Retirement from KSU
Parts of the following information were compiled from the USG policy manual, TRS Plan Guidelines from the TRS website, and the ORP Plan Document. For information specific to your situation, please contact and meet directly with an HR or TRS Representative. If you are enrolled in the ORP, you may contact your vendor(s) (Fidelity, TIAA, Valic) for information about withdrawals in retirement.
Eligibility for Retirement from KSU: USG Policy 126.96.36.199
Effective November 1, 2002, to be eligible for retirement from the USG, an employee must meet one of the following four conditions at the time of his/her separation from employment, regardless of the retirement plan elected by the employee:
- An employee must have been employed by the USG for the last ten (10) years in a regular, benefitted position and have attained age 60; or,
- An employee must have at least twenty-five (25) total years of benefitted service established with a State of Georgia sponsored retirement plan, of which the last five (5) years of employment must have been continuous and with the USG. An early pension benefit penalty will apply to an individual who elects to begin pension payments from Teachers Retirement System of Georgia or Employees Retirement System, if he/she decides to retire with between twenty-five (25) and thirty (30) years of benefitted service, prior to attaining age 60; or,
- An employee must have at least thirty (30) total years of benefitted service established with a State of Georgia sponsored retirement plan, of which the last five (5) years must have been continuous and with the USG regardless of age; or,
- An employee must be deemed to be totally and permanently disabled, as documented through the receipt of disability benefits from Social Security or from the Teachers Retirement System of Georgia, following nine and one-half (9.5) years of continuous service to the USG in a regular, benefitted position.
An individual who has retired from another State of Georgia sponsored retirement plan may not count such retirement service toward meeting the eligibility criteria for retirement from the USG.
TRS Eligibility for Retirement
Normal Service Retirement: is when members have reached service eligibility requirements that make them immediately eligible for distribution of monthly benefits without being penalized. A member is eligible to retire under normal service retirement two ways:
- 30 or more years of creditable service regardless of age; or
- 10 or more years of creditable service and at least age 60.
Please note: A vested member who is not eligible for a normal service retirement may elect to separate his or her TRS-covered employment and freeze his or her retirement until the age of 60, thereby allowing the member to receive monthly retirement benefits at age 60 without a penalty.
Disability Retirement: An active member who has at least 10 years of service and is no longer able to perform his or her job duties (specific to his or her job description) due to a physical or mental impairment, or a combination of both.
One’s inability to satisfactorily perform his or her current work duties, due to health reasons, is the major factor in determining eligibility. A panel of three physicians, which makes up our Medical Board, determines disability status of members.
Early Retirement: is defined as retirement by a member that begins distribution of his or her monthly retirement benefits when he or she has an active account with at least 25 years of creditable service, but under 30 years of creditable service AND the member has not yet attained 60 years of age.
If this option is chosen, a monetary penalty applies – it will be the lessor of:
- the benefit is permanently reduced by 1/12 of 7% for each month below age 60, or
- the benefit is permanently reduced by 7% for each year or fraction of year below 30 years of service.
ORP Eligibility for RetirementOnce an ORP participant is terminated from employment, the participant is eligible to receive 100% of his or her account balance, credited as of the date the distribution request is processed which must be after the termination of employment. This money is subject to taxes and a penalty will apply if the money is distributed under age 59 1/2.
Benefits in Retirement
In order to take benefits into retirement, an employee must meet the one of the USG Eligibility for Retirement conditions indicated above. If one of the conditions is met, upon retirement, an employee may elect to continue the following benefits into retirement if enrolled during the pay period immediately prior to retirement: Medical, Dental, Vision, $25,000 Employer Paid Basic Life, up to $15,000 Minnesota Life Supplemental Life and $5,000 in Minnesota Life Spouse and Child(ren) Dependent Life.
Please note: you must be enrolled in the employer sponsored Basic Life Insurance plan for 5 consecutive years prior to retirement to be eligible to take coverage into retirement. If you were insured under the plan prior to November 1, 1980, additional coverage benefits apply. See your Benefits Specialist for more details.
