VRS Hybrid Retirement Plan Features and Benefits. Version 02/15
|
|
- Briana Griffith
- 8 years ago
- Views:
Transcription
1 VRS Hybrid Retirement Plan Features and Benefits Version 02/15
2 Introductions Virginia Retirement System & ICMA-RC 2
3 Today s Agenda Learn About Your Plan Your Investment Options Benefit Payments & Distribution Options Other Things to Consider Accessing Your Account & Resources 3
4 Learn About Your Plan 4
5 Who s eligible? New members with no previous VRS service credit and a membership date on or after January 1, 2014: Eligible Members Ineligible Members State employees School division employees Political subdivision employees Judges appointed or elected to an original term New members who are eligible for ORP must elect ORP or Hybrid State Police Officers Retirement System (SPORS) members Virginia Law Officers Retirement System (VaLORS) members Political subdivision members who are covered by enhanced benefits for hazardous duty employees 5
6 What is the Hybrid Retirement Plan? Combines the features of a defined contribution plan and a defined benefit program: Defined Benefit (DB) Provides the foundation of your future retirement Pays a monthly retirement benefit VRS manages the investments and related risk for this component Defined Contribution (DC) Provides a tax-deferred savings plan Pays a retirement benefit based on contributions to the plan and the investment performance of those contributions You manage the investments and related risk for this component 6
7 Contributions Hybrid members make two types of contributions to the hybrid plan: mandatory contributions, which all members are required to make; and additional voluntary contributions that you may choose to make. 7
8 Contributions Employee Employer Administrator/ Record Keeper DB Mandatory Contribution 4% Total Employer Rate (less employer DC contributions) VRS DC Mandatory Contribution 1% 1% ICMA-RC DC Voluntary Contribution and Match Up to 4% additional contribution 100% match for your first 1% + 50% match on any additional voluntary contributions ICMA-RC 8
9 Defined Contribution Component The defined contribution component includes two plans: Hybrid 401(a) Cash Match Plan You contribute a mandatory 1% of your creditable compensation each month to your 401(a) account Your employer contributes a mandatory 1%, plus matching contributions on any voluntary contributions you make into the Hybrid 457 Deferred Compensation plan Hybrid 457 Deferred Compensation Plan Accumulate additional voluntary contributions on a tax-deferred basis Maximum amount for voluntary contributions is 4% Your employer must match the first 1% of your voluntary contribution with a corresponding contribution of 1% of your creditable compensation Each of your additional 0.5% increases will be matched by your employer with a 0.25% contribution Maximum amount for match is 2.5% 9
10 How Much Can I Contribute? * Voluntary contributions can be changed on a quarterly basis 10
11 Benefits of Making Voluntary Contributions to Your Hybrid Account For illustrative purposes only and based on a monthly income of $3,000; assumes bi-monthly employee contribution made on 15th and 30th of each month and a 6 percent average annual return after 30 years. The final account balance does not account for plan fees or expenses, which would reflect lower net returns. Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost. 11
12 Benefits of Increasing Contributions to the Hybrid For illustrative purposes only and based on a monthly income of $3,000; assumes bimonthly employee contribution made on 15th and 30th of each month and a 6 percent average annual return after 30 years. The final account balance does not account for plan fees or expenses, which would reflect lower net returns. Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost. 12
13 Why Should You Save? You might need 70-90% of your working income for each year in retirement.* Once you reach 65, there s a 25% chance you or your spouse will live until age 96.** Retirement income from Social Security depends on salary during working years 2012 average annual benefit about $14,760 Income from VRS pension benefit depends on salary, age and years of service *Source: Aon Consulting s 2008 Replacement Ratio Study: A Measurement Tool for Retirement Planning. **Source: Annuity 2000 Mortality Tables Transactions, Society of Actuaries, Reports. 13
