The Employees’ Retirement System of Georgia (ERSGA) has been made aware that state employees and members of our retirement systems have been receiving unsolicited communications from purported investment advisors who may be pretending to be affiliated with the state of Georgia or one of its agencies.

The solicitations offer to “make you aware that you are eligible for a pension planning session, at no expense to you, with a state pension expert.” They offer a variety of services claiming to help members with making retirement choices to optimize their benefits. However, online research into some of these “advisors” has failed to find any websites or other information associated with the solicitation. 

ERSGA is highly concerned about the risk of fraud or investment scams associated with these solicitations.

These unsolicited offers are from one or more third-party marketing companies that have not been vetted by ERSGA as viable options for employees to use in retirement planning. ERSGA does not endorse or sponsor any individual investment planning firm or advisor other than those listed below. 
 
As a current or former Georgia state employee, retiree, or beneficiary, you will periodically receive information from:

• ERSGA
• GaBreeze
• Peach State Reserves (PSR) (including Alight Solutions and Alight Financial Advisors) 

Caution!

Be wary of financial planners who present themselves as experts about your Georgia state retirement plans and benefits. In many cases, their goal is to sell you an expensive investment product, or even to defraud you.

Here is an example of a recent email received by a state employee. This company has no website, and no other information in the email returns any legitimate internet search results.

Real Sample 1

If someone offers you an unsolicited investment opportunity and claims any affiliation with the state of Georgia or ERSGA:

• Ask for the individual’s name, company, email address, company URL (website), street address, and phone number. A legitimate company should be easily searchable and have an online presence.
• Always be cautious about providing personal information to anyone you do not personally know.
• Do not purchase any investment product or service on the basis of a first, unsolicited contact! Do your homework and make sure you are satisfied that the offer is legitimate before committing any money to an investment. 
• Call ERSGA at 404.350.6300 or Peach State Reserves at 877.342.7339 and confirm the individual’s affiliation with the state of Georgia or ERSGA.

The solicitation may take different forms. Below is another actual example:

Real Sample 2

State employees are always welcome to choose their own financial consultant. If you are considering an outside investment product, advice, or service, be sure to compare the fees for that product with those offered through Peach State Reserves. In many cases, the PSR fees will be lower, because they have been negotiated especially for PSR members.

PSR Fee Schedule

As the guardian of your retirement benefits, ERSGA is alerting you to the possibility of fraud, and is committed to helping you protect your financial future.

Retirement Plan Questions?

If you have questions about your state retirement plan or your PSR 401(k) or 457, contact a plan specialist:

GaBreeze Website (for PSR and Flexible Benefits)

ERSGA Website (for Pension Plan Information)