Retirement Information

Transcription

1 Retirement Information January 24, 2017 February 14, 2017

2 Things to do Update MyDocs home address Click Employee at top right of page Click on My Docs and login Click on Key symbol in the box at the top left Click Address, enter home address and click Submit Verify home address is correct on Pay Stub Review Beneficiary Selections with TRS With separation of service, you are able to access your Valic and/or Peach State Reserves 457 plans, should you choose to do so. If you return to any position with Henry County Schools, access to funds will be delayed until separation of service Submit a letter of intent to RETIRE to Human Resources and/or Principal/Manager 2

3 Sample letter of intent to retire: To: Henry County Schools From: (Print Name) Subject: Retirement Please be advised that my last day of work will be, and I will retire on. (first day of the month following last day worked) Signature Date Employee number or Last 4 digits of Social Security Number 3

4 Benefit information is as of December 31, 2016 To check medical rates for retirement, contact SHBP at or In order to minimize any misunderstanding, please confirm any concerns with TRS, PSERS, State Health, Ga Breeze, etc. 4

5 5

6 6

7 Medicare If retiring and you and/or any covered dependents are 65 or older, please apply for Part A and Part B at so that coverage is effective the first of the month following when coverage ends with Henry County Schools. If you and/or any covered dependents turn 65 after retirement, then apply for Medicare within 90 days prior to turning age 65. Please be aware that the Medicare Advantage plans under SHBP includes Part D. You will also report Medicare eligibility to State Health, at Login then select My Information on the left, then select Medicare Management Click on the button to the left of the name you wish to edit. The Health Insurance Claim number is the SSN of the person you are editing, with a T added at the end (i.e T) The T indicates Temporary, indicating that you have not yet received the Medicare card. Enter the effective dates for Part A and Part B. Leave Part D blank, if you are keeping State Health. After you submit, you will be shown Medicare Advantage coverage choices, and after making selections, you will need to follow through to the Finish button to save your changes. 7

8 8

9 For recipients of TRS, ERS or PSERS pension: Last day of work Last Month of Deductions Active Coverage ends through HCS TRS/PSERS Picks up Health and/or Dental May May June 30 July 1 June June July 31 August 1 9

10 TRS Notable Items A Retiree is defined as someone who will be receiving a pension from TRS, ERS or PSERS. If retiring June 1, TRS highly recommends that you apply by March 31 st If retiring July 1, TRS highly recommends that you apply by April 30 th When you apply for retirement online with TRS, Salary Certification (TRS-8) and Sick Leave Certification forms will automatically be sent electronically to the Benefits Department. You may now generate a benefit estimate request online, which prompts TRS to calculate and mail you an estimate. Contact TRS for your ID # to create a login, if you don t already have one. Your first check will be mailed around the middle of the month of your effective date. All subsequent checks will be electronically deposited to your account on the 1 st business day of the month. *If eligible for Sick Leave Service credit, this will be calculated in 1-2 months after retirement. Days not worked at the end of your contract will be deducted from your June check. If retiring effective July 1, you may be eligible to receive your first Cost-of-living adjustment on the subsequent July 1 st. TRS will not be able to provide State Health s premium rates. 10

11 TRS Eligibility for Retirement Service Retirement You are eligible for monthly retirement benefits by one of the following: Completion of 30 years of creditable service regardless of age; Completion of at least 10 years of creditable service and attainment of age 60; or Completion of at least 25 years of creditable service. If you retire under this provision your benefit will be permanently reduced by the lesser of 1/12th of 7% for each month you are below age 60, or 7% for each year or fraction of a year by which you have less than 30 years of creditable service. 11

12 TRS Creditable Service Air Time ERS Withdrawn Service Maternity Leave Credit Military Service Out-of-State Service Private School Employment PSERS Credit Study Leave Credit TRS Withdrawn Service Visiting Scholar Credit Worker s Compensation Disability 12

13 TRS Service Retirement Benefit Formula Your years of creditable service established with TRS, including partial years x 2% x Your final average salary for the 2 highest consecutive years of membership service 1 = Your initial monthly benefit (under Plan A Maximum) 1 Benefit calculation is based on the 2 highest years that produce the highest benefit which may not be your last years worked. 13

14 TRS Working After Retirement All employment as a teacher, whether directly or indirectly (i.e. independent contractor, private temporary company, etc.) with a TRS employer is subject to salary and service limitations as outlined in Georgia law and TRS policy. The employer must certify employment of TRS retirees via the online reporting process. If your re-employment makes you eligible for State Health Benefit Plan (SHBP) coverage as an active employee, SHBP may require you to terminate retiree coverage and enroll into plans available for active employees. Contact SHBP for details regarding re-retirement rates. Georgia law requires a break-in-service of at least one (1) calendar month. If you decide to work for a TRS covered employer while receiving a retirement benefit from TRS, you and your employer must contact the TRS office prior to employment. Any earnings could affect your TRS pension and/or Social Security benefits. 14

15 TRS Pre-Retirement Counseling Session If you wish to register for an appointment in an area near you: Visit Click on the Account Login button Select Active Member Login to your TRS account Once you have logged in, click on Register for an Event, and pick the event and time of your choice. You will receive an automatic confirmation upon your successful registration. 15

