Clayton State University provides the following retirement plans:
Faculty and Monthly Staff employees may elect to participate in the Teachers Retirement System of Georgia or the Optional Retirement Plan.
Teachers Retirement System of GA (TRS)- Effective July 1, 2014, faculty contribute 6% (tax deferred) of salary; the State contributes 14.27%. After 10 years of credible service, employees have a vested right to a retirement benefit
Optional Retirement Plan (ORP) – Effective January 1, 2013, full-time employees contribute 6% (tax deferred) of salary; the State contributes 9.24%. Faculty employees may allocate funds among three companies: AIG VALIC, FIDELITY INVESTMENTS AND TIAA-CREF. The ORP provides a flexible and portable retirement plan.
Bi-Weekly employees participate in the Teachers Retirement System of GA (TRS). Effective July 1, 2014, employees contribute 6% (tax deferred) of salary; the State contributes 14.27%. After 10 years of creditable service, employees have a vested right to a retirement benefit.
TRS is a Defined Benefit Plan. In this type of plan, your retirement benefit is “defined” based on a pre-designated formula. You are required to make a mandatory pre-tax contribution to the plan and CSU contributes a matching contribution on your behalf. However, you do not have an account balance and your retirement is based on a calculation using your years of membership service, the average of your two highest membership salary years and a 2% multiplier. You do not make investment decisions nor do you assume the risks associated with investment decisions. You become 100% vested in this plan after you complete 10 years of creditable service. If you leave CSU before completing 10 years of service and do not become immediately employed by a TRS covered employer, you have the option of leaving your contributions with TRS (accrues interest for 4 years), rollover contributions to another qualified retirement plan or IRA or request a lump-sum distribution (tax penalties may apply).
For more information on this plan, visit the TRS website at:
Teachers Retirement System of Georgia
TRS Member Guide (PDF)
TRS Discretionary Tax Offset (PDF)
Optional Retirement Plan (Regents Retirement Plan) – ORP
The ORP is a Defined Contribution Plan that falls under section 401(a) of the Internal Revenue Code (IRC). This plan is similar to a 401(k) plan in which you have your own account and you make your own investment decisions. Your retirement benefit is based on your account balance when you retire. You are required to make a 6% pre-tax contribution to the plan and CSU matches your contribution with 9.24% of your salary. You can divide your investments between 3 vendor choices: Fidelity, TIAA-CREF and Valic. A minimum of 10% must be invested in any company. You are allowed to change vendors and/or amount invested with each vendor once each quarter. To make a change, contact Human Resources or complete the vendor change form located on the HR website. You can change investment options offered by the company on a daily basis by contacting that company directly. You are immediately vested in Clayton State’s matching funds.
Teachers Insurance & Annuity Association-College Retirement Equities Fund (TIAA-CREF)
You have 60 days from the date of hire to make a decision on your retirement plan. Your decision is irrevocable.
Retirement Manager: https://www.myretirementmanager.com/
Employees may elect to shelter pre-tax salary dollars by contributing to a 403(b) and/or a 457(b) supplemental. The contributions are deducted from the employee's income and, as a result, the contributions and related benefits are not taxed until the employee withdraws them from the plan.
Retirement Manager Employee Guide (PDF)
Retirement Manager Website
Retirement Manager On-Demand Seminar