News
Retirees: Important 1099-R Information for Your 2024 Tax Filing
January 16, 2025
2024 Tax Documents
If you received pension payments, a lump-sum refund, or a death benefit as a beneficiary during the 2024 calendar year, these payments have been reported to the Internal Revenue Service.
Social Security Fairness Act: Repeals WEP and GPO
January 8, 2025
On January 5, 2025, President Biden signed the Social Security
Fairness Act, which repeals two federal laws: 1) the Windfall
Elimination Provision (WEP) and 2) the Government Pension Offset
(GPO). The implementation of the Act will eliminate the reduction
of Social Security benefits while entitled to public pensions
from work not covered by Social Security. The Social Security
Administration is evaluating how to implement and will provide
more information as soon as available.
Changes to your Social Security benefit will not impact your
ERSGA pension.
Celebrating 75 years!
The Employees’ Retirement System of Georgia (ERSGA),
established in 1950, proudly celebrates 75 years of service as a
trusted partner in retirement readiness for Georgia’s workforce.
ERSGA currently administers five distinct defined benefit pension
plans, two life insurance plans, and three defined contribution
plans, including the Peach State Reserves (PSR) 401(k) and 457
plans. Additionally, ERSGA serves as the Social Security
Administrator for political subdivisions across Georgia.
Celebrating 75 Years!
The Employees’ Retirement System of Georgia (ERSGA),
established in 1950, proudly celebrates 75 years of service as a
trusted partner in retirement readiness for Georgia’s workforce.
ERSGA currently administers five distinct defined benefit pension
plans, two life insurance plans, and three defined contribution
plans, including the Peach State Reserves (PSR) 401(k) and 457
plans. Additionally, ERSGA serves as the Social Security
Administrator for political subdivisions across Georgia.
Important for Retirees! SHBP: Pension Deduction Changes
Who: Retirees over age 65 (Medicare eligible)
who have a health insurance premium deducted from their December
pension payment
What: Your State Health Benefit Plan (SHBP)
deduction may be changing, or you may be receiving a new
deduction to your net pension due to the SHBP Premium change
When: This will go into effect this December
2024
How: To see more on the exact amount review your
payment history on your ERSGA secure online account
ERSGA cannot answer SHBP questions or provide assistance
on this deduction from your pension.
For SHBP Help:
Website: shbp.ga.gov
Call: 800.610.1863
- First Press 1 for 2025 Benefits Questions
- Then Press 1 again for Retiree
- Press 5 to speak to a live representative
Important Update: Box 5 on Your 1099-R Form
As tax season approaches, we want to inform you about a change to Box 5 on your 1099-R form. In the past, Box 5 showed insurance premiums. This year, it will display your non-taxable amount instead.
The non-taxable amount represents the contributions you made while working, which are not taxed when you retire.
Box 5 is for informational purposes only and is already included as the difference between the Gross Amount (Box 1) and the Taxable Amount (Box 2a).
New 2025 IRS Contribution Limits
Save More Money for Retirement
New 2025 IRS Limits: January 1, 2025
The Internal Revenue Service (IRS) maximum contribution limits to your Peach State Reserves (PSR) 401(k) and 457 plans for 2024 will increase for 2025.
You can contribute the maximum amount to both a PSR 401(k) and 457 account. To increase your contributions, visit: GaBreeze.ga.gov
2025 Limits
- Under Age 50: $23,500
- Age 50-59: $31,000
- Age 60-63: $34,750*
- Over Age 63: $31,000
*New for 2025! Save more money for retirement with the SECURE 2.0 Act Super Catch-Up Contributions!
Consider boosting your retirement savings and catching up on contributions with the catch-up contributions option.
2024 Limits
- Under Age 50: $23,000
- Over Age 50: $30,500
Saving for Retirement
Even if you can’t contribute to the maximum amount, this is a great reminder to save as much as you can for your retirement. Open a retirement savings account or increase your contributions today!
PSR participants, or those eligible for a PSR account, can increase contributions or open a 401(k) or 457 by visiting: GaBreeze.ga.gov.
For more information about contribution limits, including employer contribution limits, visit the IRS website: 401(k) and Profit-Sharing Plan Contribution Limits
1099-R Address Change Reminder
The deadline for retired members and beneficiaries to submit an address update to ERSGA for the 2024 1099-R mailing is December 20, 2024. Address updates cannot be made over the phone.
It is important to keep your address on file current. A 1099-R will not be mailed to you if your address on file is marked as invalid, and the US Postal Service does not forward 1099-Rs.
ERS One-Time Payment Post-Retirement Benefit Adjustment
June 2024
ERS one-time payments for June 2024 have been processed. Only active payees (retirees or beneficiaries) at the time the one-time payment was processed will receive this payment.*
Those with direct deposit should see the deposit within three business days of the check date 06/28/2024.
The one-time payment will be equal to 4.75% of the annual ERS benefit in pay as of June 2024, to a maximum payment of $568.92.
PSERS Benefit Multiplier Increase
Effective 7/1/2024
The benefit rate for members of the Public School Employees Retirement System (PSERS) has been raised for PSERS members, retirees, and beneficiaries to $17.00 per month per year of service.
This increase is effective 7/1/2024 and will be reflected in the July 2024 pension payment.
To learn more about your PSERS retirement benefit, please visit the PSERS plan page.
