The Whitfield County Schools retirement program is made up of (3) parts:
- Social Security
- Either: Teachers Retirement System (TRS) or Public School Employees Retirement (PSERS) programs, and
- Personal retirement savings in a 403(b) and/or 457 plan (VALIC is our provider).
* Covers all teaching, administrative, clerical, and other professional personnel.
* Requires members to contribute 6% of gross pay.
* The board contribution is 16.81% of the employee's pay.
* Your ultimate benefit is based on a formula that includes years of service, age at retirement, and monthly pay during your two highest paid consecutive years times 2%.
* A 30-year employee could retire with a benefit of 60% of his or her higher pay depending on the payout option chosen.
* Covers bus drivers, maintenance, lunchroom and custodial employees.
* Required employee contribution for employees hired before July 1, 2012 to contribute $4 each month for 9 months ($36 per year).
* Required employee contribution for employees hired on July 1, 2012 or later is $10 per month for 9 months ($90 per year).
* The benefit is based on $14.75 monthly for each year of service. An employee age 65 with 20 years of service could receive a benefit of $295 per month depending on the type of payout elected.
403(b) / 457 Retirement Savings Plans
* Optional if you wish to supplement your retirement benefits.
* Pre-tax employee contributions.
* Funds are managed by VALIC.
Contact Teacher’s Retirement (TRS) or VALIC
For questions or additional information contact the Benefits Service Center at 1-855-481-1489 or Teacher's Retirement (TRS) at 1-800-352-0650 or VALIC at 1-800-448-2542.