Georgia Defined Contribution Plan
The Georgia Defined Contribution Plan (GDCP) was created by the 1992 Georgia Law, Act 996 effective July 1, 1992.
Its purpose is to provide a retirement system for temporary, seasonal, and part-time employees of:
- Departments, bureaus, institutions, boards, or commissions of the State of Georgia
- The State Board of Education
- The Board of Regents of the University System of Georgia
Excluded from membership are the following:
- Employees working for an institution who are regularly enrolled and attending classes at that institution and who meet IRS student exclusion criteria
- Employees qualified as bona fide independent contractors
- Employees who are active or retired in or from ERS or TRS
Administration
The Board of Trustees of the Employees’ Retirement System of Georgia (ERSGA) is responsible for the administration of the Georgia Defined Contribution Plan.
Contribution Rate
Members contribute seven and one-half percent (7½ %) of gross salary to the plan through payroll deductions. This amount is deposited into each member’s account.
Interest and Investment
The rate of interest is determined by the Board of Trustees based upon the return on investments minus administrative expenses. There could be times when no interest is credited due to low return on investments. When applicable, interest is credited monthly.
Refunds
A contributing member who terminates employment may apply for a refund of accumulated contributions and interest. As soon as your termination date is received by ERSGA, your account will be updated to an Inactive status. You can then access your account online at www.ers.ga.gov and Request a Refund. If you have not registered for your online account, please visit our website, choose Account Access and Register.
Your account will generally be updated to Inactive within 2-6 weeks of your termination. You will receive your refund within 3-4 weeks of your online request.
Retirement
Members of GDCP who:
- Have terminated state employment,
- Have at least $50,000 in their account, and
- At least 65 years old
have the option of receiving a periodic payment based on
- The accumulated contributions and interest in their account and
- On mortality tables as adopted by the Board of Trustees.
Applications for this yearly payment are available from ERSGA
Death
If a member dies, a lump sum payment of contributions and interest will be made to the designated primary bene fi ciary. If the designated primary beneficiary is deceased, payment will be made to the secondary beneficiary. If the secondary beneficiary is also deceased, payment will be made to the member’s estate.