Understanding Your Retirement Benefit Options
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- Ezra Parsons
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1 CalPERS Education Center presents: Image will be updated by PAOF Understanding Your Retirement Benefit Options Understanding Your Retirement Benefit Options
2 Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
3 Beneficiary vs. Survivor
4 Survivor Continuance A monthly benefit paid after your death in retirement to an eligible survivor Your employer pays for the benefit Provided by law to all state and school members Public agency members receive this only if their employer contracts for this benefit
5 Survivor Continuance Eligible Survivors Order of eligibility (by State law): 1. Spouse or registered domestic partner 2. Unmarried children under age 18
6 Survivor Continuance Eligible Survivors Order of eligibility (by State law): 3. Unmarried disabled children who became disabled prior to age 18 and whose continuing disability renders them unable to hold gainful employment 4. Parents who are economically dependent on you
7 Survivor Continuance Benefit Amount Depends on if you contribute to Social Security: With Social Security survivor will receive 25% of your unmodified allowance Without Social Security survivor will receive 50% of your unmodified allowance
8 Survivor Continuance Benefit Amount (cont d) Same dollar amount regardless of selected retirement payment option Payable to eligible survivor regardless of selected payment option or whom you name as a beneficiary
9 Retirement Payment Option Determines what benefits your beneficiary receives after your death Payment option must be selected on retirement application Most payment options require a reduction in your retirement income in order to provide a benefit to your beneficiary Reduction is based on actuarial factors of age for both you and your beneficiary
10 Retirement Options Unmodified Allowance Option 1 Option 2 Option 2W Option 3 Option 3W Option 4
11 Meet John John is a CalPERS member planning for retirement. To help him decide which option is best for him, he runs a retirement estimate through his my CalPERS account.
12 John s Retirement Estimate Retirement age: 55 Beneficiary and survivor: spouse Beneficiary age: 56
13 Retirement Options Unmodified Allowance: Provides the highest monthly allowance paid for life.
14 Retirement Options Option 1: Slightly lower monthly allowance than the Unmodified Allowance. Upon your death, any unused member contributions in your account will be paid to your beneficiary in a lump sum.
15 Retirement Options Option 1 your contributions: Your monthly benefit payment does not end when your contributions are exhausted. John s total contributions of $65, will be reduced by $ for each month that he receives an allowance. His contributions will be reduced to $0.00 in approximately 9.89 years.
16 Retirement Options Option 2: Same monthly benefit for life to your beneficiary, upon your death. If beneficiary dies before you, your allowance will increase to the Unmodified Allowance.
17 Retirement Options Option 2W: Slightly higher monthly benefit than Option 2. If your beneficiary dies before you, your allowance remains the same.
18 John s Younger Beneficiary John s pension reduced by $300 more His grandchild will receive the allowance for the rest of their life
19 Retirement Options Option 3: Half of your monthly benefit to your beneficiary upon your death. If your beneficiary dies before you, your allowance will increase to the Unmodified Allowance.
20 Retirement Options Option 3W: Similar to Option 3, slightly higher monthly benefit. If your beneficiary dies before you, your monthly allowance remains the same.
21 Retirement Options Option 4 2W or 3W & 1 combined: Upon your death, beneficiary will receive a monthly allowance. If both you and your beneficiary die, any unused member contributions will be paid to a secondary beneficiary in a lump sum.
22 Retirement Options Additional Option 4 choices: Specific percentage to a beneficiary Specific dollar amount to a beneficiary Multiple lifetime beneficiaries Reduced allowance for fixed period of time Reduction on death retiree or named beneficiary
23 Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
24 Requesting Retirement Benefit Estimate Within one year of retirement:» Download and complete the Retirement Allowance Estimate Request form More than one year from retirement:» Go to my CalPERS, Retirement Estimate Calculator
25 Retirement Estimate Calculator Calculator is only an estimate; actual benefit will be determined when you apply for retirement The calculator can t estimate all option or retirement types Not available for cases with a community property claim
26 Retirement Estimate Calculator
27 Retirement Estimate Calculator 12/31/2016
28 Retirement Estimate Calculator 12/31/2016
29 Retirement Estimate Calculator
30 Retirement Estimate Calculator
31 Retirement Estimate Calculator
32 Retirement Estimate Calculator
33 Retirement Estimate Calculator
34 Retirement Estimate Calculator
35
36
37 Estimate Results - Example
38 Estimate Results - Example 12/31/2016
39 Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
40 Tools & Resources: calpers.ca.gov Service Credit Cost Estimator Retirement Estimate Calculator Health Plan Chooser Health Plan Search by ZIP Code Forms & Publications
41 Tools & Resources: calpers.ca.gov PERSpective, member newsletter subscriptions Press alerts CalPERS News Employer Bulletin Member Education Bulletin
42 Retirement
43 Health
44 Education Resources
45 Education Resources, continued
46 Profile
47 Social Networking Like us on Facebook: Follow us on Twitter: View videos on YouTube:
48 Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
49 Contacting CalPERS my CalPERS Message Center By mail By phone 888 CalPERS (or ) Visit a Regional Office
50 Regional Offices Walnut Creek Sacramento San Jose Fresno Glendale Orange San Bernardino San Diego
51 This concludes our presentation. Thank you for attending! Disclaimer: CalPERS is governed by the Public Employees Retirement Law and the Alternate Retirement Program provisions in the Government Code, together referred to as the Retirement Law. The information in this webinar is general and current as of the date recorded. The Retirement Law is complex and subject to change. If there is a conflict between the law and the information presented in this CalPERS webinar, any decisions will be based on the law.
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