14 Personal Savings Role in Retirement 14
15 Starting Early vs. the Cost of Waiting 15
16 Benefits of Tax-Deferred Savings Before Tax After Tax Annual Pay $30,000 $30,000 Before Tax Contribution Income Subject to Taxes - 1,800 N/A 28,200 30,000 Federal Taxes* - 7,050-7,500 Net Income 21,150 22,500 After - Tax Contribution N/A - 1,800 Spendable Income $21,150 $20,700 *Assumes a flat 25% tax bracket without the standard deduction. Taxes due upon withdrawal. 16
17 Rollovers Incoming rollovers are allowed into the Hybrid 457 Deferred Compensation Plan You can rollover from the following plan types: 401(a) plans other than the Hybrid 401(a) Cash Match Plan 401(k) plans 457(b) plans 403(b) plans Federal Thrift Savings Plan Traditional Individual Retirement Account (IRA) Incoming rollovers are not permitted into the Hybrid 401(a) Cash Match Plan Note: Employee must otherwise be eligible for a distribution from the plan they are requesting the rollover out of. *If you rolled funds from another retirement plan into your Hybrid 457 Deferred Compensation Account, you may withdraw those funds while you are still employed. Depending on the plan type, withdrawals made prior to age 59½ may be subject to a 10% penalty, plus state and federal income tax withholding. 17
18 Additional Savings Opportunities Your employer may also offer a supplemental plan, such as a 457 or 403(b) You must make the maximum 4% voluntary contribution to the defined contribution component of the Hybrid Retirement Plan prior to receiving an employer match on your contributions to the supplemental plan 18
19 Your Investment Options 19
20 Asset Classes Cash Equivalents and Stable Value Investments Short-term, highly liquid securities that pay interest Seek to preserve the value of your investment Returns are generally low and may not outpace inflation Bonds Loans to an organization in exchange for interest payments May offset higher risk of stocks in aggressive investment portfolio May help keep pace with inflation in conservative investment portfolio Stocks Shares of ownership in a company Highest potential for growth Higher degree of risk 20
21 Investment Paths Investment options organized into three pathways Designed to make it easier for you to implement your investment decisions Mix and match investment options within each path Help you meet your objectives, risk tolerance and overall investing style Do-It-For-Me Path Help-Me-Do-It Path Do-It-Myself Path 21
22 Do-It-For-Me Path Includes target-date funds for participants who would like a portfolio that's already diversified. Select funds based on your projected retirement date and individual needs. Retirement Portfolio Target Date 2020 Portfolio Target Date 2025 Portfolio Target Date 2030 Portfolio Target Date 2035 Portfolio Target Date 2040 Portfolio Target Date 2045 Portfolio Target Date 2050 Portfolio Target Date 2055 Portfolio Target Date 2060 Portfolio 22
23 Help-Me-Do-It Path Offers a carefully selected menu of funds for those who prefer to take a slightly more active role in investing. Money Market Fund Stable Value Fund Bond Fund Inflation-Protected Bond Fund High-Yield Bond Fund Stock Fund Small/Mid-Cap Stock Fund International Stock Fund Emerging Markets Stock Fund Global Real Estate Fund Virginia Retirement System Investment Portfolio 23
24 Do-It-Myself Path Features a self-directed brokerage account for those who wish to manage investments without assistance. Allows you to select from thousands of publicly-traded mutual funds, exchange traded funds (ETFs) and individual securities, in addition to your Plans core investment options. The SDBA is for knowledgeable investors who acknowledge and understand the risks and costs associated with the investments contained in the SDBA. When transferring assets to your brokerage account, you are required to leave at least $2,500 in your core investments other than the Virginia Retirement System Investment Portfolio. Self-Directed Brokerage Account 24
25 Learn About Your Plan Fee Structure Record Keeping Fees A record keeping fee of $2.54 will be deducted from your account on a monthly basis ($30.50 per year) If you participate in more than one Commonwealth of Virginia plan, only one annual fee of $30.50 will be deducted from your account. Investment Management Fees (Expense Ratios) If you have a balance in more than one Commonwealth of Virginia defined contribution plan Each investment option includes investment management fees (vary by option) Fees can be found in the Investment Option Performance report at 25
