Download presentation
Presentation is loading. Please wait.
Published byJonah Buddy Wade Modified over 7 years ago
1
PRE-RETIREMENT SEMINAR Presented by: Rick Santos, Executive Director Donna Wood, Member & Employer Services Specialist
2
StanCERA’S Plan Sponsors Welcome!
3
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
4
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
5
Let’s get started…
6
MINIMUM REQUIREMENTS TO RETIRE Age Vesting Membership
7
BENEFIT CALCULATION Age Factor Specific to Tier & Classification Years of Service Final Average Salary 1 or 3 Year – Tier Specific
8
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
9
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
10
STANCERA BENEFIT STREAM
11
ADD SOCIAL SECURITY AT AGE 62
12
TOTAL BENEFIT STREAM
13
AFTER MODIFICATION
14
RETIREMENT ESTIMATE
15
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
16
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 04-01-113.5%3.0%+0.5%0.5%3.0%$1,000$30.00 $1,030.00 04-01-124.0%3.0%+1.0%1.5%3.0%$1,000$30.90$60.90$1,060.90 04-01-130.0%3.0%-1.5%0.0%1.5%$1,000$15.91$76.81$1,076.81 04-01-142.5%3.0%0.0% 2.5%$1,000$26.92$103.73$1,103.73 04-01-152.5%3.0%0.0% 2.5%$1,000$27.59$131.32$1,131.32 COST OF LIVING EXAMPLE * The above information is actual for a member with a base monthly retirement of $1,000.00/month
17
CHOOSING YOUR RETIREMENT DATE
18
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 www.stancera.org Member Services > First Retirement Checkwww.stancera.org
20
SERVICE RETIREMENT APPLICATION Member must submit application prior to the effective date of retirement Visit our Website at www.StanCERA.orgwww.StanCERA.org Notify your employer of your intent to retire
21
SERVICE RETIREMENT APPLICATION REQUIRED RETIREMENT FORMS PROVIDED IN APPLICATION PACKET SUPPLEMENTAL DOCUMENTS CERTIFICATES, PHOTO(S), SOCIAL SECURITY STATEMENT (if applicable)
22
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
23
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.
24
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
25
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
26
WWW.STANCERA.ORG
27
RETIREMENT CALCULATOR
28
STANCERA FORMS
29
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
30
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
31
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
32
HEALTH INSURANCE Remember! StanCERA does not administer health benefits! Contact your Employer’s Benefits Department Contact RESCO Insurance
33
Questions
Similar presentations
© 2024 SlidePlayer.com Inc.
All rights reserved.