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INFORMATION AND NEWS FOR BIBB COUNTY RETIREES. RETIREMENT INFORMATION FOR BIBB COUNTY EMPLOYEES AND RETIREES.

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Presentation on theme: "INFORMATION AND NEWS FOR BIBB COUNTY RETIREES. RETIREMENT INFORMATION FOR BIBB COUNTY EMPLOYEES AND RETIREES."— Presentation transcript:

1 INFORMATION AND NEWS FOR BIBB COUNTY RETIREES

2 RETIREMENT INFORMATION FOR BIBB COUNTY EMPLOYEES AND RETIREES

3 Current Employees Bibb County Government provides a pension plan for its fulltime employees (minimum of 30 hours per week), without cost to the employees Here are the minimum eligibility requirements for retirement: –30 years service with Bibb County –20 years service, minimum age: 50 –10 years service, minimum age: 60 If you are not a current employee, but have 10+ years of concurrent, eligible service with Bibb County, you may receive retirement payments from the Bibb County when you reach age 60

4 Current Employees (continued) F.A.Q.s about Bibb County Pension Plan –Q. How much will my pension be? –A. The amount you receive in retirement benefits is based on a combination of: The number of years you worked as a fulltime employee with Bibb County The average of your three (3) highest annual salary –This does not include bonus pay, compensatory time, or overtime pay –Q. What if my fulltime service with Bibb County is not continuous? –A. The last date you returned to work with Bibb County will be the date that your years of service are based on, unless you have met the requirements for bridging of your service –Q. Is there a way I can get an estimate of how much I might get in retirement benefits? –A. Yes. Locate the Pension Calculator on the Employee page of the Bibb County website. When you enter your information, you will be able to get an estimate of your retirement benefits You will be able to see how your years of service and salary will affect your monthly retirement benefit Remember that this is only an ESTIMATE to allow you to plan for your retirement. Official calculations must be completed by Human Resources staff, and verified by an auditor.

5 F.A.Q.s for Current Employees (continued) Q. Will I be able to live off my pension that is provided by Bibb County? A. There is no way for Bibb County to answer that question. That depends on your personal situation. A pension is not generally designed to meet all your financial needs, which is why you are advised to do planning early to determine a savings strategy to go with your retirement benefit

6 F.A.Q.s for Current Employees (continued) Q. Are there any savings plans available through Bibb County Government? A. A savings plan called a 457 is available. Contact Human Resources if you are interested. Q. How do my Social Security benefits apply to my pension? A. If you are eligible for Social Security benefits and have met the minimum requirements for retirement from the Bibb County Pension Plan, you will receive both benefits.

7 F.A.Q.s for Current Employees (continued) How do I apply for Bibb County Retirement? To initiate your official retirement, you must write a letter to your Manager indicating the date you plan to retire. Bring a copy of the letter to Human Resources at least 30 days before you plan to retire and complete an official application for retirement A Human Resources staff member will do the calculation for your retirement, and review it with you Human Resources will have the calculation audited, and notify you of the date your pension will be approved by the Board of Commissioners

8 Bibb County Government Pension Plan Eligibility Requirements Options under BCG Pension Plan Pay Schedule Extended Leave Time Annual Leave and Compensatory Time Sick Leave Time Benefits Available to BCG Retirees


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