Retirement & Savings
The retirement plans, Teachers Retirement System (TRS) and Public School Employees Retirement System (PSERS), that are available to employees are established by the Georgia Legislature. The governing boards determine the plan design and employee contribution amounts. Ware County Schools provides payroll deductions for your contributions and other administrative support. We also offer Supplemental Retirement Plans to help you prepare for the retirement you deserve.
Teachers Retirement System (TRS)
The Teachers Retirement System (TRS) is a defined benefit plan, meaning participants are guaranteed a set monthly retirement income from the plan. Eligible positions include: Certified Teachers, Administrators, Clerical Staff, Paraprofessionals, Lead Custodians, and School Nutrition Managers.
How Does It Work? All TRS employees contribute 6% of gross salary to TRS through monthly payroll deduction. In addition, Ware County Schools contributes 21.91% to each TRS employee’s retirement account monthly.
TRS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit upon completion of the following:
- 10 years of creditable service and attainment of age 60.
- 30 years of creditable service, regardless of age.
- 25 years of service and before age 60, but with a permanently reduced benefit.
The amount you will receive at retirement is based on 2%, multiplied by your years of creditable service, multiplied by the average of your highest consecutive 24 months of pay.
Example:
2% x 30 years = 60%
Average of highest 24 consecutive months of pay = $70,000
60% x $ 70,000 = $ 42,000 / year
You may contact TRS at (800) 352-0650 to request a benefit estimate be mailed to you. You may also generate a benefit estimate online by following the TRS Benefit Estimate Instructions found in the Resources section. The following documents are also available in the Resources section: TRS Member's Guide, TRS Retirement Checklist, and What to Do When Retiring.
Public School Employees Retirement (PSERS)
The Public School Employees Retirement System (PSERS) is the retirement system for public school employees who are not eligible to participate in TRS. This is also a defined benefit plan, so participants are guaranteed a set monthly retirement income. PSERS retirement income supplements income from Social Security for all employees in a permanent position, employed half time or more. Positions include: Maintenance and Custodial, School Nutrition, and Transportation staff.
How Does It Work? Participants in PSERS hired before 7/1/2012 contribute $4 monthly for a 9-month contribution period of September through May each year. Employees hired after 7/1/2012, without prior PSERS qualifying service, contribute $10 monthly for the 9-month period.
PSERS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:
- Completion of 10 years of creditable service and attainment of age 60, at a permanently reduced benefit.
- Completion of 10 years of creditable service and attainment of age 65 with full benefits.
The amount you receive in retirement is based on your years of creditable service multiplied by a set dollar amount. The current amount set by the Georgia General Assembly is $17.00.
For example, an employee with 30 years of creditable service would receive a monthly benefit based on the calculation of $17.00 X 30 years of service = $510.00 per month.
You may contact PSERS at (800) 805-4609 to request a benefit estimate be mailed to you. You may also generate a benefit estimate online by following the PSERS Benefit Estimate Instructions found in the Resources section. You can also download the PSERS Employee Handbook from the Resources section.
Supplemental Retirement Plans
Ware County Schools offers a variety of voluntary retirement plans to supplement the mandatory state-sponsored TRS and PSERS plans. We encourage all employees to consider participating in a voluntary retirement plan to help adequately financially prepare for retirement. To learn more and/or open an account, please contact one of our recommended retirement plan advisors.
Retirement Plan Administrator
The 403(b) and 457(b) plans are administered by U.S. Omni & TSACG Compliance Services (https://www.tsacg.com). This organization assists with certain retirement plan actions such as loans and surrenders. However, for ongoing service items during the year, please initially work with your specific retirement plan advisor.
Contact information for each provider is located on the Resources page.
Planning to Retire?
For more information on your retirement options, please review the SHBP Retirement Presentation available here.
If you have additional questions, please email the Benefits Service Center at benefits@warecountyschoolsbenefits.com.