16 TRS How to Apply 16

17 TRS Plans of Retirement Partial Lump-Sum Option (PLOP) In exchange for a permanently reduced lifetime benefit, you can elect to receive a partial lump-sum distribution in addition to a monthly retirement benefit. Your age and plan of retirement are used to determine the reduction in your benefit. A PLOP distribution will be made as a single payment at the time he first monthly allowance is paid. If a PLOP distribution is elected, your monthly benefit is actuarially reduced to reflect the value of the PLOP. The combination of both the PLOP and the reduced benefit are the same actuarial value as the unreduced normal benefit. 17

18 TRS Unused Sick Leave You may establish sick leave credit provided you have a combined total of at least 60 days of unused sick leave for which you have not been paid. Secure Sick Leave Certifications from prior TRS Employers NOW. Sick Leave Certifications will be electronically submitted to TRS by Henry County Schools after your last day worked. If you transferred sick leave days in from another system, those days will be deducted from the balance reported by Henry County Schools. (The former system will report them.) If TRS notifies you that you do not have enough combined sick leave to use for Service Credit, you may request a payout of your sick leave days, as long as you have at least 41 remaining days, and have worked for Henry County at least 5 years. The payout must be requested in writing to Payroll, and must include the notification from TRS. Sick leave is paid at a rate of $15/day. 18

19 Sick Leave Credit 19

20 PHONE (404) or (800) FAX (404) OFFICE Teachers Retirement System of Georgia Two Northside 75, Suite 100 Atlanta, GA CALL CENTER HOURS Monday - Friday, 8:00 a.m. 5:00 p.m. EST OFFICE HOURS Monday - Friday, 8:00 a.m. 4:30 p.m. EST 20

21 PSERS Notable Items *Food Service *Maintenance *Transportation A Retiree is defined as someone who will be receiving a pension from TRS, ERS or PSERS. You may apply for retirement with PSERS no sooner than 90 days prior to your desired retirement date. Request an estimate from PSERS by calling

22 PSERS Eligibility for Retirement *Food Service *Maintenance *Transportation Normal Retirement You are eligible for monthly retirement benefit: Age years of Creditable Service Early Retirement You can begin receiving monthly early retirement benefits: Age years of Creditable Service Benefit will be reduced by 6% for each year (or ½% for each month) you are commencing benefits prior to age

23 PSERS Creditable Service *Food Service *Maintenance *Transportation Prior Services Credit for Service While a Member of the Teachers Retirement System of Georgia Job Related Temporary Disability/Leave Without Pay Refund Buyback Military Service 23

24 PSERS Service Retirement Benefit Formula *Food Service *Maintenance *Transportation The benefit formula used to calculate Normal Retirement benefits under PSERS is: Creditable Service x $14.75 = Maximum Plan Benefit As shown above, the benefit formula calculates the amount payable at Normal Retirement Age under the Maximum Plan Benefit. The Maximum Plan Benefit is the highest monthly benefit available, and does not provide for a monthly benefit to a beneficiary(ies). Your benefit may be reduced if you apply for an Early Retirement Benefit or if you select an optional form of payment which provides for a survivor benefit to your beneficiary(ies) upon your death. 24

25 PSERS How to Apply *Food Service *Maintenance *Transportation Under Forms and Publications Click on PSERS Click on Service Retirement Application Print application in full If you prefer, you may call , to request a mailed copy. Watch the presentation found on the website for helpful information for filling out your application: On the left hand side, click Member Education then Presentations Under PSERS Video Presentation, click on PSERS Retirement Application Instructions It is recommended that you already have a printed copy of the application, as well as your estimate from PSERS, to follow along with the video. 25

26 PSERS Plans of Retirement *Food Service *Maintenance *Transportation 26

27 PSERS Sick Leave *Food Service *Maintenance *Transportation Unused Sick Leave can not be used toward retirement. If you have 41 or more sick leave days remaining and have been with Henry County Schools at least 5 years, you may submit a written request to Payroll for a payout of unused sick leave days. Sick leave is paid at a rate of $15/day. 27

28 PSERS Working After Retirement *Food Service *Maintenance *Transportation If you return to PSERS-covered employment after retirement and you are over age 65 upon rehire, you must choose whether to continue to receive your retirement benefit or to become an active PSERS Member again. If you choose to become an active Member, your retirement benefit will be suspended, you will make Employee Contributions to the System, and you will accrue additional Creditable Service. Once you retire again, the sum of all of your Creditable Service will be used to determine your final retirement benefit. If you are less than age 65 at rehire, you will automatically become an active Member upon rehire. Your retirement benefit will be suspended, you will make Employee Contributions to the System, and you will accrue additional Creditable Service. Once you retire again, the sum of all of your Creditable Service will be used to determine your final retirement benefit. If you attain age 65 during your period of rehire, you will have the opportunity to elect whether to continue as an active Member, or to resume receiving your retirement benefits based on your new total Creditable Service accrued up to age 65. If you choose to begin receiving your retirement benefit again, then you will no longer make Employee Contributions to PSERS or accrue additional Creditable Service while you remain actively employed. You must have a one-month break in service between your retirement date and the date of your rehire. 28

29 PHONE (404) or (800) FAX (404) OFFICE Employees Retirement System of Georgia Two Northside 75, Suite 300 Atlanta, GA OFFICE HOURS Monday - Friday, 8:00 a.m. 4:30 p.m. EST 29