com/usg or call 1-800-448-2542, Monday to Friday from 8 a.m. to 9 p.m. ET.

Fidelity Contact Information
For more information about the complete menu of investments in your plan or to speak with an financial advisor or make an appointment, please visit www.fidelity.com/atwork or call 1-800-343-0860, Monday to Friday, from 8 a.m. to 8 p.m. ET.

TIAA-CREF Contact Information
For more information about the complete menu of TIAA-CREF investment options or to speak with an financial advisor or make an appointment, please visit www.tiaa-cref.org/usg or call 1-800-842-2252, Monday to Friday from 8 a.m. to 10 p.m., and Saturday from 9 a.m. to 6 p.m. ET.

TRS DETAILS

The Teachers Retirement System of Georgia (TRS) is a defined benefit plan. Both participants and USG contribute to TRS. However, regardless of their contributions, participants in TRS receive a benefit based on a formula that takes into account years of service and the highest 24 consecutive months salary to calculate a guaranteed monthly benefit upon retirement.

The Teachers Retirement System administers the pension fund that serves Georgia Public School Teachers, University System of Georgia employees, and other education industry employees.

Vesting Schedule

10 years ( you retain ownership interest in both the employee and employer contributions after 10 years of service)

Contributions

Employee: 6.00% ( generally range between 5-6% and are subject to change based upon State Law)

USG: 21.14%

Loans

Loans are not permitted

Hardship or Unforeseen Emergency Withdrawals

Hardship or unforeseen emergency withdrawals are not permitted

Disability Benefits

Account balance at the time of disability

Retirement Eligibility

You are eligible to retire if you complete either of the following:

  • 30 years of credible service regardless of age
  • 10 years of credible service and are 60 years or older

If you retire early, you will be subject to a penalty determined by the lesser of:

  • 25 years of service (penalty may apply)

You are permanently disabled and meet the following

  • Active member with at least 10 years of credible service regardless of age

You can also purchase a maximum of three years of service, or “Air Time”, at full actuarial cost, to be counted against the early retirement penalty.

Distributions

TRS offers two distribution plans.

Plan A
Plan A provides the largest possible monthly benefit, and deducts from your contributions and interest until they are depleted. Afterward, you will continue to receive monthly benefits for the remainder of your life. However, at your death, your beneficiaries will not receive benefits, but will be paid any remaining contributions and interest.

Plan B
Under Plan B, your beneficiary(ies) will receive benefits at your death. Depending on what options you elect, your beneficiary may either receive a lump-sum payment or a monthly benefit determined by your beneficiary’s age and what proportion of your benefit you want them to receive.

You may also choose to receive a Partial Lump-Sum option, in which you exchange a reduction in future monthly benefits for a one time lump-sum payment.

Contact Information

For additional information or if you have questions call the TRS call center 1-800-352-0650 from 8 a.m to 5 p.m Monday through Friday ET or visit www.trsga.com.

CALCULATOR