Keyword Search
Finance and Administration 〉 Payroll 〉 Reporting Policy 〉 Retirement System Reporting and Deduction Remittance

Retirement System Reporting and Deduction Remittance

  • Last Updated: 01/06/2017
  • Effective Date:

Policy Statement
The University of Georgia will process retirement deductions from employee pay as appropriate and remit these funds on a timely basis to the corresponding agency. There are four retirement plans available to University of Georgia employees - Teachers Retirement System (TRS), Optional Retirement System (ORP), Employees Retirement System (ERS) and Georgia Defined Contribution Plan (GDCP). Each plan has different requirements depending on employment status. It is the policy of the Board of Regents to provide for the retirement of all eligible permanent full-time employees, either through the Teachers Retirement System of Georgia (TRS), the Employee’s Retirement System (ERS), or the Regents’ Retirement Plan (ORP). All other employees, including temporary, seasonal, and part-time workers, not eligible for either TRS or ORP are required to participate in the Georgia Defined Contribution Plan (GDCP) administered by the Employees Retirement System. Payroll manages the TRS, ERS and GDCP plans, and Human Resources manages the ORP plan.
Reason for policy
The University of Georgia is required to manage retirement funding, remit the funds to the appropriate agency, and submit monthly reports of the activity.
Procedures

The University of Georgia deducts employee retirement contributions from the pay checks of all employees, except students, as a condition of employment. Human Resources will keep a copy of the paperwork to document the retirement plan chosen by each employee. The University is also required to provide a retirement contribution (employer share) for each employee with the exception of the GDCP plan. The Payroll and Human Resources departments must properly account for the employee deductions and for the employer share of retirement contributions, remit the funds to the agency, and provide accurate and timely reports of the activity.

More information regarding each type of retirement plan ((TRS, ERS, GDCP, and ORP) can be found through the policy links provided under Related Information. The USG Business Procedures Manual 5.1.6 link also provides additional information.

Additional contacts

Amanda Webb

Phone Number: 706-542-6935

Responsibilities

Responsible University Senior Administrator: Vice President for Finance & Administration

Responsible University Administrator: Associate Vice President for University Business and Accounting Services

Policy Owner: Payroll

 

Policy Contact: Julie Camp

Phone Number: 706-542-3431

Record Retention

Description:  This series documents deductions from salary checks authorized by employees. These records include lists with notation of authorized deductions as well as actual deduction forms.

Retention:  4 years after the end of the fiscal year.