Common use of Retirement Plan Options Clause in Contracts

Retirement Plan Options. All regular employees of Xxxxxxx State University are required by law to participate in a retirement program. Faculty and principal administrators hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008 have the option of participating in the Teachers Retirement System of Georgia (TRS) or the Optional Retirement Plan (ORP). Non-exempt employees, as a condition of employment, may only participate in the TRS plan. Both eligible employees and Xxxxxxx State University contribute a percentage of the Employee contributions to the TRS or ORP are sheltered from federal and state income taxes.

Retirement Plan Options. All regular employees of Xxxxxxx State University are required by law to participate in a retirement program. Faculty and principal administrators hired on or after July 1, 1990, and exempt employees hired on or after July 1, 2008 2008, have the option of participating in the Teachers Retirement System of Georgia (TRS) or the Optional Retirement Plan (ORP). Non-exempt employees, as a condition of employment, may only participate in the TRS plan. Both eligible employees and Xxxxxxx State University contribute a percentage of the Employee contributions to the TRS or ORP are sheltered from federal and state income taxes.