MYRETIREWELL RETIREMENT SEMINARS PUBLIC AND PRIVATE PLAN SPONSORS, UNION AND NON-UNION, STATE & LOCAL GOVERNMENTS

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1 MYRETIREWELL RETIREMENT SEMINARS PUBLIC AND PRIVATE PLAN SPONSORS, UNION AND NON-UNION, STATE & LOCAL GOVERNMENTS

2 PUBLIC AND PRIVATE PLAN SPONSORS, UNION AND NON-UNION, STATE & LOCAL GOVERNMENTS Myretirewell professionals design curriculums for public and private plan sponsors, union and non-union, and state and local government employees, intended to provide comprehensive education to employees and HR professionals regarding the retirement and employee benefit arrangement you sponsor, with the goal of providing this important information in the most easily understood manner possible. We believe that participants must have a clear understanding of the rules governing the operation of the plans in which they participate, in order to use the plan in the most advantageous manner possible. Your organization chooses the manner and duration of time over which the course will be taught. Some employers request a weekly brown bag series, while others opt for a 1-day or 2-day in-classroom or webinar course. Customized Courses Participants will receive all of the information they need to understand, use, and integrate to make educated decisions regarding the retirement arrangements in which they participate, including Code Section 401(a), 401(k), 403(b), 457(b) and other plans. We also address public benefits such as Social Security Retirement. Our professionals have expert knowledge ERISA, the tax rules, and of the operation and administration of defined contribution and defined benefit plans, as well as health and welfare plans, which allows for the coherent communication of important information. The course will provide benefit calculation instruction and information to assist participants in understanding the amount of income replacement in retirement that most individuals need in order to live comfortably, and also provide helpful information on plan operation, the claims procedure, the composition of investment funds and the importance of prudent investing. The instructors Live Classroom Seminars Our professionals regularly teach hands-on live Seminars in the classroom setting, at your desired location. A face-to-face meeting in a classroom imposes accountability, inspires effort and promotes responsibility in subtle ways. Myretirewell instructors create a welcoming classroom environment where every student feels comfortable participating. We understand that the rules are complex, but our decades of experience allow us to explain the information in an easily understood and practical manner. Americans are unprepared for retirement due to inadequate retirement planning. Unfortunately, the lack of preparedness is not evident until after retirement. This is the reason why so many older Americans are required to reenter the workforce after retirement, typically at low wage jobs. Retirement should be a time of relaxation and enjoyment, and not a period of stress and worry about meeting financial obligations. The purpose of the Myretirewell Retirement Seminars is to reduce post-retirement employment, out of necessity, by teaching retirement preparedness. Our Seminars have proven to be beneficial to employees in defining and reaching their retirement savings goals, whether they are new employees, mid-career or close to retirement. This year alone, we have taught over seventy (70) Retirement Seminars for employers in a variety of industries, and have been engaged by some employers to teach seminars on a multi-year basis. will provide advice on the management of personal finances and guidance on the steps that participants need to take in the years preceding retirement to ensure a seamless transition. Importantly, the course will cover when not to retire and the personal circumstances that should be taken into consideration when making this decision. The Seminar will address health and welfare benefits and Medicare to assist participants in maximizing use of the programs currently and in retirement. Each participant will understand how to reach their retirement objectives by utilizing the information addressed in our Seminar. Our specialized expertise addresses complex questions and individual concerns to augment the education process. The course will also cover practical estate planning information, including Wills, transfers of property by title, and how to hire an estate planning lawyer or other professional. Our professionals present an extensive PowerPoint presentation based upon the duration and desired structure of the course, which is well-organized and easy to follow. We also provide students with their very own course booklet to allow them to follow along and take their own personal notes. We utilize other available teaching tools, such as black and white boards, and group exercises. Our courses are lively and enjoyable, with great discussion, sharing and life changing information. 01

