The Teachers Retirement System (TRS) is a defined benefit plan, meaning participants are guaranteed a set monthly retirement income from the plan.  Eligible positions include: Certified Teachers, Administrators, Clerical Staff, Paraprofessionals, Lead Custodians, and School Nutrition Managers.

How Does It Work? All TRS employees contribute 6% of gross salary to TRS through monthly payroll deduction.  In addition, Coffee County Schools contributes 21.91% to each TRS employee’s retirement account monthly.

TRS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:

• Completion of 10 years of creditable service and attainment of age 60.
• Completion of 30 years of creditable service, regardless of age.
• Completion of 25 years of service and before age 60, but with a permanently reduced benefit.

The amount you will receive at retirement is based on 2%, multiplied by your years of creditable service, multiplied by the average of your highest consecutive 24 months of pay.

Example:

2% x 30 years = 60%
Average of highest 24 consecutive months of pay = $70,000
60% x $ 70,000 = $ 42,000 / year

You may contact TRS at (800) 352-0650 to request a benefit estimate be mailed to you. You may also generate a benefit estimate online by following the TRS Benefit Estimate Instructions found in the Resources section. The following documents are also avalable in the Resources section: TRS Member's Guide, TRS Retirement Checklist, and What to Do When Retiring.

Additional information is available here: https://www.facebook.com/trsgeorgia/.

U.S. Omni & TSACG Compliance Services (OMNI/TSACG) is your Third Party Administrator for the Supplemental Retirement plans, and their service platform is designed to improve employee engagement in the 403(b) and 457(b) plans. In addition to the standard administration services, OMNI/TSACG serves as an educational resource providing a variety of tools to assist in learning more about retirement savings and managing personal finance.  If you would like to speak to a Retirement Plan team member at OMNI/TSACG, please contact them using the information on the Resources page. A dedicated team member will be glad to help.

Retirement savings plans are available if you wish to supplement your retirement benefits.  You have the choice of the following carriers: Corebridge Financial Services (VALIC), Horace Mann, or Your OneSource.

403(b) Retirement Savings Plan

A 403(b) plan is a tax-deferred retirement savings option available to employees of public schools and certain tax-exempt organizations. It allows you to contribute pre-tax dollars through convenient payroll deductions, helping you save for retirement. Since 403(b) plans are designed to encourage long-term savings, you typically can only withdraw funds when you reach age 59½, leave your job, or in cases of death or disability. Some plans may also allow withdrawals due to financial hardship. Be aware that withdrawing funds before age 59½ may result in federal restrictions and a 10% tax penalty. Employees aged 50 and older can make additional contributions up to $7,500 annually.

A Roth account can be a way to boost your savings or reduce your taxable income in the future. The account will allow you to set aside after-tax money, and after five years, make tax-free withdrawals of principal, interest, and earnings if certain conditions are met.

457(b) Retirement Savings Plan

A 457(b) plan is a type of supplemental retirement savings plan available to employees of state and local governments, including public school employees. Like a 403(b) plan, a 457(b) plan allows you to make contributions through payroll deduction, helping you save for retirement with pre-tax dollars. Unlike 403(b) plans, you can typically access your 457(b) plan savings without penalties if you leave your job, regardless of your age. There are no early withdrawal penalties, though standard income taxes apply to distributions. In addition, along with the standard $7,500 catch-up contribution for employees aged 50 and older, a special “catch-up" provision is available in the three years before retirement, allowing higher contributions under certain conditions.