The Georgia Defined Contribution Plan was created by the 1992 Georgia Law, Act 996 and became effective on July 1, 1992. The purpose of this law was to provide a retirement system for temporary, seasonal, and part-time employees of the State of Georgia who were not eligible for membership in the Employees’ Retirement System (ERS) or the Teachers Retirement System (TRS).
Individuals employed by a State agency, department, bureau, institution, board or commission, the State Board of Education, and the Board of regents of the University System are covered under this plan.
Excluded from this plan are the following:
The Payroll Department will process retirement deductions from employee pay as appropriate and remit these funds on a timely basis to the Georgia Defined Contribution Plan (GDCP). The Department will also prepare and transmit retirement reports as required.
The University of Georgia deducts employee retirement contributions from the pay checks of temporary, seasonal, and part-time employees who are not eligible for TRS or ERS membership. Eligible employees are required to participate in a retirement plan as a condition of employment. The Payroll Department must properly account for the employee deductions, remit the funds to the agency, and provide accurate and timely reports of the activity.
The Payroll Department will prepare and submit an electronic monthly report of retirement deductions taken from employee pay. This report is transmitted to the Georgia Defined Contribution Plan (GDCP) based on data extracted from UGA’s payroll/personnel system.
The data file must contain:
The report must include:
Please verify that the totals from the data file match the adjusted invoice. The data file can be submitted electronically through ERS. A link to employer logon for the Employee’s Retirement System website can be found under Related Information. Please note that although the reports will be for the GDCP, they are submitted to the Employee’s Retirement System website because ERS administers the Georgia Defined Contribution Program. The ERS 17G Form should also be completed using the amounts from the appropriate retirement report, the payroll deduction register, the reconciliation, and other related reports for wage totals. This form serves as an invoice and submitted to GDCP along with payment. The Department will transmit retirement deduction revenue on a monthly basis to GDCP by executing an Automated Clearing House transfer of funds.
More general information regarding the retirement systems utilized by the University of Georgia can be found by referencing Policy 3.2, with a link provided under Related Information.
Phone Number: 706-542-6929
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
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. This series may include but is not limited to: deduction information on medical, dental, life, and disability insurance; American Association of University Professors, GCIU, Fair Share, and U.S. Savings Bonds; United Way and foundation contributions; payments for library fines/lost books, parking permits, and institutional credit union accounts; Veterans Affairs; ACH listings; personal use of state vehicles; and miscellaneous deductions.
Record Copy: Human Resources
Retention: 4 years after authorization expires or is superseded
Citation or Reference: Board of Regents: Deduction Authorization Records 0472-04-008