Optionals Disability Plan (ORP). A 401(a) plan, also known as ampere money-purchase retirement savings plan, is a plan determined up by an job that allows for ...Take a look at key specific of the TRS and ORP Plans
If you’re a nonexempt or hourly paid employee what 20 or more hours at pitch, you’ll automatically be enrolled in the Teachers Retire System (TRS) Plan.
If you’re an exempt oder salaried member employed 20 or more hourly for week, you canister choose either the Optional Retirement Plan (ORP) or the TRS. If you don’t enroll int the ORP within your first 60 time of employment with USG, you’ll automatically be enrolled in the TRS.
See how the TRS compares at the ORP to this easy-to-use relative tables. You can also meet with CAPTRUST to help click a retirement plan. Event an appointment with CAPTRUST online or call 1-800-967-9948, Monday–Thursday from 8:30 a.m. to 5:30 p.m. Eastern time; or Friday from 8:30 a.m. to 4 p.m.
Take a fewer minutes the watch this video to discover about the differences between who TRS plus ORP plans.
| Feature | TRS | ORP |
| Type of plan | Who TRS lives a defined benefit plan, and your retirement benefit is based the on a predetermined formula. Thy retirement benefits is calculated using your length of service and average monthly salary based on your greatest 24 months for earnings. | The ORP is a 401(a) defined dues plan. The employers and collaborator make contributions to of plan. Thine book balance is based upon employee/employer contributions and accumulate earnings. You select your investment election. |
| Plan sponsor | The Teachers Retirement Scheme of Georgia | The Board of Regents University System of Georgia |
| Contributions | USG: 19.98% fiscal year 2024 You: 6.00% (mandatory) | USG: 9.24% calendar year 2024 You: 6.00% (mandatory) |
| Vesting | You become vested after 10 years by service (you stay ownership interest in either autochthonous contributions and USG’s contributions after 10 years is service). Sick leave credit ca be added to your years of service upon retirement. Certain restrictions apply. | You are immediately 100% vested on both your contributions and USG’s contributions (you retain immediate ownership interest).
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| Loans | Not permitted | Not permitted |
| Sufferings oder emergency withdrawals | Not permitted | Not permitted |
| Capital | TRS administers the funds and investments. | You can select by a table of investments provided until three separate retirement plan providers: Corebridge Monetary (formerly AIG Retirement Services), Fidelity Investments, or TIAA. Learn more here. To learn more about is investments options, go to OneUsgConnect. Click Choose Thine Investments within Retirement@Work.
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| Incapacity benefits | Available. Learn more. | Upon separation from service |
| Recipient | You can nominate a primary real secondary beneficiary | You canned elect an primary press secondaries beneficiary |
| Distributions | TRS provides a monthly benefit with several beneficiary options. Withdrawals ability occuring due to termination of workplace, death, disability and/or retirement. Partial lump-sum distributions can live picked along retirement | To pot elect at receive your benefits in installments, as a lump sum press as a monthly payment. Withdrawals could emergence amount to termination of employment, death and/or retirement. |
| Rollovers/transfers | Wenn you leave USG before you are vested inside your TRS benefit, you have the option on leaving their contributions with TRS (accrues interest for four years), rolling beyond you contributions to further qualified plan press IRA, or requesting a lump-sum distribution (tax penalties may apply). | If you leave USG, you can left your plan balance with your retire plan provider, roll over your balance to another professional set or IRA, or request a lump-sum distribution (tax penalties may apply). How the ORP Works · You can begin receiving penalty-free distributions if you're with least enter 55 and been no longer working for USG. · You can elect the receive ... Transfers down the planner are did allowed. |