26 Benefit Payments and Distribution Options 26
27 Defined Benefit Component You receive a monthly benefit at retirement You must be vested (have five years of creditable service) and meet age and service requirements The benefit is based on a formula: x x Average Final Compensation Retirement multiplier Total years of creditable service Annual benefit amount
28 Defined Benefit Retirement Eligibility Reduced Retirement Unreduced Retirement Age 60 with at least 5 years of service Age + Service Credit = 90 Social Security Normal Retirement Age with 5 years of service
29 Defined Benefit Retirement Options Basic Benefit Survivor Option Partial Lump-sum Option Payment Advance Pension Option
30 Deferred Retirement If you leave your member contributions and interest with VRS and become a deferred member, you will retain your VRS membership and eligibility for any future benefits Vested members may be eligible for a future retirement benefit if you meet age and service requirements
31 Refund Implications If you separate from your employer, you may take a refund of your defined benefit contributions If you take a refund of the defined benefit member contributions: You lose VRS membership You lose eligibility for any future VRS benefits You forfeit any non-vested employer contributions in the defined contribution component 31
32 Defined Contribution Vesting Member Contributions: You are immediately vested in any funds that you contribute to the hybrid plan Employer Contributions: You must be vested to be eligible to take a distribution of employer contributions Defined Contribution Vesting Schedule After 2 years of creditable service 50% After 3 years of creditable service 75% After 4 years of creditable service 100% If you aren t 100% vested when taking a distribution, then you ll forfeit any non-vested employer contributions based on the vesting schedule Taking a distribution from the defined contribution component does not require you to take a refund from the defined benefit component 32
33 Defined Contribution Distribution Options What are my distribution options? Leave money in the plan Full or partial lump sum Periodic payments A partial lump sum distribution combined with periodic payments Purchase an annuity with all or a portion of your account balance Roll over all or a portion of your account balance to another employer s plan or to another qualified plan that accepts rollovers such as a traditional Individual Retirement Account (IRA) Funds become taxable upon distribution from the plan Most options can be changed upon request 33
34 Defined Contribution Distributions Leave money in the plan Upon separation from service, you can take a distribution from your Hybrid 401(a) Cash Match Plan and/or your Hybrid 457 Deferred Compensation Plan In-service distributions are only allowed from rollover assets from the Hybrid 457 Deferred Compensation Plan Hybrid 457 Deferred Compensation Plan No early withdrawal penalty for distributions Hybrid 401(a) Cash Match Plan Withdrawals prior to age 59½ may be subject to the IRS 10 percent penalty tax Other exceptions may apply 34
35 Other Things to Consider 35
36 Purchase of Prior Service Credit As your service increases, your benefit increases
37 Types of Service Active duty military service Federal Service Public service Non-covered service Birth or adoption leave Educational leave No-cost military leave Refunded service Service not reported while receiving WC
38 Cost to Purchase Service Approximate normal cost Actuarial rate 1 year window Beyond 1 year window Exceptions: Refunded service 4% Military leave no cost
39 Purchase Methods Approximate normal cost Actuarial rate 1 year window Beyond 1 year window After-tax payroll deduction, pre-tax salary reduction (if offered) and lump sum Lump sum
40 VSDP Sick leave Family and personal leave Short and long-term disability Return-to-work programs Long-term care
41 VLDP Short and long-term disability Long-term care Return-to-work programs Your employer may offer a comparable plan
