Our 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 so-called 403(b) and/or 457 plan. TRS covers all teaching, administrative, clerical and other professional personnel. Bus drivers,maintenance, lunchroom and custodial employees are covered by PSERS.
TRS requires members to contribute 6.00% of gross pay, while the Board contributes 14.27%.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 highest pay depending upon the payout option chosen.
PSERS — Participants in PSERS hired before 7/1/12 contribute $4 per month for 9 months ($36 per year). For these participants, PSERS benefits are calculated using the years (and months) of experience times $14.75. So for an employee with 30 years of experience, the monthly benefit is calculated as follows: 30 x $14.75 = $442.50 per month in addition to Social Security.
Those hired 7/1/12 or later and without prior PSERS qualifying service, contribute $10 per month for 9 months ($90 per year). Participants will receive between $ 15.00 and $ 16.50 per month times the number of years of service.
403(b)/457 RETIREMENT SAVINGS PLANS are available if you wish to supplement your retirement benefits. You may save pre-tax dollars in funds managed by VALIC.
Social Security - BCSS is one of the few school systems in the metro area that participates in Social Security. This means when you retire from BCSS you not only collect your TRS or PSERS pension and any supplemental retirement plan benefits, but you will also collect a social security benefit when you reach the federal retirement age. BCSS contributes 6.2 percent of pay and you contribute another 6.2 percent of pay to fund your Social Security benefit.
Please remember that the above explanation is just a summary. The official insurance company plan documents govern operation of this benefit. Click here to download the FSA plan document. (This will be provided soon)
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The Barrow County School System is a Charter System and Pre-K-12 Research District