Employee Retirement
Habersham County School District's retirement program is made up of four (4) components - Teachers Retirement System (TRS), Public School Employees Retirement System (PSERS), Tax Sheltered Annuity plans, and Social Security.
TEACHERS RETIREMENT SYSTEM OF GEORGIA
TRS covers all teaching, administrative, clerical and certain other designated employees in education. TRS offers a defined benefit plan, guaranteeing a monthly benefit - based on a member's final average salary and service - which is payable for the life of the member, and when applicable, transferable to a member's spouse or beneficiary(ies). TRS benefits are administered and paid in accordance with laws enacted by the Georgia Legislature.
TRS eligible employees contribute 6% of their pre-tax, earnable compensation, the salary payable to a member for full, normal working time, to their TRS account by payroll deduction. In addition, the Habersham County Board of Education contributes 19.98% of each eligible employee's salary to help fund current and future TRS benefits.
Click on this link for TRS info: https://www.trsga.com/
Have you been with TRS less than 5 years? Click on this link: NEW HIRE
Have you been with TRS between 5 and 24 years? Click on this link: MID-CAREER
Have you been with TRS 25 years or more? Click on this link: PRE-RETIREMENT
Ready To Retire under TRS? Click on this link: I'm Ready to Retire
Click this link to start your TRS Retirement Process: TRS Retirement Packet
Click this link to access your TRS statements: Create TRS Account/TRS Account Login
PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM
PSERS covers all non-TRS employees including bus drivers, nutrition, maintenance, and custodial employees. The purpose of this plan established by the Georgia General Assembly in 1970 was to provide an addition to other retirement income. PSERS employees contribute $10.00 per month September through May (applies to employees hired after 7/1/2012).
Click on this link for PSERS information: Public School Employees Retirement System
PSERS VIDEO: https://www.youtube.com/watch?v=Z5uRMjGATO8&feature=youtu.be
Ready to Retire under PSERS? Click on this link and then click Active Members: PSERS Forms
I WANT TO KEEP MY HEALTH INSURANCE AT RETIREMENT
Ready to Retire under TRS or PSERS? Click on this link to learn about keeping your health insurance: SHBP Retiree Educational Sessions & Training
TAX-SHELTERED ANNUITY PLANS
Two plan options are available for benefits-eligible employees: 403(b) account, 457(b) accounts. Participation in tax-sheltered annuity plans is voluntary and is open to all benefits-eligible employees. Employees may make changes to their plan(s) at their discretion (subject to IRS rules and regulations) during the calendar year by contacting the specific plan representative or plan home office and submitting written authorization of changes to the HCSD Payroll Department.
Universal Availability requires an employer to give notice to employees of their right to make elective deferrals to tax sheltered annuities. To ensure compliance with this requirement, HCSD offers an Annual Open Enrollment period for employee benefits during which benefits-eligible employees may make such elections and/or changes to their tax sheltered annuity plan(s). Open Enrollment typically runs for a period of 3-4 weeks from mid-October to mid-November.
Employees participating in voluntary tax sheltered annuities understand and accept HCSD is not an investment advisor and hereby further agree to hold HCSD harmless for any errors and omissions with respect to these plans.
SOCIAL SECURITY AND MEDICARE
Social Security helps older Americans, workers who become disabled, and families in which a spouse or parent dies, by replacing a percentage of the worker's pre-retirement income based on lifetime earnings. The amount of average wages the Social Security retirement benefit replaces varies depending on the workers' earnings and when they choose to start benefits. Medicare is our country's basic health insurance program for people age 65 or older and for many people with disabilities. Social Security enrolls you in Original Medicare (Part A and Part B).
Employees contribute 6.2% of their gross monthly salary to Social Security and 1.45% of their gross monthly salary to Medicare. The Habersham County Board of Education contributes another 6.2% and 1.45% of an employee's gross monthly salary as well.
Click on this link to the Social Security Administration: SSA.GOV
Click on this link to see the brochure: "Social Security - Understanding the Benefits"
Please email [email protected] if you have any questions.