Retirement Information Session February 15, 2008

Introduction ► Nick Silvaroli, Business Administrator ► Jennifer Kraft, Insurance Services ► Bethany Pocock, Payroll Services

Objective ►To provide information that will assist in the retirement process ►To ask questions, share thoughts, and have open communication

Presentation Overview ►New York State TRS & ERS ►Medicare / Social Security ►Retiree Health Insurance ►Sick Day Conversion ►403(b) Plan ►105(h) Account ►Question & Answer

New York State TRS ►Eligibility ♦Under all tiers you may retire if you are at least age 55 with 5 years or more of credited New York State service. (Tier 1 members may retire at any age with 35 years of service, or at age 55 with less than 5 years, if two years are credited since age 53.) ►Preretirement Planning Seminars ♦Schedule posted in each building faculty room and in district office ♦Recommended at least 1 year prior to retirement ♦Make a reservation through the website ( or call TRS at (800) ext. 6180www.nystrs.org ►Arrange a consultation appointment with TRS ♦Buffalo & Olean (800) ext ♦TRS Application ♦Timelines & Options ►Effective date of retirement can be the same day you file, but you cannot apply any sooner than 90 days prior to your retirement date (April 1 st if you plan to retire at the end of the school year)

New York State TRS ►Retirement benefit is New York State tax exempt ►Income Cap ♦Service retirees can have unlimited earnings in the following cases: a) in private employment; b) in federal employment; c) in public employment outside New York State; d) as an elected official, inspector of elections, poll or ballot clerk, commissioner of deeds, juror or notary public; or, e) in all employment (including NYS public employment) beginning in the calendar year they turn age 65. ♦Sections 211 and 212 of the Retirement and Social Security Law govern NYS public employment by service retirees under age 65. The Section 212 earnings limit, determined by the State Legislature, is currently $30,000. ►Website ♦ ♦Click on “Active Members” ♦Click on “Planning for Retirement”

New York State ERS ►Eligibility ♦If you are a member of the Employees' Retirement System (ERS) under a regular plan, you may retire at age 55 with a minimum of 5 years of service. Tier 1 members may retire at age 55 with no benefit reduction. If you are a Tier 2, 3 or 4 member, and have less than 30 years of service credit, your benefit will be reduced by a percentage for each year of retirement prior to age 62. ►Arrange a consultation appointment with ERS ♦Buffalo (866) ♦ERS Application ♦Timelines / Options ►Buffalo Office ♦Walter J. Mahoney State Office Building 65 Court Street, Room 500 9:00 am - noon 1:00 pm - 4:00 pm First, Second, Third & Fourth Monday, Tuesday, Wednesday and Thursday* of each month

New York State ERS ►New York State Tax Exempt ►Income Cap ♦Your retirement benefit will not be affected if you are a regular service retiree (not receiving a disability benefit from the Retirement System) and your employer is not a public employer in New York State. You do not need Retirement System approval to work and your earnings are unlimited if you:  Are self-employed;  Work for a private employer;  Work for another state or its political subdivisions; or  Work for the Federal government.  Your earnings are generally not limited once you reach age 65. ♦Sections 211 and 212 of the Retirement and Social Security Law govern NYS public employment by service retirees under age 65. The Section 212 earnings limit, determined by the State Legislature, is currently $30,000. ►Website ♦ ♦Click on “Members”

Medicare ►Medicare ♦Eligible at age 65 Effective 1 st day of the month you turn age 65 ♦ ♦(800) MEDICARE ♦(800) ♦General enrollment period – January 1 st – March 3 1 st If you did not enroll into Medicare Part B when you first became eligible Effective July 1 st ♦Enlist in Medicare A & B

Social Security ►Social Security ♦Eligible at age 62 (reduced benefit) ♦Apply for benefit Website (Qualify & Apply) Phone ♦ ♦(800) ►West Seneca OfficeOlean Office ♦Social SecuritySocial Security Suite Ridge Road175 North Union West Seneca, NY 14224Olean, NY Phone: (800) Phone: (716)

Health Insurance ►Erie 1 Health Trust ♦Independent Health ♦Encompass 65 (upon Medicare eligible) Must be enrolled in Medicare Parts A & B ♦A plan is now available if you move out of the area ►Billing ♦Quarterly ♦Due 5 th of the month ►Change of address ♦Notify Jen ASAP

Sick Day Conversion ►Must meet eligibility requirements (refer to contract) ►Minimum 90 day notice ♦April 1 st for June 30 th retirement date ►PFA ♦$100 per day up to 250 days ♦PFA contract section 25.2 ►PAA ♦1 day wages for every 2 days of accumulated sick time (pre 2006) ♦PAA contract section ►Health insurance account ►403(b) ***Please note that attendance data is provided on your pay stub

403(b) Account ►Deferred income investment account ♦Universal eligibility ♦Must be 59 ½ to avoid tax penalties

105(h) Account ►Medical reimbursement account ♦Money carries over into retirement ♦No FLEX Card Must be destroyed at time of retirement per IRS regulations Reimbursement through mail or fax ♦Admin fee will de deducted directly from balance every July 1st

Questions / Comments