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Retirement Seminar

Retirement Seminar. Jeannie Greer Benefits Department. Retirement Eligibility Requirements Reduced Age 50-20 years of service Age 60- 5 years of service Unreduced Age 60- 25 years of service Age 65- 5 years of service Any age with 30 years of service. Preparation for Retirement.

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Retirement Seminar

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  1. Retirement Seminar Jeannie Greer Benefits Department

  2. Retirement Eligibility Requirements Reduced Age 50-20 years of service Age 60- 5 years of service Unreduced Age 60- 25 years of service Age 65- 5 years of service Any age with 30 years of service

  3. Preparation for Retirement Step 1. Decide on your retirement dateStep 2. Review your personal information through Orbit systemwww.myncretirement.comStep 3. Request an estimate by completing Form 309(attached to handout).

  4. RETIREMENT APPOINTMENT • email greerj@gcsnc.com • 6 months before your retirement date • During the group meeting we will review • retirement service years, benefits, and • leave days.

  5. Sick Leave 20 days = 1 month • For the final month, 1 day of sick leave will count as 1 month of sick leave credit. • There is no limit on sick leave days.

  6. Other Leave Time Personal Leave Annual Leave Bonus Leave Longevity

  7. 401k/457 403b

  8. Health Dental Life Insurance

  9. Other Insurance Flex Benefits Gilsbar Flex Spending Vision Insurance Allstate Cancer Plan Texas Life

  10. Retirement System Benefits -Death Benefit -Dental, Vision and Life Ins. • Note: You may elect to COBRA your current GCS dental and vision plans for 18 months if you choose to and once the 18 months are complete you may join the retirement system’s dental and vision plan.

  11. Form 6- Claiming Your Retirement BenefitsForm PS-33 – Resignation Form Required Forms

  12. Required DocumentsDocuments

  13. The Process • During group meeting Form 6 and • resignation will be signed, dated and • copies will be mailed to you. • Original forms will be sent to NC • Retirement System and Human Resources • for processing. • Your supervisor/principal will be notified by • Human Resources of your retirement date.

  14. This is the paperwork you will receive in the mail from the NC Retirement System • Notification Letter • Form-RET-170 • Form-RET-290 • Form- 333 • Form-6E • BEN-333 • Report of Estimated Retirement Benefits • Form-336

  15. All Retirement checks are subject to Federal Withholding Taxes and State TaxesYou are exempt from State taxes if you had 5 full contributory years in the state as of August 12, 1989.

  16. Checks First check is mailed on the 25th Future checks will be direct deposited on the 25th. 12 times per year

  17. How the Payment Options Work Option 1: Maximum Payment To You each month for the rest of your life. $2,742.00 This is an example!

  18. Payment Options Option 2 100% Joint And Survivor You receive reduced monthly payments for life. After you die, your beneficiary receives the same amount monthly for life. To YouTo Beneficiary $2,277.00 $2,277.00 Option 3 50% Joint And Survivor You receive reduced monthly payments for life. After you die, one-half of your payment continues to your beneficiary for life. To YouTo Beneficiary $2,488.00 $1,244.00 Option 4 Social Security Leveling You receive larger monthly payments than you would otherwise be entitled to receive, until you become eligible for Social Security at age 62. To age 62 - $ 3,242.00 Age 62 and after $2,042.00

  19. Option 6Modified Joint And Survivor Option 6-2 -- combination of Option 2 and *maximum payment To YouBeneficiary $2,218.00 $2,218.00 Option 6-3 -- combination of Option 3 and *maximum payment To YouBeneficiary $2,453.00 $1,226.00 *If beneficiary dies before retiree, retiree monthly amount will convert back to maximum payment.

  20. Department of State Treasurer • TEACHERS’ AND STATE EMPLOYEES RETIREMENT SYSTEM • 325 North Salisbury Street • Raleigh, North Carolina 27603-1385 22-Nov.-2004 • PRELIMINARY ESTIMATE OF RETIREMENT BENEFITS • Jane A. Doe S. S. # 000 00 0000 • 777 Deer Crossing Lane • Deer Park, NC 27400 A.# 000000 • = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = • ASSUMPTIONS USED FOR PRELIMINARY ESTIMATE OF BENEFITS • Date of birth 01/26/44 Total service credits 30.0000 • Retirement date 01/01/08 Aver. Final compensation $58,964.00 • Sick leave days 160.00 Total contributions $69,664.04 • Annual leave days 30.00 Taxed contributions $10,000.00 • Est. monthly SS (age 62) $ 1,200.00 • Beneficiary: • John A. Doe Beneficiary birthdate: 10/15/44 • At your death • To You To Beneficiary • MAXIMUM PAYMENT $2,742.00 None • PAYMENT OPTIONS • (2) 100% Survivorship $2,277.00 $2,277.00 • (3) 50% Survivorship $2,488.00 $1,244.00 • (4) Social Security Leveling • To Age 62 $3,242.00 None • Age 62 and after $2,042.00 None • (6) Pop-up • With option (2) $2,218.00 $2,218.00 • With option (3) $2,453.00 $1,226.00 • GUARANTEED REFUND (under all of the payment plans above): If you and the beneficiary (if any) you may have to receive……………………………………………………………………………………… • *The estimate under Option (4)……………………………………………………………. • ***Based upon your age…………………………………………………………………… • *Disclaimer* Example of Estimate

  21. Re-employment After Retirement • Cap | Under current legislation, all state employees may return to work under a cap. A 6 month break is required for all retirees returning to state employment. The cap is determined by the Retirement System. Each year the standard cap changes in January. You must contact the Retirement System to determine your yearly cap. • Six-month Break | During the 6 month break the employee shall not work in any capacity in a organization participating in the Teachers’ and State Employees’ Retirement System, including part-time, temporary, substitute, part-time tutor or contracted services. • After the Six-month Break | A retiree may work as an interim, tutor, substitute, temporary status or permanent part-time (<30 hrs. per week). Employees in this capacity must not exceed earnings cap and must not be employed in permanent full-time status.

  22. Reminders • Send your estimate request (Form 309) to the retirement system at least 6 months prior to your retirement or complete online estimate (see page 4 for instructions). • You should email (greerj@gcsnc.com) or call (336-370-8165) to schedule an appointment 6 months before your retirement date. • The earliest you may complete your paperwork is 120 days prior to your retirement date. • Do not complete your paperwork later than 60 days prior to your retirement date if possible due to the delay in receipt of retirement check. • Please advise your supervisor in a timely manner of your decision to retire.

  23. Contact Information The Retirement Handbook and all forms available from the Retirement System may be viewed and downloaded from the website at: www.myncretirement.com . There is more than one state retirement system. Our retirement system is the: Teachers’ and State Employees’ Retirement System. NC Department of State Treasurer, Retirement Systems Division 3200 Atlantic Avenue Raleigh, NC 27604 Toll free line: 1-877-627-3287 Fax number: 919-855-5800

  24. Any Questions

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