COLA/Post-Retirement Benefit Adjustment
June / July, 2024
Please note that all COLA increases as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July. The ERS One-Time Payment will be a separate payment at the end of June 2024.
PSERS Benefit Statements
March 2024
PSERS Benefit Statements were mailed to members in March. Be sure to keep this statement with your other important paperwork.
ERS Integrated Statements
March 2024
The ERS Personal Statement of Retirement Benefits are now available in your online ERSGA account!
Check out your personalized, easy-to-read statement!
Your data is presented in colorful and visually appealing
charts and graphs, with valuable information to provide your
at-a-glance retirement snapshot
Tour annual statement is available online at the ERSGA and GaBreeze websites.
Retirees: 2024 Georgia State Tax Withholding
Changes to State Tax Rates
You may see an increase in the net amount of your retirement benefit beginning with your January 31, 2024 payment.
Governor Kemp signed HB 1437 into law on April 26, 2022. This bill replaced the graduated personal income tax with a flat rate of 5.49% effective January 1, 2024. The rate will reduce each year until the flat rate reaches 4.99%.
Important Information for Your 2023 Tax Filing
January 25, 2024
2023 Tax Documents
If you received pension payments, a lump sum refund, or are a beneficiary who was paid a death benefit during calendar year 2023, the payments are reported to the Internal Revenue Service.
Peach State Reserves (PSR)
Member Advisory
Peach State Reserves (PSR) Fund Change
Please be advised that the PSR International Stock Index Fund
will exclude investments in China beginning 3/1/2024. This fund
is part of the PSR Lifecycle Fund lineup.
No action is required at this time.
National Retirement Security Month 2024
Happy National Retirement Security Month!
It’s National Retirement Security Month!
A happy retirement includes financial security. This year, we want to highlight some educational resources to help you plan for a secure, happy retirement.
We’ve also included a contest and some fun ideas to help you save!
Presentations
Next Presentation In-Person Tour Stop
Atlanta Technical College
Wednesday, October 23, 2024
ERSGA is also offering two special presentations this year:
Hats Off to Retirees!
Tips for health and happiness in retirement
Register
here
Personal Finances
Finances don’t have to be scary! Take an hour and learn the
basics of personal finance.
Register
here
Additionally, ERSGA offers virtual New Plan, GSEPS, and PSERS presentations throughout the year. Sign up for an upcoming presentation on our Tours page.
Win a Signed Book!
Quiz
Answer the questions correctly to be entered into a drawing to win a signed copy of one of the following books:
Complete the quiz by Friday, October 25th. Winners will be contacted by October 31st.
Here’s a tip! Look around the website to find the answers.
Jim Potvin interviews Dale Cardwell and Wes Moss:
Saving Can Be Easy!
Use our Savings Tracker below to save for something specific.
You can also play little games with yourself to help think about saving differently…here are some fun ways to start saving extra money:
Loyalty Savings Game
If you have a loyalty or savings card at your local grocery
store, when you get your receipt you’ll see the amount you saved
that shopping trip. Transfer that amount to your savings account.
Matched Treats
Did you buy yourself coffee drink, special item, or other
small purchase just to brighten your day? Transfer the amount of
the purchase to your savings account right afterward.
Weather Day
Pick a day of the week. What was the high temperature that
day? Once a week, transfer a dollar amount equal to that
temperature to your savings account. For example, if the high was
78, transfer $78. If you need to start smaller, go with the
low temperature.
52 Week Challenge
Week 1: Transfer $1 to savings. Week 2: Transfer $2 to savings.
Week 3: Transfer $3 to savings. And so on… You can also start
with $52 in Week 1 and reduce by $1 each week.
Tip Yourself
If you accomplished a task today, tip yourself! Giver
yourself five bucks (or more!) for cleaning, working out or going
for a walk, spending a few minutes outside instead of looking at
your phone…whatever you did today that makes you feel good,
reward yourself! Then, transfer your tip to your savings account.
Videos and Infographics
The ERSGA website contains a wealth of information about your
plan and beyond.
The easiest (and shortest!) way to learn the basics about your
plan is through our fun, visual videos and infographics.
Each plan has a video, which you can find on your plan page. If
your plan has an infographic, you can also find it here:
All plan videos and infographics can be found under the Education Center menu. More infographics are on the way!
For more information about Retirement Security, check out Your Whole Story and other videos on NAGDCA’s YouTube channel.
New Video: Jim Potvin Interviewed by BRN
February 4, 2023
Executive Director Jim Potvin discusses the Secure Act with BRN’s Jeffrey Snyder
Click the image below to watch the video.
Video link on YouTube: https://youtu.be/fRcny86MU0A
Clark’s Christmas Kids
Thank you for supporting Clark's Christmas Kids!
Each year the Division of Family & Children Services, from the Georgia Department of Human Services, partners with Clark’s Kids and fellow state employees to bring holiday cheer to children in the Georgia foster care system.
Thank you for your continued support in making the holidays brighter for families and children in Georgia!
Click here to watch Clark Howard's thank you video (right click to download and save video)
You can also watch the video on our YouTube page:
Unsolicited Emails
October 5, 2022
You may have seen an increase in the number of unsolicited
communications offering to help you understand your benefits.
From retirement plans to life insurance, these businesses claim
to show you how these benefits fit into your retirement
planning.
As a current or former Georgia state employee, retiree, or
beneficiary you will periodically receive information from: