Common use of TEACHERS RETIREMENT SYSTEM OF GEORGIA Clause in Contracts

TEACHERS RETIREMENT SYSTEM OF GEORGIA. All regular employees of Xxxxxxx State University are required by law to participate in a retirement program. Faculty and principal administrators hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008 have the option of participating in the Teachers Retirement System of Georgia (TRS) or the Optional Retirement Plan (ORP). Non-exempt employees, as a condition of employment, may only participate in the TRS plan. The Teacher's Retirement System of Georgia is a defined benefit plan. Participation in the plan is mandatory for all regular non-exempt employees, as well as exempt employees hired prior to July 1, 2008, with a work commitment of half-time or more. Faculty and principal administrative officers hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008, are also eligible to elect membership in the Teachers Retirement System of Georgia in lieu of the Optional Retirement Plan. Such election is irrevocable. Vesting: A TRS member with at least 10 years of creditable service has a vested right to receive a retirement benefit if certain criteria is met. Disability: A TRS active member who is mentally or physically disabled, and who has at least 9 1/2 years of creditable service is eligible to apply for disability retirement. More specific information regarding the TRS plan may be secured online at xxxx://xxx.xxxxx.xxx .

TEACHERS RETIREMENT SYSTEM OF GEORGIA. All regular employees of Xxxxxxx State University are required by law to participate in a retirement program. Faculty and principal administrators hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008 2008, have the option of participating in the Teachers Retirement System of Georgia (TRS) or the Optional Retirement Plan (ORP). Non-exempt employees, as a condition of employment, may only participate in the TRS plan. The Teacher's Retirement System of Georgia is a defined benefit plan. Participation in the plan is mandatory for all regular non-exempt employees, as well as exempt employees hired prior to July 1, 2008, with a work commitment of half-time or more. Faculty and principal administrative officers hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008, are also eligible to elect membership in the Teachers Retirement System of Georgia in lieu of the Optional Retirement Plan. Such election is irrevocable. Vesting: A TRS member with at least 10 years of creditable service has a vested right to receive a retirement benefit if certain criteria is met. Disability: A TRS active member who is mentally or physically disabled, and who has at least 9 1/2 years of creditable service is eligible to apply for disability retirement. More specific information regarding the TRS plan may be secured online at xxxx://xxx.xxxxx.xxx .