3 Webinar Virtual Seminar Myretirewell provides a Virtual Webinar Seminar platform, which is a live meeting that takes place over the web. Participants can see the instructor live as well as the PowerPoint and other documents via their computers, while shared audio allows for presentation and discussion. Our PowerPoints are customized based upon the organization s specifications, well-organized and easy to follow. We also provide students with an ed copy of a study guide to allow them to follow the Seminar and take notes. At times, you need to provide retirement training to people that are dispersed geographically. They may be in various buildings or working from home. You could send a trainer out to each area or you could have participants come to a central location. There would be considerable cost, travel and time involved. Our Webinar online training is a great alternative. There would be no need for travel and each participant could save quite a bit of time and take the training in the office/home. Webinars are taught in the same manner as our live Seminars. Our courses are lively and enjoyable, with a lot of great discussion, sharing and life changing information. WEBEX Technology Myretirewell uses Cisco WebEx as the host for Webinar Events. The platform allows our professionals to conduct meetings over the Web, without interruption, providing video and audio as well as the presentation of the course Ability to utilize all Advanced Registration tools and Reporting (attendance reports and poll/survey reports); Ability for Private Q&A and chat w/ Controls; Ability to conduct live polls and surveys during meetings; Ability to share PowerPoint, Word, Excel, Web pages, desktop, audio, and video; Ability to see if the participants are paying attention to Webinar; We receive unlimited 24x7 technical support. The audio: Includes toll (long distance), VoIP conference and Audio Self-Study Course (On-Line) We offer a prerecorded cloud-based narrated PowerPoint course, based upon the organization s specifications, which allows employees to take the course at their leisure. The course is taught in the same manner as the live in-classroom course. The subscription allows employees 24-hour access to the course for a one-month (or longer) period. People learn in many different ways. Some like reading, others listening, and others watching. An online self-study course can offer many different ways of learning to engage the student and accommodate their schedule. Digital Chalk Technology Myretirewell uses Digital Chalk online training software that gives students the ability to login to myretirewell.digitalchalk.com, and take a course. Each employee is given unique login credentials and has the ability to take their course over as long a period of time as the employee needs. The employee is able to view the same PowerPoint that is presented in the live classroom PowerPoint. WebEx provides high-quality video (360p) which supports up to 500 participants at one time. The technology we use also provides us with the following features: Automated management for all attendees (reminder s, registration s/rules, post event surveys); Record & Playback; unlimited recordings, no additional cost. 1 Gig of storage for recordings (typically hours); Integrated Audio Service (gives host/presenter total control of the meeting both data and audio - ability to mute, see who's talking, & record). Broadcast. WebEx also co-brands the host site that participants will visit in order to join the Webinar. This unlimited access allows employees to learn the information at their own pace by logging on from any location, with the limitless capability to replay, stop and start the course. The subscription allows employees to enjoy the course with a spouse or loved ones and without interrupting the workday. Employees receive study materials and can us with their questions. We provide the login credentials immediately upon purchase of the course. Group discounts are available. setting. Importantly, the PowePoint is narrated. This means that the audio teaches the lesson in the same manner as the live classroom setting. When logging in each employee has a dashboard with their course appearing. The individuals are able to pick-up where they left off in the Seminar. 02

4 Management Benefits Training Our professionals provide benefits training to employees responsible for benefits management and administration. We explain the legal requirements and provisions for the organization s retirement and health and welfare plans, including the practical aspects of benefits administration. We teach the organization s professionals about the retirement process, available resources and how to address and resolve participant questions and disputes. Our professionals also guide your employees in the initial New Employee Benefits Orientation Employees should begin preparing for retirement the day they start working, but are unaware. The New Employee Benefits Orientation is designed to acquaint employees with the benefit packages made available to them by the organization, in order to maximize utilization in pursuit of successful retirement. Participants will receive all of the information they need to understand, use, and integrate to make educated decisions regarding the benefits offerings. The course will provide benefit calculation instructions and information to assist participants in understanding the amount of income Individual Counseling Preparing for retirement can sometimes be problematic since it means that one is aging and moving into another life cycle change. We provide individual counseling to assist employees and their families in making the transition a more positive and less stressful experience. The impact of retirement on older citizens is frequently neglected in the counseling arena. As pre-retirement counselors, we understand what a retiree will face in retirement. Our sessions are designed to provide the individual with a comprehensive overview of the current retirement plan and benefits provisions and various concerns regarding the retirement process. We are confident that these sessions will assist the employee in gaining knowledge of steps to take in addressing Department of Labor and Internal Revenue Service employee benefits focused regulatory examinations, which can be so critical in avoiding costly litigation, penalties and excise taxes. Our team provides in depth coverage of calculating benefits under the organization s plans, Social Security, QDROs, taxation of benefits, surviving spouse benefits, fiduciary responsibility, the benefits application process, claims procedures and other important information. replacement in retirement that most individuals need in order to live comfortably, and also provide helpful information on plan operation, the composition of investment funds and the importance of prudent investing. The instructors will provide advice on the management of personal finances and guidance on the steps that participants need to take in the years preceding retirement. Our specialized expertise addresses complex questions and individual concerns to augment the education process. the available benefits, helping to ease the stress of making life-long decisions. The counseling sessions may be performed in small groups or by telephone if preferred. Significant others are welcome to attend. In the session, we review each employee s personalized estimated pension benefit which will reflect their individual estimated years of pension creditable service. Benefit calculations will be reviewed and related questions also discussed, in addition to estate planning. We are available to hold individual counseling sessions over the phone and can also provide the counseling onsite. Typically, we schedule the onsite sessions over several days and have individual meetings each hour. Spouses are encouraged to attend. 03