42 Transferring Between Employers state state If you move between... state (with no break in service) state (with a break in service) then you have... no new waiting period one year waiting period state school/political subdivision one year waiting period school/political subdivision school/political subdivision one year waiting period 42
43 Long-term Care VSDP and VLDP Long-term Care Plans Commonwealth of Virginia Voluntary Group Long-term Care Insurance Program
44 Basic Life Insurance Natural death benefit Accidental death benefit
45 Optional Life Insurance Coverage is available for yourself, your spouse and dependent children
46 Death in Service Non-Work Related (vested): Monthly benefit or refund Non-Work Related (non-vested): Refund Work Related: Monthly benefit and refund
47 Accessing Your Account and Resources 47
48 Hybrid Retirement Plan Website 48
49 myvrs Log-In
50 myvrs Account Home
51 Hybrid Retirement Plan Website 51
52 Account Access Select Your Plan 52
53 Account Access My Account 53
54 Account Access Investments 54
55 Contact Information VRS Defined Benefit ICMA-RC Defined Contribution Representatives available 8:30 a.m. 5:00 p.m. VRS Retirement Counseling Center: 1111 East Main Street Richmond, VA :30 a.m. 4:00 p.m. 1-VRS-DC-PLAN1 ( ) Select Option 1 Representatives available 8:30 a.m. 9:00 p.m. Virginia Service Center: 919 East Main Street, Suite 1604 Richmond, VA :30 a.m. 5:00 p.m. 55
56 Hybrid Retirement Plan Resources General resources for defined benefit and defined contribution components Hybrid Retirement Plan Website Hybrid Retirement Plan Handbook (click Publications) 56
57 Hybrid Retirement Plan Resources Additional resources for defined benefit and defined contribution components Hybrid Retirement Plan Features and Benefits Video Series (click Education) Live and Recorded Webinars, Videos, Regional Seminars and One-on-One Sessions (click Education) 57
58 Action Plan Maximize voluntary defined contributions in the Hybrid Retirement Plan Consider enrolling in your employer s 457 or 403(b) retirement savings plan(s) Review your investment options periodically Complete beneficiary designations Consider purchasing service, if applicable Consider long-term care insurance Consider your life insurance needs
59 Thank You! We welcome your questions. Thank you! 59
Commonwealth of Virginia Hybrid Retirement Plan
Commonwealth of Virginia Hybrid Retirement Plan PLAN FEATURES & HIGHLIGHTS The Hybrid Retirement Plan combines the features of a defined contribution plan, which provides a retirement benefit based on
More informationPlan Comparison Guide
Plan Comparison Guide The Virginia Retirement System Plan Comparison Guide provides a quick look at some of the similarities and differences among VRS Plan 1, VRS Plan 2 and the Hybrid Retirement Plan.
More informationPlan Comparison Guide
Plan Comparison Guide The Virginia Retirement System Plan Comparison Guide provides a quick look at some of the similarities and differences among VRS Plan 1, VRS Plan 2 and the Hybrid Retirement Plan.
More informationChoosing Your Retirement Plan Optional Retirement Plan for Higher Education VRS Hybrid Retirement Plan Membership Date: On or after January 1, 2014
Choosing Your Retirement Plan Optional Retirement Plan for Higher Education VRS Hybrid Retirement Plan Membership Date: On or after January 1, 2014 A comparison guide to help you select the best plan for
More informationHelping you plan for tomorrow, today. Hybrid Retirement Plan Handbook for Members
Helping you plan for tomorrow, today Hybrid Retirement Plan Handbook for Members Virginia Retirement System Hybrid Retirement Plan Handbook for Members You are covered under the VRS Hybrid Retirement Plan
More informationGetting Ready to Retire
Plan VRS 1&2 Getting Ready to Retire Guide for Members in Plan 1 and Plan 2 Providing information to help you prepare and apply for retirement GETTING READY TO RETIRE GUIDE 08-2014 1 Getting Ready to Retire
More informationDEFINED BENEFIT PLAN REQUEST FOR REFUND
DEFINED BENEFIT PLAN REQUEST FOR REFUND VIRGINIA RETIREMENT SYSTEM P.O. Box 2500 Richmond, Virginia 23218-2500 Toll Free 1-888-VARETIR (827-3847) www.varetire.org 1. Social Security Number 2. Employer
More informationVirginia Retirement System Hybrid Retirement Plan Handbook for Members
Page 1 of 85 Virginia Retirement System Hybrid Retirement Plan Handbook for Members Helping You Plan for Tomorrow, Today Page 2 of 85 Virginia Retirement System Hybrid Retirement Plan Handbook for Members
