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Retirement Overview

Retirement Overview

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Retirement Overview

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  1. Retirement Overview Simplified Acquisition Symposium April 22, 2009

  2. Federal Retirement Systems • Civil Service Retirement System (CSRS) (includes CSRS-Offset) • Federal Employees Retirement System (FERS) National Institutes of Health Human Capital Group

  3. CSRS Basic Benefit • Based on: • High-3 Average Salary • Federal civilian and military service (may require deposit) • Unused sick leave National Institutes of Health Human Capital Group

  4. CSRS Formula • 1.5% of High 3 x 1st 5 years of service • 1.75% of High 3 x 5 years of service • 2% of High 3 x remaining years of service • Quick formula: Total Service minus 2 times 2 National Institutes of Health Human Capital Group

  5. CSRS Offset • Same formula as CSRS • Annuity reduced at age 62 if eligible for Social Security • Reduction based on amount of SS benefits earned while covered under CSRS Offset National Institutes of Health Human Capital Group

  6. FERS Basic Benefit • 1% of your High-3 x each year of service (must make a deposit for military service) • A FERS employee with 30 years of service will receive 30% of their high-3 average salary • If you retire at age 62 with at least 20 years of service 1.1% of high-3 National Institutes of Health Human Capital Group

  7. Social Security Benefit • Eligible for reduced social security benefit at age 62 • Eligible for unreduced benefits at age 65 – 67. • Receive a statement each year from SSA • www.ssa.gov National Institutes of Health Human Capital Group

  8. Thrift Savings Plan • Tax deferred retirement savings acct • Eligible under both CSRS and FERS • Contributions limited by IRS • Vested in employee and agency matching contributions. • Vested in agency automatic contributions after 3 years. • TSP calculator (www.tsp.gov) available National Institutes of Health Human Capital Group

  9. TSP CSRS • No agency contributions • TSP limit 2008 - $15,500 • TSP limit 2008 catch up - $5,000 • Use myPay to request contributions National Institutes of Health Human Capital Group

  10. TSP FERS • Employee contributions • TSP limit 2008 - $15,500 • TSP limit 2008 catch up - $5,000 • 5% Agency contributions - • automatic 1%, • Matching – 1st 3% matched dollar-for-dollar, next 2%, 50 cents on the dollar. National Institutes of Health Human Capital Group

  11. TSP Investment Options • Government Securities (G-fund) • Fixed Income Index fund (F-fund) • Common Stock fund (C-fund) • Small Cap Stock fund (S-fund) • International Stock fund (I-fund) National Institutes of Health Human Capital Group

  12. TSP Lifecycle fund (L-fund) Select If time horizon is • L 2040 (2035 or later) • L 2030 (2025 thru 2034) • L 2020 (2015 thru 2024) • L 2010 (2008 thru 2014) • L Income (sooner than 2008) National Institutes of Health Human Capital Group

  13. TSP Withdrawal Options: • Lump-sum, and/or • Equal monthly payments, and/or • Life annuity w/wo survivor annuity, and/or • Transfer account balance to IRA. A one-time opportunity for a partial withdrawal either lump sum or transfer balance. Must begin withdrawal by age 70 ½. National Institutes of Health Human Capital Group

  14. Life Insurance Eligible to continue coverage provided you are: • Covered at retirement • Continuous coverage for at least 5 years preceding retirement • Elections available for continuation of coverage. National Institutes of Health Human Capital Group

  15. Health Insurance Eligible to continue coverage provided you are: • Covered at retirement • Continuous coverage for at least 5 years preceding retirement • Same premium payment – post-tax • Continuation of coverage for spouse provided a survivor benefit payable National Institutes of Health Human Capital Group

  16. Medicare • Eligible at age 65 • Part A – Hospital benefits – no cost • Part B – Medical benefits - $96.40 • Part D – Prescription • Primary coverage after retirement • FEHB Secondary – waive calendar year deductables and co-payments National Institutes of Health Human Capital Group

  17. Eligible to continue coverage after retirement. Payment options available. www.LTCFEDS.com 1-800-582-3337 Long Term Care Insurance National Institutes of Health Human Capital Group

  18. FEDVIP The Federal Employee Dental and Vision Insurance Program • Eligible to enroll as retiree. • Eligible to continue coverage on post-tax basis. • www.BENEFEDS.com - 1-877-888-3337 National Institutes of Health Human Capital Group

  19. QUESTIONS ????? National Institutes of Health Human Capital Group