1. { RETIREMENT… BE READY Williamson County Government

2. Topics of discussion  Retirement Date  Retirement Income Options  Working after Retirement  Retirement Appointment with Williamson County Government Retirement Specialist

3. { Retirement Date Think about it.

4.  All employees should consider the following when selecting their retirement date:  Longevity  Leave Balances- Annual, Sick, and Rollover  Health & other Insurance continuation- Contact Laurie Gulan with the Williamson County Government Benefits Dept.  In addition, the employees in the TCRS plan should also consider the following:  The difference in early/full retirement Retirement Date: Considerations

5.  Longevity- You must be in active pay status as of July 1 st of the calendar year in order to be eligible to receive longevity payment. Example: You were hired January 2, 1990. You decide to retire June 30, 2015. Your last day worked is June 29, 2015. You are not eligible to receive longevity payment in 2015. Retirement Date

6.  Leave Balances- Employees will be paid for unused annual leave (vacation time) on the last pay check from the county.  The unused available sick leave will be added to the employee’s rollover balance. This time is reported to TCRS as additional creditable service time for retirement. Selecting your Date of Retirement

7.  Early vs. Full Retirement  Early Retirement - The member must be age 55 and vested. The member must be age 55 and vested. One reduction factor will be applied to the monthly benefit. One reduction factor will be applied to the monthly benefit. The reduction is.04% for each month that member lacks meeting service The reduction is.04% for each month that member lacks meeting service retirement requirements. retirement requirements.  Full Retirement The member must be age 60 and vested; or The member must be age 60 and vested; or The member must have 30 years of service The member must have 30 years of service (regardless of age). (regardless of age). No reduction factor will be applied to the monthly No reduction factor will be applied to the monthly benefits. benefits.  25-Year Retirement Resolution passed by local government authorizing this provision. Resolution passed by local government authorizing this provision. Two reduction factors are applied to the monthly benefit: Two reduction factors are applied to the monthly benefit: Reduction for early retirement; and Reduction for early retirement; and An actuarial factor based on the member’s age at retirement. An actuarial factor based on the member’s age at retirement. Retirement Date: Retirement Types

8. { Retirement Income Options Benefit Payments

9. Tennessee Consolidated Retirement System (TCRS) TCRS is a defined benefit plan. Employees will receive a monthly benefit after retirement for the remainder of their life.  You will have the option to provide a monthly annuity for a beneficiary in the event of your death.  Your benefit will be reduced if you take this option due to the fact that the plan must now provide for your beneficiary for the remainder of their life. For this reason the age of your beneficiary impacts the reduction of your benefit. For this reason the age of your beneficiary impacts the reduction of your benefit. Visit the TCRS website to use the Benefits calculator at http://treasury.tn.gov/tcrs/ or request an estimate from the Retirement Specialist. Visit the TCRS website to use the Benefits calculator at http://treasury.tn.gov/tcrs/ or request an estimate from the Retirement Specialist. http://treasury.tn.gov/tcrs/ Income Options

10. TCRS Retirement Options  Regular Maximum -Monthly benefit payable to you for a lifetime, all benefits cease at death, but the beneficiary is entitled to payment of any remaining contributions which had been credited to the member’s account and which were not returned to the member in the form of retirement benefits.  Social Security Leveling -An increased benefit until you reach age 62 at which time your TCRS benefit will be reduced, and you will be eligible to begin receiving your Social Security benefit. This allows the member’s total income to be approximately the same before and after the start of Social Security Payments. Payable to you for a lifetime, all benefits cease at death with the beneficiary entitled to payment of any remaining contributions in the member’s account which were not returned to the member in the form of retirement benefits.  The member must provide the retirement system with an age 62 Social Security estimate if this plan is elected.  A member who chooses the leveling plan may not elect a survivorship option. Income Options

11. TCRS Survivor Options: leaving a monthly benefit to a beneficiary.  Option I- monthly benefit to beneficiary equal to 100% of your benefit, should they pre-decease you, your benefit remains the same.  Option II- monthly benefit to beneficiary equal to 50% of your benefit, should they pre-decease you, your benefit remains the same.  Option III- monthly benefit to beneficiary equal to 100% of your benefit, should they pre-decease you, your benefit reverts to the regular maximum plan.  Option IV- monthly benefit to beneficiary equal to 50% of your benefit, should they pre-decease you, your benefit reverts to the regular maximum. Income Options

12. TCRS Beneficiary Selection  Upon retirement you will be asked to list one beneficiary.  This beneficiary can only be changed if the regular maximum option is selected.  They are eligible for the last TCRS payment in the event of your death.  If a survivor option is selected, the beneficiary cannot be changed after retirement. Income Options

13. Tennessee Consolidated Retirement System (TCRS) TCRS benefits are paid on the last working day of the calendar month.  You will be given the option to provide checking or savings account information for direct deposit of your benefit.  You benefit is subject to Federal income tax. Income Options

14. Social Security Benefits  Employees interested in drawing their social security benefits should contact Social Security directly or go online to www.ssa.gov www.ssa.gov  Application for Social Security can be processed online or at the local social security office.  Social Security recommends that you make an appointment if you wish to visit the local office. Income Options

15. { Working After Retirement Restrictions

16.  Employees in TCRS may work for a State of Tennessee Covered Employer by completing a Temporary Employment Report annually and must observe restriction on their return to work date, hours worked, and income.  Employees in TCRS may work for a non State of Tennessee covered employer with no restrictions. If you are drawing your Social Security benefit you should speak with their office to determine if there are hour or income restrictions. Can I work after I retire?

17. { Retirement Appointment Schedule it. Talk about it.

18.  An estimate of an employee’s benefit should be obtained by the employee from Tennessee Consolidated Retirement System (TCRS) approximately 4-6 months before the employee’s effective retirement date. This estimate may be requested when calling to set up a retirement appointment with Williamson County Government’s Retirement Specialist, Stephanie Binkley.  When setting up your appointment, be prepared to provide your projected date of retirement and the date of birth of your beneficiary. An estimate will be requested on your behalf from TCRS or the employee may contact TCRS directly at (615) 741-1971 to request a benefit estimate. (Estimate will be mailed to your home address within two weeks of the request.)  Paperwork will be provided to you at your consultation to complete. Employees should bring a voided check for direct deposit purposes, proof of their date of birth and proof of their beneficiary’s date of birth such as a driver’s license, birth certificate, or passport. Retirement Appointment

19. Employees should make an appointment with Williamson County Government Retirement Specialist, Stephanie Binkley, at least 90 consecutive days in advance of their effective retirement date to complete all necessary paperwork. (The retirement application takes 90 days to process.) By setting up an appointment, information regarding your retirement can be gathered and questions can be answered. Most retirement appointments take about 30 minutes. Appointments can be scheduled by calling (615)-790-5880 or by email at stephanieb@williamson-tn.org. Her office is located in the Payroll Department, Suite 120, at the Williamson County Administrative Complex, 1320 West Main Street, Franklin, TN 37064 stephanieb@williamson-tn.org Schedule an appointment

20.  Understand that creditable service time is not the same as the amount of years that you have worked. Factors including leaves without pay affect your creditable service time.  If you think you should have credit for previous employment or military service do not wait until you plan to retire to verify or apply for this credit. The process takes several months and this can affect the smoothness of your transition into retirement. Useful Information