Welcome! Retiree Workshop July 26, 2017

Transcription

1 Welcome! Retiree Workshop July 26, 2017

2 MEET THE RED TEAM Retirement Education Department JANET HARRIS WENDY DEMOUY CARLOS JONES CHARLES WOOD Retirement Benefits Specialist Retirement Benefits Educator Retirement Benefits Educator Retirement Benefits Educator 2

3 HOUSEKEEPING Please place on silent. Step outside to take a call. Restrooms are located PowerPoint Handouts SSA Fact Sheets Evaluation Sheets Brochures 3

4 HOW TO CONTACT LASERS Street Address: 8401 United Plaza Blvd. Baton Rouge, LA Phone Numbers: (Toll-Free) (Baton Rouge) Our Website: Ask LASERS: 4

5 WEBSITE FEATURES Forms & Publications Legislative Updates Video Library Social Media Sign Up Access Your Member Account on Self-Service 5

6 MEMBER SELF-SERVICE Go to On home page, at LOGIN: select Member. 6

7 MEMBER SELF-SERVICE FEATURES Convenient access to: Personal Information Address Updates Phone/ Updates Account Summary Payment History Account History View Tax Documents Tax Withholding Updates Income Verification 7

8 SUBSCRIBE TO MEMBER CONNECTION You may opt-in to the following services: Member Connection Newsletter receive news and information that affects the LASERS system as-it-happens The Paperless Beam Electronic version of newsletter Change your Member Connection Services Change your Address (not your services) 8

9 IRS FORM 1099-R Retirees may receive more than one IRS Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, with different codes in Box 7 called Distribution Codes. Definition of Distribution Codes: Code 2: Benefit payments received before age 59½ are classified as early distributions. Code 7: Benefit payments received after age 59½ are classified as normal distributions. 9

10 IRS FORM 1095 C This Form 1095-C, Employer- Provided Health Insurance Offer and Coverage, will be required by IRS for 2017 tax year. Retirees will need to contact the agency last employed, or Contact Office of State Uniform Payroll

11 DIRECT DEPOSIT Financial institution account changes cannot be taken over the phone by LASERS representatives or through Member Self-Service. Submit request in writing by completing Form 4-05, Authorization for Direct Deposit, or submit a letter including Social Security Number, account number, routing number and signature. Must be received by close of business on 13 th of each month 11

12 INSURANCE VENDORS AND CREDIT LASERS does not have access to any health or life insurance records. Direct all inquiries to Last employing agency, or Office of Group Benefits, or Specific Insurance company UNION INQUIRIES See List of Insurance Vendors and Credit Unions in packet or on LASERS website. 12

13 LIST OF INSURANCE VENDORS AND CREDIT UNION INQUIRIES This document contains list of insurance vendors and credit unions for which LASERS makes deductions and is located on LASERS website. On LASERS Home Page, select Retirees, Publications. 13

14 CHANGE OF ADDRESS Keep your mailing address current! Address changes cannot be changed by calling LASERS. Can change address via Member Self-Service, or Submit Form 1-02, Change of Address. 14

15 INCOME VERIFICATIONS Can be created from Member Self-Service, or Contact LASERS by phone and request, will be mailed to address on file, or Submit a written request or complete Form MSD32, Request for Contribution /Income Verification located on LASERS website Processed within 10 business days Cannot be faxed via phone call, must have request in writing. 15

16 SELF-DIRECTED PLAN DROP and IBO participants may access their account information in the Self-Directed Plan (SDP) on the LASERS website. The SDP is administered by EMPOWER Retirement. On the LASERS Home Page, select Retirees, Self-Directed Plan. 16

17 Retiree must: ELIGIBILITY FOR SYSTEM-GENERATED COLA Be age 60 as of June 30 of the year COLA is authorized by legislature; and Have been receiving benefits for a total of one year as of June 30 of the previous year Beneficiary will be eligible for the system-generated COLA after death of retiree if: Retiree had reached age 60 as of June 30 of the year the COLA is authorized by legislature; and Retiree or his beneficiary, or both combined, have received benefits for a total of one year as of June 30 of the previous year Disability retiree beneficiary is eligible for the system-generated COLA if benefits had been paid to the retiree for at least one year, regardless of age 17

18 NO STATE TAX IS DUE ON YOUR PENSION Your LASERS benefits are exempt from Louisiana state taxes if you live in Louisiana. You must file a Schedule E form with Louisiana Department of Revenue. For more information, visit their website at rev.louisiana.gov. You may want to contact a tax advisor if you have other tax questions. 18

19 CHANGE OF RETIREMENT OPTION There are only two ways to change Options 1-4B: Death of Beneficiary can change to Maximum Request increased payments by submitting Form 10-07: Application for Change in Retirement Benefit due to Death of Beneficiary (La. R.S. 11:446(D)) Submit copy of beneficiary s death certificate Effective date will be based on date of beneficiary death Divorce can change to actuarially reduced Maximum Submit Form 10-06: Application for Change in Retirement Benefit due to Divorce (La. R.S. 11:446(E)) Submit certified true court order stating former spouse irrevocably relinquishes the survivor benefits under the option selected. $150 actuarial fee CANNOT NAME ANOTHER BENEFICIARY FOR LIFETIME BENEFIT! 19

20 RE-EMPLOYED RETIREES Retiree hired in a LASERS-eligible position must select one of four options: OPTION 1A OPTION 1B OPTION 2* OPTION 3 Fiscal year earnings limit No contributions paid to LASERS If earnings limit exceeded, will owe LASERS the amount of excess earnings Retiree responsible for monitoring earnings May submit written request to LASERS for amount of allowable earnings No earnings limit No benefit suspension Must have retired with 30 years or more Must be at least age 70 Repay all benefits since retired plus interest at actuarial rate Become an active member of LASERS and contributions paid to LASERS by member and employer *Note: DROP, IBO, and Early Retirement retirees cannot choose this option. The 20 years at any age actuarially reduced retirement is not an early retirement. Benefit suspended Employee and employer contributions paid to LASERS No earnings limit Work less than 36 months, contributions refunded when separated, benefit resumes Work 36 months or more, supplemental benefit is added to retirement benefit 20

21 Do you have any questions?

22 A SPECIAL THANK YOU! Your attendance is appreciated! Please complete and return the satisfaction survey to LASERS representatives.

23 STAY CONNECTED WITH US! / _services Youtube.com/laserschannel 23