CalPERS Education Center presents: Image will be updated by PAOF Understanding Your Retirement Benefit Options Understanding Your Retirement Benefit Options
Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
Beneficiary vs. Survivor
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
Survivor Continuance Eligible Survivors Order of eligibility (by State law): 1. Spouse or registered domestic partner 2. Unmarried children under age 18
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
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
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
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
Retirement Options Unmodified Allowance Option 1 Option 2 Option 2W Option 3 Option 3W Option 4
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.
John s Retirement Estimate Retirement age: 55 Beneficiary and survivor: spouse Beneficiary age: 56
Retirement Options Unmodified Allowance: Provides the highest monthly allowance paid for life.
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.
Retirement Options Option 1 your contributions: Your monthly benefit payment does not end when your contributions are exhausted. John s total contributions of $65,308.41 will be reduced by $550.14 for each month that he receives an allowance. His contributions will be reduced to $0.00 in approximately 9.89 years.
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.
Retirement Options Option 2W: Slightly higher monthly benefit than Option 2. If your beneficiary dies before you, your allowance remains the same.
John s Younger Beneficiary John s pension reduced by $300 more His grandchild will receive the allowance for the rest of their life
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.
Retirement Options Option 3W: Similar to Option 3, slightly higher monthly benefit. If your beneficiary dies before you, your monthly allowance remains the same.
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.
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
Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
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
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
Retirement Estimate Calculator
Retirement Estimate Calculator 12/31/2016
Retirement Estimate Calculator 12/31/2016
Retirement Estimate Calculator
Retirement Estimate Calculator
Retirement Estimate Calculator
Retirement Estimate Calculator
Retirement Estimate Calculator
Retirement Estimate Calculator
Estimate Results - Example
Estimate Results - Example 12/31/2016
Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
Tools & Resources: calpers.ca.gov Service Credit Cost Estimator Retirement Estimate Calculator Health Plan Chooser Health Plan Search by ZIP Code Forms & Publications
Tools & Resources: calpers.ca.gov PERSpective, member newsletter Email subscriptions Press alerts CalPERS News Employer Bulletin Member Education Bulletin
Retirement
Health
Education Resources
Education Resources, continued
Profile
Social Networking Like us on Facebook: http://facebook.com/mycalpers Follow us on Twitter: http://twitter.com/calpers View videos on YouTube: http://youtube.com/calpersnetwork
Agenda: Retirement Options Retirement Estimate Calculator Tools & Resources Contacting CalPERS
Contacting CalPERS my CalPERS Message Center By mail By phone 888 CalPERS (or 888-225-7377) Visit a Regional Office
Regional Offices Walnut Creek Sacramento San Jose Fresno Glendale Orange San Bernardino San Diego
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.