More informationVirginia Retirement System Plan 2
Virginia Retirement System Plan 2 Handbook for Members Plan VRS 2 PROVIDING INFORMATION ABOUT YOUR... retirement benefits resources Plan VRS 2 Virginia Retirement System (VRS) Plan 2 Handbook for Members
More informationGSEPS PLAN HIGHLIGHTS
GSEPS PLAN HIGHLIGHTS The Georgia State Employees Pension and Savings Plan (GSEPS) is a retirement benefit plan that offers you both the security of a traditional pension plan and the opportunity to invest
More informationHandbook for Members Virginia Retirement System
Handbook for Members Virginia Retirement System V R S System Virginia Retirement Handbook for Members Virginia Retirement System The Virginia Retirement System (VRS) exists to provide its members and their
More informationState Police Officers Retirement System Plan 1 Handbook for Members
Plan VRS 1 State Police Officers Retirement System Plan 1 Handbook for Members PROVIDING INFORMATION ABOUT YOUR... retirement benefits resources Plan VRS 1 State Police Officers Retirement System (SPORS)
More informationVirginia Law Officers Retirement System Plan 2
Plan VRS 2 Virginia Law Officers Retirement System Plan 2 Handbook for Members PROVIDING INFORMATION ABOUT YOUR... retirement benefits resources Plan VRS 2 Virginia Law Officers Retirement System (VaLORS)
More informationVirginia Retirement System Plan 1
Plan VRS 1 Virginia Retirement System Plan 1 Handbook for Members PROVIDING INFORMATION ABOUT YOUR... retirement benefits resources Plan VRS 1 Virginia Retirement System (VRS) Plan 1 Handbook for Members
More informationThe IBM 401(k) Plus Plan. Invest today for what you hope to accomplish tomorrow
The IBM 401(k) Plus Plan Invest today for what you hope to accomplish tomorrow The IBM 401(k) Plus Plan Dollar-for-dollar company match, automatic company contributions, broad range of investment options
More informationYour pension benefit options
2 Your pension benefit options Traditional pension plans generally provide the option of a lump-sum payment or a fixed monthly payment for life through an annuity. The fixed monthly payment amount is usually
More informationGetting Started About the 401(k) plan. Who is eligible to enroll? What is a Roth 401(k) contribution? Why should I participate in the Program?
The State of Tennessee 401(k) Deferred Compensation Program (your Program) is a supplemental retirement savings program that is designed to work with the Tennessee Consolidated Retirement System (TCRS)
More informationVirginia Retirement System Plan 1 Enhanced Benefits for Eligible Political Subdivision Hazardous Duty Employees
Virginia Retirement System Plan 1 Enhanced Benefits for Eligible Political Subdivision Hazardous Duty Employees Handbook for Members Plan VRS 1 PROVIDING INFORMATION ABOUT YOUR... retirement benefits resources
More informationPLAN HIGHLIGHTS. Guide to understanding your. Trinity Health. Retirement Program. For former Holy Cross 403(b) Plan participants
PLAN HIGHLIGHTS Guide to understanding your Trinity Health Retirement Program For former Holy Cross 403(b) Plan participants HC UNDERSTANDING THE TRINITY HEALTH RETIREMENT PROGRAM The Trinity Health Retirement
More informationSUMMARY REVIEW COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN FOR THE
SUMMARY REVIEW FOR THE COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN TABLE OF CONTENTS INTRODUCTION... i HIGHLIGHTS... 2 PARTICIPATION... 2 Eligibility to
More informationTax-smart ways to save and invest. TIAA-CREF Financial Essentials
Tax-smart ways to save and invest TIAA-CREF Financial Essentials Today s agenda: 1. Finding funds for saving 2. Tax law provisions promoting saving 3. TIAA-CREF savings opportunities 4. TIAA-CREF can help
More informationPURCHASE OF PRIOR EMPLOYER MANUAL TABLE OF CONTENTS ELIGIBILITY 1
PURCHASE OF PRIOR SERVICE CREDIT EMPLOYER MANUAL TABLE OF CONTENTS ELIGIBILITY 1 TYPES OF SERVICE CREDIT 2 Refunded Service Active Duty Military Service Leave of Absence for Active Duty Military Service
More informationSouth Carolina Deferred Compensation Program Features and Highlights
Retire from work, not life.. South Carolina Deferred Compensation Program Features and Highlights The South Carolina Deferred Compensation Program is a powerful tool to help you reach your retirement dreams.
