Our retirement program is made up of three parts:
Teachers Retirement System (TRS) or Public School Employees Retirement System (PSERS)
TRS covers teaching, administrative, clerical, and other professional employees. The benefit is calculated as shown below:
Years of Service (maximum 40 years) x 2% x Avg. Monthly Salary (highest consecutive 24 months)
PSERS includes bus drivers, maintenance, food service, and custodial employees. The retirement benefit is calculated as follows:
Years of Service (maximum 40 years) x $15.50
Both the TRS and PSERS provides a benefit at retirement that is guaranteed by the State of Georgia. To learn more, visit the plan websites or contact them by phone:
www.ers.ga.gov/public-school-employees-retirement-system (PERS): 404-350-6300
- If you’re over 55, chances are you are receiving a notice from Social Security each year that includes an estimated benefit based on your actual age, years of service, and pay.
- For a benefit estimate you can go to the Social Security website: https://www.ssa.gov/benefits/retirement
- Or, for a very general Social Security benefit estimate, you can use this link: http://www.bankrate.com/calculators/retirement/social-security-benefits-calculator.aspx
Fayette County Public Schools Retirement Savings Plan
We believe it is in everyone’s best interest to save as much as they can at every stage of their lives. Even though Fayette County Public Schools employees have a great retirement plan and most are covered by Social Security, everyone will benefit from saving.
- The Plan helps you save automatically through payroll deduction
- Your money goes into the Plan before taxes are taken out. That means more money goes into your account because less money goes out in taxes
- You get a simple way to invest your money, in an account that you know fits you
- You don’t have to be an expert investor, the Plan helps you make smart choices
- Plan expenses are very low
- You can join, increase, decrease or stop your savings at any time
- You should put in as much as you can - the annual maximum allowed by law is $19,500 (more if you’re over age 50)
Please remember the explanation above is just a summary. The official plan documents for the plan govern the operation of this coverage. You may request a copy from your benefits office at any time. For more information, employees may visit our My Retirement Manager page (you must be logged into your FCBOE email to view).