Retirement Investment Plan - Peach State Reserves
The State of Georgia rewards long term employees with generous pension benefits. Additionally, to help you secure an even more secure and comfortable retirement, the State also sponsors an attractive supplemental retirement plan – Peach State Reserves. The program consists of a 401(k) and a 457 plan. Even if you’re not planning on a state career, these plans are important because you can take the money you’ve saved while you work for the state and add it to the retirement plan of future employers. Starting early is the single biggest factor in accumulating wealth. Over time, even small amounts can grow significantly.
For employees who are covered under the Georgia State Employees’ Pension and Savings Plan (GSEPS) – generally, full-time employees hired on or after January 1, 2009, contributions to the 401(k) plan are matched by the state. Visit the Employees' Retirement System web site for more information about GSEPS
Here are some of the key features of Peach State Reserves:
• You are eligible to enroll from the first date of employment in either plan or both and contribute up to the maximum IRS limit. The plans are identical in terms of the investment options offered, and have very little difference in their administrative rules.
• Both plans allow you to save on a tax deferred basis. This both reduces your current taxes and allows you to delay paying taxes on all contributions and earnings until you begin withdrawing money from your account in retirement. By delaying paying taxes on the earnings, they will accumulate faster than in an after-tax account.
• You contribute by automatic pre-tax payroll deductions.
• You may choose from a wide range of investment options including real estate, large, mid and small cap funds. The plan also includes a very conservative stable value fund which is designed to generate a competitive fixed rate of return, without investing in the stock market.
• There are also several Lifecycle funds, managed over time toward a series of maturity dates. You pick the date you expect to retire or begin withdrawing the funds and choose the Lifecycle fund that is closest to that date. The funds then do the rest. They are designed to help you build value in the early years, and protect that value as you approach retirement
Peach State Reserves is administered by the Employees Retirement System of Georgia (ERS). ERS selects and manages the investment options and fund managers and contracts with ING to provide administrative, educational and customer services. To enroll, contact Peach State Reserves at 1-866-694-2777 or access the plan web site at https://mygapsr.ingplans.com
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