PRE-RETIREMENT SEMINAR Presented by: Rick Santos, Executive Director Donna Wood, Member & Employer Services Specialist

StanCERA’S Plan Sponsors Welcome!

StanCERA 1937 ACT RETIREMENT  Eligibility Requirements to Retire  Retirement Benefit Calculation  Final Average Salary  Excess Sick Leave  Retirement Options  Example Benefit Calculation  Social Security Modification  Cost-of-Living Adjustment  Choosing a Retirement Date

StanCERA 1937 ACT RETIREMENT  Retirement Application  Reciprocity  Selection of Retirement Option  Death Benefit after Retirement  StanCERA’s Website  Divorce and Retirement  Post Retirement Employment  Normal Retirement Age Rules  Retiree Health Insurance

Let’s get started…

MINIMUM REQUIREMENTS TO RETIRE  Age  Vesting  Membership

BENEFIT CALCULATION  Age Factor Specific to Tier & Classification  Years of Service  Final Average Salary 1 or 3 Year – Tier Specific

EXCESS SICK LEAVE  Unused sick leave accruals above personal sick leave limit will be automatically converted to retirement service credit at 100%  Ask HR/Payroll clerk for your personal sick leave limit STANISLAUS COUNTY, StanCOG & SUPERIOR COURT

INCOME LEVELING OPTION  Integrates your prospective Social Security benefit with your StanCERA benefit  StanCERA pays a higher benefit before age 62  StanCERA pays a lower benefit after age 62  SS statement showing expected benefit at age 62 is required

STANCERA BENEFIT STREAM

ADD SOCIAL SECURITY AT AGE 62

TOTAL BENEFIT STREAM

AFTER MODIFICATION

RETIREMENT ESTIMATE

COST-OF-LIVING ADJUSTMENTS  Effective on April 1 st each year  Based on CPI for the S.F. Bay area  Maximum of 3% increase/decrease  Excess percentage banking

COLA Eff. Date CPI Max COLA Allowed Current Year COLA +Banked/ -Used Cumulative COLA Bank Balance Actual COLA Received Base Retirement Benefit Current Year COLA Amount Cumulative COLA Amount Total Retirement Amount %3.0%+0.5%0.5%3.0%$1,000$30.00 $1, %3.0%+1.0%1.5%3.0%$1,000$30.90$60.90$1, %3.0%-1.5%0.0%1.5%$1,000$15.91$76.81$1, %3.0%0.0% 2.5%$1,000$26.92$103.73$1, %3.0%0.0% 2.5%$1,000$27.59$131.32$1, COST OF LIVING EXAMPLE * The above information is actual for a member with a base monthly retirement of $1,000.00/month

CHOOSING YOUR RETIREMENT DATE

FIRST RETIREMENT BENEFIT  When you receive your first check from StanCERA is dependent on your official retirement date  Retiree Payment Schedule Visit our website at Member Services > First Retirement Checkwww.stancera.org

SERVICE RETIREMENT APPLICATION  Member must submit application prior to the effective date of retirement Visit our Website at  Notify your employer of your intent to retire

SERVICE RETIREMENT APPLICATION  REQUIRED RETIREMENT FORMS PROVIDED IN APPLICATION PACKET  SUPPLEMENTAL DOCUMENTS CERTIFICATES, PHOTO(S), SOCIAL SECURITY STATEMENT (if applicable)

RECIPROCITY  What is Reciprocity?  File your Retirement Application with your other reciprocal system(s)  Must use the same effective date of retirement for all reciprocal systems  All reciprocal systems will use highest final average salary when calculating benefits

SELECTING YOUR BENEFIT OPTION  You will have ONE LAST APPOINTMENT with a Member and Employer Services Specialist to sign final documents and choose your benefit option, AFTER you have received your final pay check from your employer.

SELECTING YOUR BENEFIT OPTION  Unmodified Option – Pays the member their highest benefit and provides for a 60% Continuance to your spouse/ registered partner at the time of death Must be married/registered for one year prior to retirement  Option 1 – Slightly reduced option that provides a lump sum payment of any remaining member’s accumulated contributions to a designated beneficiary(s)  Option 2 – For a reduced allowance, you may leave 100% of your benefit to a designated beneficiary upon your death  Option 3 – For a reduced allowance, you may leave 50% of your benefit to a designated beneficiary upon your death

 Lump Sum payment of $5,000  Available to all Tiers (except Tier 3) if last employed with StanCERA  This is not life insurance  Taxable Benefit POST-RETIREMENT DEATH BENEFIT

RETIREMENT CALCULATOR

STANCERA FORMS

DIVORCE AND RETIREMENT  There are things that must be done if you divorce Legal issues Beneficiary information update  Failing to take care of these issues could jeopardize timely payment of your benefit  StanCERA and your employer do not share beneficiary information  Talk to a StanCERA Representative

POST-RETIREMENT EMPLOYMENT  960 work hour limits  Must meet the Normal Retirement Age and Post Retirement Employment requirements  No limits for outside employers (not covered under StanCERA), whether private or public  Outside employer benefits will not affect StanCERA retirement benefits

NORMAL RETIREMENT AGE RULES  There are laws that govern your ability to return to work for your employer if you retire prior to the Normal Retirement Age: Safety – Age 50 General – Age 62

HEALTH INSURANCE  Remember! StanCERA does not administer health benefits! Contact your Employer’s Benefits Department Contact RESCO Insurance

Questions