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Retirement Benefits

| Mandatory Retirement Program | Voluntary Retirement Programs |

VOLUNTARY RETIREMENT PROGRAMS AND DEFERRED COMPENSATION

Voluntary Tax-Sheltered Annuity Plan ("403(b) Plan")

Most employees* are eligible to participate in a voluntary tax-deferred annuity plan offered through Georgia State University under provision 403(b) of the Internal Revenue Code (IRC). This plan allows participants to direct a portion of their income, on a tax-deferred basis, into any of a number of investment vehicles such as annuity contracts and mutual funds. Taxes are deferred until the money is withdrawn, usually upon retirement (withdrawal prior to retirement age carries a penalty). You make the full contribution, via salary reduction (there are no employer contributions). You may enroll or change your elections for the 403(b) plan at any time, including during the annual Benefits Open Enrollment period.

In general terms, you may set-aside up to $15,500 in a 403(b) plan during 2008. Employees age 50 or older may set aside up to an additional $5,000 for plan year 2008. Employees who have worked for Georgia State for at least 15 years also may be able to set aside up to an additional $3,000 per year under some circumstances. Your annual contribution is allocated equally across the number of paychecks you receive during the year for your base salary.

Seven authorized vendors offer a wide variety of investment options. They are: American Century, Nationwide, AIG Retirement (VALIC), Fidelity, Lincoln National, TIAA-CREF, Vanguard.

Voluntary Deferred-Compensation Plan ("457 Plan")

Georgia State offers a voluntary deferred compensation plan under provision 457 of the Internal Revenue Code (IRC). This plan allows you to defer a portion of your income, on a tax-sheltered basis, into any of a number of investment vehicles. Taxes are deferred until the money is withdrawn. Unlike a 403(b) plan, withdrawals at times other than retirement do not carry an additional penalty. You may participate in both the 403(b) and the 457 plans. You make the full contribution, via salary reduction (there are no employer contributions). You may enroll or change your elections for the 457 plan at any time, including during the annual Benefits Open Enrollment period.

In general terms, you may set-aside up to $15,500 in a 457 Plan during 2008. Employees who are age 50 or older may set aside up to an additional $5,000 for plan year 2008. Employees who are within 3 years of normal retirement may contribute up to $30,000 instead of $15,000 (up to 100% of their salary). Your deferral is allocated equally across the number of paychecks you receive during the year for your base salary.

There are two authorized vendors, offering a variety of investment options: TIAA-CREF and AIG RETIREMENT (VALIC) .

*Tax treaties generally disallow non-immigrant foreign nationals who work in the U.S. from excluding such contributions from their taxable income, so there is no advantage to participation.

Voluntary Retirement Programs FAQ's:

Q: Is the contribution to this plan made on a pre-tax basis?
A: All contributions to the tax sheltered annuity 403(b) program and the tax deferred 457 program are made on a pre-tax basis.

Q: Can I begin participation in the voluntary retirement plans at any time?
A: Yes, employees can begin participation in these plans at any time.

Q: What happens to my voluntary retirement account if I terminate my employment with GSU?
A: You have several options. Employees can rollover their contributions to another qualified plan, leave the contributions in the account or take a lump sum withdrawal (subject to IRS regulations).

Q: Can I participate in the both the 403(b) plan and the 457 plan at the same time?
A: Employees can participate in both the 403(b) and 457 plans at the same time.

Q: What is the maximum dollar amount that I can contribute to each plan during calendar year 2008?
A: The general limit for 2008 is $15,500 to each plan. Some individuals may be allowed to contribute additional dollar amounts under the various catch-up provisions.

Q: If I am at least 50 years old, can I contribute an additional dollar amount under the age catch-up provision?
A: Participants who are at least 50 years old can contribute an additional $5,000 to both the 403(b) and 457 voluntary retirement plans during calendar year 2008.

Q: Who determines the maximum dollar amount that an individual can contribute to the 403(b) and 457 voluntary retirement plans?
A: The Internal Revenue Service Code determines the maximum dollar amount that an individual can contribute to a voluntary retirement plan.

Q: Who is eligible to contribute to the voluntary retirement plans?
A: Most employees* are eligible to participate in a voluntary tax-deferred annuity plan offered through Georgia State University under provision 403(b) of the Internal Revenue Code (IRC).

*Tax treaties generally disallow non-immigrant foreign nationals who work in the U.S. from excluding such contributions from their taxable income, so there is no advantage to participation.

Q: Does GSU contribute to the voluntary retirement plans on my behalf?
A: The voluntary retirement plans consist of employee contribution only. There are no matching funds from the University.

| Mandatory Retirement Program | Voluntary Retirement Programs |