Glossary of Terms
Glossary of Terms
Glossary – Retirement Terms
Average Monthly Compensation
Average Monthly Compensation means the arithmetic average of Monthly Compensation paid to a Participant by the Employer for the highest sixty (60) consecutive months of Credited Service, ignoring any Breaks in Service, out of the last 120 months of Credited Service using the calendar month in which the participant receives his or her final paycheck in connection with the termination of employment.
Compensation means the total amount of all payments, direct or indirect, made by the County to an Employee for services rendered to the County, for a calendar year. Compensation does not include uniform allowances. Effective August 8, 2009, overtime, overtime premium, scheduled overtime and scheduled overtime premium is also excluded from compensation used under the plan.
Credited Service means the measurement of a Participant's Service as an Employee after the Original Effective Date of the Plan that is used to determine the Participant's Accrued Benefit. Credited Service shall include only full-time service and shall be determined by the Elapsed time Method. Participants who have uniformed service under USERRA shall be entitled to Credited Service for the time spent in uniformed service provided they comply with the reinstatement provisions of USERRA and pay the Participant contributions for the time spent on leave as provided in Section 4.05
In SAP, your paycheck is called a Remuneration Statement. This statement will give you the details of each of your paychecks. You can see about two years of Remuneration Statements in ESS.
Employee Self Service is the portal for SAP. You are able to change your benefits, your address and view your Remuneration Statement by logging into ESS.
Other Post- Employment Benefits - Gwinnett County has an Administrative Policy (CA-ADM-303) that defines our OPEB. This policy currently covers five groups of persons: Retirees, Inactive Employees, Ex-Elected Officials, In-Line-of-Duty participants and COBRA participants.
Retirement Plans Management Committee - The RPMC manages and invests the assets of the (1) defined benefit plan; (2) defined contribution plan; (3) deferred compensation plan; (4) Rabbi trust for the excess benefit arrangement; and (5) the OPEB trust, each in accordance with the provisions of its plan and trust agreement.
Defined Contribution Pension Plan- 401(a)
One of Gwinnett County's retirement plans. In this plan the employee elects to contribute a percentage of his/her salary to the plan. The employer contribution is determined by the employees' participation date. The employee bears the investment risk.
Defined Benefit Pension Plan
One of Gwinnett County's retirement plans in which an eligible participant receives a specific pension benefit amount based on a formula of average eligible compensation and years of service. Gwinnett County bears the investment risk. The plan is funded by employee and employer contributions.
Deferred Compensation Plan-457
The 457 Deferred Compensation Plan is a voluntary retirement plan designed to help supplement retirement. It is funded entirely by the employee and the employee bears the investment risk.
Retiree Medical Savings Plan-401(h)
Defined Contribution Pension Plan participants hired prior to 1-1-2007, have a Retiree Medical Savings Plan funded entirely by employer contributions. If the employee meets retirement eligibility and retires directly from the county, they are eligible to use the funds to reimburse themselves for any out of pocket medical, dental, vision, prescriptions expenses, including premiums.