5 Savings Plan Curriculum (401(K), 403(B), 457) Our Seminar includes: Detailed Explanation of the Benefit Formula and Components: Employee Contribution and Elections Our professionals educate employees about the importance of their contribution election and the need to make the maximum contribution possible, by adjusting their lifestyle, and on the process for making and changing elections based upon current circumstance. We warn against keeping the same contribution election in place indefinitely. Tax Treatment of Contributions We advise employees on the tax treatment of contributions, being either pre-tax and/or after-tax Roth contributions, and on the analysis to be used to determine the type of contributions employees should make based upon individual circumstances. Limitations on Contributions Our professionals educate employees about the annual limitations on employee contributions, while making it clear that it is the employee s responsibility to ensure that the applicable limitations are not exceeded. We also provide instruction on catch-up contributions and the importance of maximizing retirement savings close to retirement. Rollover Contributions We advise employees on the functionality of making rollover contributions in order to consolidate retirement savings, which allows employees to more efficiently monitor success in reaching retirement savings goals. We educate employees regarding the prudence of rolling over accounts from arrangements with higher net expense ratios. Profit Sharing Contributions Myretirewell explains the allocation of any profit sharing or other nonelective contributions, whether the amounts are discretionary, and how the benefit is calculated and allocated. Further, we discuss the vesting conditions which must be met in order to retain the amounts after a separation from service. Matching Contributions We explain the matching contribution formula used under the plan and whether the formula is discretionary or safe harbor. Our professionals emphasize the importance of making employee contributions in an amount sufficient to maximize the receipt of full matching contributions. Vesting Our professionals provide instruction on the vesting requirements which must be met in order for benefits not to be subject to forfeiture. We inform employees that pre-tax and after-tax Roth contributions are non-forfeitable, as is the case with safe harbor matching or nonelective contributions. Hardship Withdrawals We provide information regarding the availability of and criteria for hardship withdrawals, as well as the six (6) month suspension for such withdrawals. Further, our professionals educate employees regarding the ten percent (10%) early withdrawal penalty for pre-59 ½ withdrawals. Loan Feature Our professionals educate employees about the operation of the loan feature, general purpose and residential loans, the loan repayment period, loan defaults and the availability of a cure period. Beneficiary Elections Myretirewell emphasizes the importance of having valid beneficiary designations on file, with current contact information for beneficiaries, and the need to periodically review designations when life changes occur. Domestic Relations Orders (Divorce) Our instructors provide guidance on how domestic relations orders (DROs) awarding benefits to a former spouse affect the employee s benefit entitlement and survivor benefits that may be payable to a current spouse. We provide strategies for ensuring that an employee s current spouse receives some level of income replacement after the employee s death. 04

6 Active Military Service and Reemployment We provide instruction on restoring employer contributions that were missed during an individual s period of absence to serve in the military, the process for making make-up contributions, the extension of loan amortization periods and reversal of taxable service related distributions. Post-Retirement Distribution Options Our professionals provide guidance on how the use of post-retirement distribution options will support individual income replacement strategies in retirement. We also provide advice on post-retirement investing when the installment feature is selected. Required Distribution Date We emphasize the importance of taking distributions by the later of April 1 of the year following the later of the year in which an individual attains age 70 ½ or retires. Our professionals stress the importance of the required distribution date and excise taxes that could apply for noncompliance. Required Minimum Distributions Myretirewell provides advice on the calculation of the required minimum distribution that individuals must receive in order to avoid noncompliance with the required distribution date requirements. Lifestyle Investment Funds Our professionals explain the advantages and disadvantages of participation in the lifestyle funds for employees who lack the time, knowledge and interest in developing their own investment strategy. We explain the composition of each fund, the best practices for evaluating progress towards reaching retirement savings goals and when to make investment changes. Myretirewell provides guidance to employees in developing their individual retirement strategy. Individual Investment Funds Our professionals explain the advantages and disadvantages of participation in the individual funds for employees who have developed their own investment strategy. We explain the composition and volatility of each fund, the best practices for evaluating progress towards reaching retirement savings goals, benchmarking, investment risks and when to make investment changes. Myretirewell provides guidance to employees in developing their individual retirement strategy. 05

