1 / 23

Retirement from IRS

Retirement from IRS. AIM-IRS Annual Business Meeting & Training Seminar (ABMTS ), Cincinnati , OH Presenter: Colleen Keeton-Sims. Retirement: Agenda. Planning IRS plans (CSRS & FERS) Retirement reasons Helpful seminars Retirement estimate What may affect benefits? Questions & Answers.

leann
Télécharger la présentation

Retirement from IRS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Retirement from IRS AIM-IRS Annual Business Meeting & Training Seminar (ABMTS), Cincinnati, OH Presenter: Colleen Keeton-Sims

  2. Retirement: Agenda • Planning • IRS plans (CSRS & FERS) • Retirement reasons • Helpful seminars • Retirement estimate • What may affect benefits? • Questions & Answers

  3. Retirement: Planning • Hopefully you did the following: • Verified your IRS Plan (e.g. CSRS, FERS) benefits • Answered probing questions • Set & met goals • Diversified your portfolio

  4. Retirement: Planning cont. p2 • Answered probing questions: • When do I plan to retire? • What is required to retire? • Determine comfortable amount • Paperwork or necessary processes

  5. Retirement: Planning cont. p3 • Set & met goals • How I obtained the goal • Determined critical objectives • Made plan & checklist • Tracking purposes • Monitored status • Checked off tasks met • Followed up on incomplete items • marked for rework • required change

  6. Retirement: Planning p4 • Diversified • Within IRS • TSP contribution using IRS match • Made outside investments • secured “nest egg” builders • Personal savings • Stock market • IRAs

  7. Retirement: IRS Plans • Civil Service Retirement System (CSRS) • Federal Employees Retirement System (FERS)

  8. Retirement: What is CSRS? • CSRS • Hired before 1/1/84 • 5 (+) years prior federal service • Regular CSRS employees fund • Contribute 7% of basic pay • Law enforcement officers (LEOs) • contribute 7.5% of basic pay

  9. Retirement: CSRS Offset • Hired before 1/1/84 • left federal service over a year • returned after12/31/83 • Covered by CSRS and Social Security • Contributes 7% • Receives same CSRS benefits until age 62 • SSA eligible? CSRS annuity offset • Irrevocable transfer option to FERS • Break in service 3 days (+) • During FERS open season

  10. Retirement: What is FERS? • Three tier Annuity plan • Basic FERS plan administered by • Office of Personnel Management (OPM) • Social Security Administration (SSA) • Thrift Savings Plan (TSP) • Required if hired after 12/31/83 • Alternative for CSRS Offset

  11. Retirement: Reasons • Retirement eligible • Offered early retirement • Reduction in force (RIF) • Realignment • Disability • On the job injury • workman compensation • Non-job related injury or medical

  12. Retirement: Helpful seminars • Attend pre-retirement seminar • Locally (Check with BeST) • Advise manager want to attend • Interactive Video Teletraining • IVT broadcasts held via satellite • 11am-430pm EST: • CSRS: 9/15/10 & 12/8/10 • FERS: 9/16/10 & 12/9/10

  13. Retirement: Helpful seminars • Pre-retirement seminars cover • Retirement benefits • Social Security (SSA) • TSP • Federal Employee Health Benefits Program (FEHBP) • Long Term Care • Federal Employees’ Group Life Insurance Program (FEGLIP)

  14. Retirement: Estimate reports • Retirement estimates • Where & how to check retirement benefits • HR Connect • National finance (NFC) www.usda.nfc.gov • Employee Connection • On ERC page under “My Profile” tab http://erc.web.irs.gov/Profile/ • Click on “View my benefits information” link http://erc.web.irs.gov/ec/eclogin/erc_get_emp_benefitslogin.asp • Enter your SEID and Employee Connection PIN or default (last two digits of SSN followed by first two digits of SSN)

  15. Retirement: Obtain estimate • Retirement & benefit statement • periodically sent to address on file • Request estimate 45-60 days prior • Employee Resource Center (ERC) • 866-743-5748 option 1 • or via IRWeb (Intranet) • OS Get Services

  16. Retirement: Estimate received • After receive estimate contact • BeST Specialist • Verify if benefits are available • Select from eligibility options • keep or cancel medical with IRS • keep or cancel life insurance with IRS • Avoid delay submit paperwork timely

  17. Retirement: Estimate received • Once get estimate contact SSA • (Social Security Administration) • Coordinate benefits • disability retirement • Medicare (Part A, B, C & D) • Military (e.g. TRICARE)

  18. Retirement: Errors & follow up • Errors & follow up: • Correct errors with • BeST • SSA • Verify all data received • If projected receipt date past • Received incorrect quote or pay • Submit paperwork timely

  19. Retirement: Benefits affected • Full retirement benefits affected • Seasonal or part time work • Leave (excessive) • Military • pro: time served • con: received retirement payouts • TSP cash out before age 59 ½

  20. Retirement: Benefits affected • Government Pension Offset (GPO) • Based on spouse’s work

  21. Retirement: Benefits affected • SSA www.ssa.gov • Early retirement eligible (62 years) • Returns to work before full retire age • Makes more than allowed • Windfall elimination • Based on your work • Company did not pay into SSA • Teachers (some districts do but rare) • Postal workers

  22. Questions • Thank you for coming! • The floor is open for questions

  23. References • Government Pension Offiset (GPO) based on Spouse: http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&CategoryID=2&SubCategory=193&QuestionID=1706 • IVT: http://irweb.irs.gov/AboutIRS/bu/cl/comm/tv/training/csrsfers/default.aspx • Windfall elimination based on you not spouse: http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&CategoryID=2&SubCategory=193&QuestionID=1705 • Social Security Administration (SSA) www.ssa.gov

More Related