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

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

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

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

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

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

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

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

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

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

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

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

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

14. Retirement: Estimate reports Retirement estimates Retirement estimates Where & how to check retirement benefits Where & how to check retirement benefits HR Connect HR Connect National finance (NFC) www.usda.nfc.gov National finance (NFC) www.usda.nfc.govwww.usda.nfc.gov Employee Connection Employee Connection On ERC page under “My Profile” tab http://erc.web.irs.gov/Profile/ On ERC page under “My Profile” tab http://erc.web.irs.gov/Profile/ 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 Click on “View my benefits information” link http://erc.web.irs.gov/ec/eclogin/erc_get_emp _benefitslogin.asp http://erc.web.irs.gov/ec/eclogin/erc_get_emp _benefitslogin.asp 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) 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 Retirement & benefit statement periodically sent to address on file periodically sent to address on file Request estimate 45-60 days prior Request estimate 45-60 days prior Employee Resource Center (ERC) Employee Resource Center (ERC) 866-743-5748 option 1 866-743-5748 option 1 or via IRWeb (Intranet) or via IRWeb (Intranet) OS Get Services OS Get Services

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

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

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

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

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

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

22. Questions Thank you for coming! Thank you for coming! The floor is open for questions 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&Cate goryID=2&SubCategory=193&QuestionID=1706 Government Pension Offiset (GPO) based on Spouse: http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate goryID=2&SubCategory=193&QuestionID=1706 IVT: http://irweb.irs.gov/AboutIRS/bu/cl/comm/tv/training/csrsfers/default.aspx IVT: http://irweb.irs.gov/AboutIRS/bu/cl/comm/tv/training/csrsfers/default.aspx 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&Cate goryID=2&SubCategory=193&QuestionID=1705 Windfall elimination based on you not spouse: http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate goryID=2&SubCategory=193&QuestionID=1705 http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate goryID=2&SubCategory=193&QuestionID=1705 http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate goryID=2&SubCategory=193&QuestionID=1705 Social Security Administration (SSA) www.ssa.gov Social Security Administration (SSA) www.ssa.gov