Christian Brothers Services 2016 Fall Webinar Series

Transcription

1 Christian Brothers Services 2016 Fall Webinar Series 2016 Christian Brothers Services, Romeoville, IL. All Rights Reserved. No part of this presentation may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of Christian Brothers Services. Christian Brothers Retirement Planning Services Understanding Your Retirement Statement November 10, FALL WEBINAR SERIES Opening Prayer Creator God, through your world and people that surround us, we pray that we may grow more aware this day of your life giving presence. Open our minds and hearts to apply the knowledge from today s webinar for the good of all. We ask these things in Jesus Name. Amen 1

2 Understanding Your Retirement Statement Karen Herba Director of Retirement Planning Services/ Plan Consultant Mary Sebby Retirement Plan Project Leader/ Business Systems Analyst 2016 FALL WEBINAR SERIES We will be discussing Your Current Pension Benefit and Forms of Payment Need to Know Definitions Personal Data Primary Beneficiary Reporting Changes/Submitting Comments 2

3 Your Current Pension Benefit Your Current Pension Benefit Your Current Pension Benefit 3

4 Your Current Pension Benefit OR 4

5 5

6 All figures on the statement reflect an annual amount. At retirement, your benefit will be paid monthly on the first business day of each month. 6

7 Note: To be eligible for the Golden Rule of 90, your date of participation under the plan must be prior to 07/01/2012. Benefits Earned vs Benefits Payable Payable as of Age 55 Golden Rule of 90 Age 62 Normal Retirement Date Earned as of 06/30/2016 $ 7,360 08/31/2032 $ 12,700 25,400 07/31/ ,600 28,600 08/31/ ,000 33,000 08/31/ ,500 7

8 Additional Information Need to Know As you compare your statements from year to year, it s important to note that the projected benefits earned could be higher/lower than the prior year s projected benefits if your earnings in the current fiscal year are higher/lower than they were in the prior fiscal year. Need to Know The benefit formula reflected on your statement as selected by your employer determines your future benefits. A change in your employer s formula will affect your projected benefits; this could increase or decrease your projected benefit on future statements. 8

9 Need to Know If you have filed a Qualified Domestic Relations Order with our office, the benefit shown on your statement should be reviewed by our Plan Consultant prior to making any retirement decisions. Retirement elections Need to Know Life Only monthly payments as long as you live which cease immediately upon death. Retirement elections Need to Know 10 Year Certain and Life Annuity pays a monthly benefit for as long as you live. However, if you die before receiving 120 payments (10 yrs.) your beneficiary of record would receive the remaining payments due until a total of 120 payments (between you and your beneficiary) have been made. 9

10 Retirement elections Need to Know Joint & 50% to Survivor Annuity Pays a reduced benefit as long as you live. Upon your death, your joint annuitant (if living) will receive 50% of the benefit you were receiving at death, for the remainder of their lifetime. Need to Know The annual Retirement Statement is a retirement planning tool and should not be solely relied upon when making your final retirement decision. Definitions 10

11 Personal Data 2020 Harmony Dr. Sometown IL Reporting Changes/Submitting Comments Personal Data 2020 Harmony Dr. Sometown IL

12 Personal Data Reporting Changes/Submitting Comments Primary Beneficiary Tony Sample Son Personal Data Comments 12

13 Q&A For Questions Regarding Your Retirement Statement Contact: Karen Herba at or Mary Sebby For the link to the handouts from today s webinar cbs.webinars@cbservices.org 13

14 To view our on demand webinars: cbservices.org/educationalresources.php 2016 Christian Brothers Services, Romeoville, IL. All Rights Reserved. No part of this presentation may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of Christian Brothers Services. 14