About Macon State
This defined contribution plan is available only to faculty and select key administrators. The current optional retirement plans are offered through Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA/CREF), Fidelity Investments, and The Variable Annuity Life Insurance Company (VALIC). A number of investment options are available under each plan. Members may change companies once per calendar year. Contributions may be allocated to all four plans within minimums allowed by the respective company.
The employee contributes 5% of the gross salary. Since vesting is immediate, the total fund, including the state's contribution (9.24% of gross salary) remains in the member's name for his/her retirement.
If a member becomes totally disabled or dies, all monies in the fund, including the state's contribution and any investment earnings, would be made available to the member or the named beneficiary.
The member may also elect to leave the funds invested to grow for a later retirement. The member should consider any tax penalties that may be imposed on early withdrawals. The member must meet TRS requirements for retirement. S/he may elect to receive a monthly distribution or a lump sum payment subject to provider company restrictions.