7 Pension Plan Curriculum Our Seminar includes: Detailed Explanation of the Benefit Formula and Components: Benefit Formula We explain the benefit calculation formula to enable employees to estimate the amount of their own retirement benefit, while encouraging employees to obtain a formal estimate from your provider. Our professionals also provide multiple benefit calculation scenarios and examples, in order to demonstrate how changes in the components to the formula will increase benefits. Recognized Service We educate employees on which service is recognized service for benefit calculation purposes. Employees often incorrectly assume that all service is included for benefit calculation purposes, which may result in unwelcome surprise when benefits commence. Our team provides detailed information on which service counts, and also on the rules for making deposits to increase service. Determination of Years of Credited Service We assist employees in determining their years of credited service after identifying the employee s recognized service, to enable employees to calculate their retirement benefits. Reductions for Pre-Normal Retirement Age Retirement Our professionals provide information on how retirement benefits will be affected if an employee retires prior to the full retirement age, with less than the required years of credited service. Employees must have a clear understanding of how retiring prior to meeting certain age and service requirements will impact the amount of their monthly retirement benefit. Employee Death Benefits As a matter of estate planning, employees must be informed of the benefits payable to their surviving spouse and dependents in the event of death prior to retirement. The income replacement provided by death benefit features is important to ensuring family financial stability after an employee s death. Our instructors provide the required instruction in this regard. Spousal Benefits The surviving spouse annuity benefits are also critical income replacement needed by an employee s spouse in order to remain financially secure after the employee s death. Our professionals educate employees on eligibility to have such benefits payable to their surviving spouse. We provide instruction on this very important information, as well as suggestions on how to educate spouses regarding the availability of the benefits. Domestic Relations Orders (Divorce) Our instructors provide guidance on how domestic relations orders (DROs) awarding benefits to a former spouse affect the employee s benefit entitlement and survivor benefits that may be payable to a subsequent spouse, if any. We provide strategies for ensuring that an employee s current spouse receives some level of income replacement after the employee s death. Survivor Benefits We provide guidance on survivor benefits offered to the surviving spouses and dependents in conjunction with the survivor annuity, such as health insurance, vision and dental and long-term care coverage. Instruction is also provided on termination events. Normal Retirement Our professionals provide instruction on the immediate and postponed normal retirement options, the completion of the required number of years of credited service and the attainment of normal retirement age. Deferred Retirement Myretirewell professionals counsel employees on the consequences of deferred retirement, including ineligibility for health and other benefits when an employee terminates employment prior to eligibility for retirement benefits. Disability Retirement (and SSDI) Our professionals educate employees on the monthly benefit payable under disability retirement, including the criteria that must be satisfied in order to qualify for such benefits. We discuss the offset in the disability pension by Social Security disability benefits entitlement, the earnings limit, the effect of reemployment on disability retirement and unfavorable aspects of disability retirement. Discontinued Service Retirement Our professionals provide information regarding retirement benefits that are payable upon involuntary separation other than for cause. We define those important terms for the employees, discuss eligibility for discontinued service retirement, and advise employees on the consequences of declining reasonable offers of other positions. Early Retirement We provide information on the early retirement benefits available in involuntary separation cases and on account of voluntary separations during major reductions in force, as well as age and service requirements that must be met in order to qualify for such benefits. Social Security Myretirewell professionals educate employees about the Social Security benefits, as well as the spousal and dependent benefits provided by Social Security. We also provide guidance on the Social Security application process. Benefit Application Process We guide employees through the retirement application process, the adjudication period, as well as the process for challenging benefit denials. 06

8 Myretirewell Retirement Preparedness: Steps employees can take to maximize their retirement benefits under the employer-sponsored plans in which they participate. Savings plan contribution levels needed to maximize savings, prudent investment choices based upon retirement horizons, rollover options, the advantages and disadvantages of in-service withdrawals and loans, and post-termination distribution options. Calculation of the income replacement needed to maintain pre-retirement lifestyle after retirement. The importance of high credit ratings, lowering debt ratios, individual financial net worth, and family focus on retirement. Strategies for increasing retirement savings by the implementation of a budgeting lifestyle focused on lowering reoccurring expenses, and targeted savings for unforeseeable events and special occasions. Social Security, other public benefits and post-retirement health insurance, life insurance and other ancillary benefits. Individual meetings with employees to answer personal retirement planning questions. Fraud prevention and the avoidance of marketing schemes. Estate planning and the role of spousal benefits. Ancillary Benefits: Health Insurance Medicare Federal Employee Group Life Insurance (FEGLI) Flex Program Long-Term Care Insurance Deliverables: PowerPoint Presentation Employee Study Manual PowerPoint Slides Retirement Savings Worksheet Budgeting Worksheets Other Agreed Supplemental Information Recent Courses are referenced on 07

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