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Date: Thursday, October 16
Meeting Number: 749 951 080
Upcoming Webinar Dates:
Thursday, November 20th at 11am
Thursday, December 18th at 11am
GSEPS Legislative Changes
HB 764 (Act 663) was recently signed by the Governor and includes significant changes for some of the GSEPS population. GSEPS members becoming eligible for membership on or after July 1, 2014 will have an initial contribution rate of 5% of their salary (rather than 1%) to the 401(k) plan, unless they opt out or otherwise elect to change their contribution rate through GaBreeze.
The automatic enrollment change from 1% to 5% allows members to take advantage of the full employer match offered by the state.
More information and updated communication materials will be released on the ERSGA website for download in June. Materials and information will include:
▪ GSEPS Automatic Enrollment Acknowledgement form for new hires to sign, acknowledging that they have been informed about the 5% automatic enrollment. This signed form will remain onsite with local HR as part of the employee’s personnel file and should not be returned to ERS.
◦ HR will also be required to populate a new PeopleSoft field verifying receipt of the employee signed GSEPS Automatic Enrollment Acknowledgement form.
▪ Updated GSEPS plan brochures.
▪ Updated GSEPS 401(k) Enrollment Notice.
An email will be sent to all HR and Payroll contacts once materials are posted and available for download on the ERSGA website and will include more information about the new PeopleSoft field.
Change in Retiree Direct Deposit Payments
Beginning in June of this year, a retiree’s first pension payment came via direct deposit to their bank account! Previously, the first payment was sent by check and all subsequent payments by direct deposit. Retirees no longer have to worry about waiting for their first retirement check via snail mail. Now, they can enjoy retirement, knowing their pension payment will make its way to their account on the last business day of each month.
If retirees have elected a Partial Lump Sum Option (PLOP), they will still receive a check for their requested PLOP.
For more news and updates from ERSGA, check out their newsletter.
Click the “Benefits” tab above for direct access to your State employee benefits!
Starting a Path2College 529 Plan account can mean less college debt for your child in the future and tax advantages for you today. Contributions made to the Path2College 529 Plan by April 15 are eligible for a Georgia income tax deduction for the previous year. (Limitations apply. See disclosure booklet for details.) Help your loved one achieve their dreams while spending less of your own hard-earned income on taxes. Tax advantages and flexible features can help:
- Georgia income tax deduction on contributions up to $2,000 each year for each beneficiary. (Please note that a transfer of funds from another state’s 529 plan is not eligible for the Georgia income tax deduction. Recapture provisions apply. See disclosure booklet for details.)
- Tax-free growth on any earnings
- Withdrawals free from Georgia and federal income taxes when used for qualified higher education expenses such as tuition, fees, books, supplies and certain room and board costs
- Use of funds at any eligible institution in the nation and some abroad
- Ability to transfer the account to another eligible family member
- Choice of seven low-cost investment options
- Minimum contribution of only $25 to get started
Make the Path2College 529 Plan a part of your savings strategy.
Many families hope to see their child or loved one graduate from college someday, but it takes more than hope to get there. The Path2College 529 Plan is a 529 Plan that can help your family get there. Investing in education is a smart move, and the tax advantages built into the Path2College 529 Plan can make it an important part of your overall college funding strategy. For more information visit www.path2college529.com or call 1.877.424.4377.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Visit www.path2college529.com for a Disclosure Booklet containing this and other information. Please read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
Account value for the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
TIAA‐CREF Tuition Financing, Inc., Program Manager.