Georgia Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The Georgia Supplemental Retirement Plan (GRP) is a state-sponsored retirement savings program designed to provide additional retirement income for employees in the state of Georgia. This voluntary retirement plan is administered by the Georgia Department of Administrative Services (DOES) and offers employees a flexible and convenient way to save for their future. With the goal of supplementing the regular retirement benefits provided by the Employees' Retirement System of Georgia (ERS), the GRP enables participating employees to contribute a portion of their pre-tax salary to their retirement funds. These contributions are deducted automatically from their paychecks, ensuring a hassle-free savings process. The earnings on these contributions are tax-deferred until withdrawal, allowing employees to potentially benefit from compounding interest over time. The GRP provides a range of investment options to suit the individual needs and risk tolerance of participants. These investment options include various mutual funds, target-date funds, and index funds. Employees can allocate their contributions across one or multiple investment options based on their desired level of risk and return. While the GRP primarily functions as a supplemental retirement savings program, there are also different types of plans available within the program that cater to specific employee groups. These variations include the GRP for University System of Georgia (USG) employees, GRP for Local Government employees, and GRP for K-12 School System employees. Each plan is tailored to the unique requirements and benefits applicable to the respective employee group. Participating in the GRP can offer numerous advantages to employees, such as the ability to grow their retirement savings through tax-deferred contributions and potential investment returns. Additionally, the GRP offers portability, allowing participants to carry over their account balance if they switch employers within the state of Georgia, reducing the likelihood of disrupting their retirement savings progress. To enroll in the GRP, eligible employees can visit the dedicated DOES website or contact their human resources department for enrollment details. Regular communications and educational resources are also provided to help participants make informed decisions about their investments and retirement goals. In summary, the Georgia Supplemental Retirement Plan (GRP) is a voluntary retirement savings program administered by the Georgia Department of Administrative Services. The program allows employees to save a portion of their pre-tax income through various investment options, supplementing their regular retirement benefits. With different plan variations catering to specific employee groups, the GRP offers flexibility, portability, and potential growth for retirement savings.

The Georgia Supplemental Retirement Plan (GRP) is a state-sponsored retirement savings program designed to provide additional retirement income for employees in the state of Georgia. This voluntary retirement plan is administered by the Georgia Department of Administrative Services (DOES) and offers employees a flexible and convenient way to save for their future. With the goal of supplementing the regular retirement benefits provided by the Employees' Retirement System of Georgia (ERS), the GRP enables participating employees to contribute a portion of their pre-tax salary to their retirement funds. These contributions are deducted automatically from their paychecks, ensuring a hassle-free savings process. The earnings on these contributions are tax-deferred until withdrawal, allowing employees to potentially benefit from compounding interest over time. The GRP provides a range of investment options to suit the individual needs and risk tolerance of participants. These investment options include various mutual funds, target-date funds, and index funds. Employees can allocate their contributions across one or multiple investment options based on their desired level of risk and return. While the GRP primarily functions as a supplemental retirement savings program, there are also different types of plans available within the program that cater to specific employee groups. These variations include the GRP for University System of Georgia (USG) employees, GRP for Local Government employees, and GRP for K-12 School System employees. Each plan is tailored to the unique requirements and benefits applicable to the respective employee group. Participating in the GRP can offer numerous advantages to employees, such as the ability to grow their retirement savings through tax-deferred contributions and potential investment returns. Additionally, the GRP offers portability, allowing participants to carry over their account balance if they switch employers within the state of Georgia, reducing the likelihood of disrupting their retirement savings progress. To enroll in the GRP, eligible employees can visit the dedicated DOES website or contact their human resources department for enrollment details. Regular communications and educational resources are also provided to help participants make informed decisions about their investments and retirement goals. In summary, the Georgia Supplemental Retirement Plan (GRP) is a voluntary retirement savings program administered by the Georgia Department of Administrative Services. The program allows employees to save a portion of their pre-tax income through various investment options, supplementing their regular retirement benefits. With different plan variations catering to specific employee groups, the GRP offers flexibility, portability, and potential growth for retirement savings.