Coverage cannot be added during retirement if retiree experiences a loss of coverage or qualifying event.
You will be responsible for paying for monthly benefit premiums through OneUSG Connect Benefits by setting up direct debit from your bank account. Direct debits occur on or around the 1st of each month for premiums for that month.
*The Retiree Healthcare Exchange for Medicare eligible retirees is provided through Aon and requires enrollment in supplemental Medical and Prescription coverage. For more information about Medicare eligibility and enrolling with Aon, please click on the following link: University System of Georgia Retiree Benefits Page
Medicare Part B EnrollmentOnce you retire, all covered participants age 65 or older, must enroll in Medicare Part B and will no longer be covered under USG medical/Rx. Aon coverage becomes secondary for all Medicare eligible retirees/dependents and Medicare will be the primary coverage.
Benefit Coverage for DependentsWhen you retire, you may elect to continue coverage for the dependents you had enrolled in coverage at the time of your retirement. You will not be allowed to add dependents. At any time during retirement, if you drop coverage for a dependent, you will not be allowed to re-enroll that dependent in coverage unless you experience a qualifying life event.
After you retire, you will not be allowed to add dependents to your coverage during Open Enrollment. You may only add dependents to your coverage if you experience a qualifying life event.
KSU Retiree Association
After you retire, you are invited to join the KSU Retiree Association for access to the below benefits! For more information, visit http://retirees.kennesaw.edu/.
- Membership to KSU’s Employee Fitness Center
- Continuing Education and Osher Lifelong Learning Institute Discounts
- 20% Bookstore Discount
- Continued access to KSU Library
Steps to Retirement
- Two to three months prior to your retirement date, make an appointment with a KSU HR/Benefits Representative to discuss your anticipated retirement date and to go over the retirement process;
- Notify your department in writing of your intent to retire as soon as you have decided on your retirement date; Send a copy of your retirement letter to HR;
- If you are a TRS participant: You may want to make an appointment with a TRS representative to further discuss the TRS Retirement Benefit Options; Call TRS at 404-352-6500 to schedule an appointment; Complete the TRS Retirement paperwork on-line 6-8 weeks prior to your retirement date;
- Notify HR of any sick or vacation leave you will be taking in the final month prior to retirement;
- On your last day, return any keys or office equipment belonging to KSU. You may keep your KSU ID card.
Re-Employment at KSU After Retirement
After you retire, you may apply or be offered an opportunity to return to work at KSU in a part-time, less than 49% position. Prior to returning to work, you must meet the conditions of USG policy 188.8.131.52 below and, if you retire with TRS benefits, your position and compensation must be reported and approved by TRS. If your employment continues into a new fiscal year, the employment information must be reported and approved by TRS even if the employment terms remain the same.
USG Policy 184.108.40.206 Employment Beyond Retirement
An individual who has retired from the USG and is receiving benefits from TRS, ERS, or ORP may be eligible for reemployment on a part-time basis by the USG. Reemployment of USG retirees by the USG must fall under the following conditions:
- The reemployment of a USG retiree must be approved by the hiring institution’s president. Institutions must submit a copy of their hiring and approval procedures to rehire USG retirees to the University System Office of Human Resources upon request.
- A rehired retiree must have a minimum break of at least one month between the effective date of his/ or her retirement and the effective date of his/ or her reemployment.
- The work commitment of a rehired retiree must be less than half-time, i.e., less than 49 percent.
- The salary that is paid to a rehired retiree must be:
- No more than 49 percent of the last compensation earned at retirement, or, the average compensation used to determine a retiree’s benefit at retirement (for TRS retirees), whichever is deemed higher; with consideration for the average cost of living adjustment increases that have been applied since the employee retired;
- The salary that is paid to a rehired retiree must be consistent with his/ or her work commitment.
The salary that is paid to a rehired retiree must be consistent with his/her work commitment.