More informationAPPLICATION FOR SERVICE RETIREMENT
APPLICATION FOR SERVICE RETIREMENT VIRGINIA RETIREMENT SYSTEM P.O. Box 2500 Richmond, Virginia 23218-2500 Toll Free 1-888-VARETIR (827-3847) Fax 804-786-9718 www.varetire.org 1. Social Security Number
More informationTHE EMPLOYEE INVESTMENT PROGRAM
THE EMPLOYEE INVESTMENT PROGRAM The Employee Investment Program (EIP or Program) has two components: 1) The Employee Investment Plan Account governed by Internal Revenue Code Section 403(b) - the account
More informationThe IBM 401(k) Plus Plan. Invest today for what you hope to accomplish tomorrow
The IBM 401(k) Plus Plan Invest today for what you hope to accomplish tomorrow The IBM 401(k) Plus Plan Dollar-for-dollar company match, automatic company contributions, broad range of investment options
More informationQualified Retirement Plan
Qualified Retirement Plan SUMMARY PLAN DESCRIPTION 150838 02/13 This page intentionally left blank. Qualified Retirement Plan and Trust Summary Plan Description TABLE OF CONTENTS INTRODUCTION... iii DEFINITIONS...
More informationKPERS. Getting Ready to Retire Your KP&F Pre-Retirement Planning Guide. re-retirement PlanningGuide
Getting Ready to Retire Your KP&F Pre-Retirement Planning Guide re-retirement PlanningGuide nsas Police and Firemen s Retirement System Information for KP&F Members Nearing Retirement KPERS Countdown to
More informationWhich retirement plan is right for you
Which retirement plan is right for you Facts to help you make an informed choice between the Iowa Public Employees Retirement System (IPERS) and the Iowa Association of Community College Trustees Defined
More informationProtect your plan savings for retirement. New York University 457(b) Deferred Compensation Plan
Protect your plan savings for retirement New York University 457(b) Deferred Compensation Plan Whether you have left the workforce or have simply changed employers, it is important to protect the money
More informationSUMMARY PLAN DESCRIPTION
Qualified Retirement Plan SUMMARY PLAN DESCRIPTION 150838 Rev. 11/08 Qualified Retirement Plan and Trust Summary Plan Description TABLE OF CONTENTS INTRODUCTION...iii DEFINITIONS...1 Beneficiary...1 Catch-up
More informationHow To Pay Taxes On A Pension From A Retirement Plan
Payout Guide A GUIDE TO OPTIONS FOR YOUR STATE OF MICHIGAN 401(K) AND 457 PLAN ACCOUNTS 1-800-748-6128 http://stateofmi.ingplans.com State of Michigan 401(k) and 457 Plan Participant: You ve worked hard
More informationYOUR GUIDE TO GETTING STARTED
Navient 401(k) Savings Plan Invest in your retirement and yourself today, with help from Navient 401(k) Savings Plan and Fidelity. YOUR GUIDE TO GETTING STARTED Invest some of what you earn today for what
More informationpremiere select Rollover IRA Invest in your retirement today.
premiere select Rollover IRA Invest in your retirement today. Leaving your current job can be challenging in any environment. For many of us, it can also be a bit overwhelming. That s why it s comforting
More informationParticipant Distributions
City of Los Angeles Deferred Compensation Plan Participant Distributions considering your options living your dreams Severance of Employment Table of Contents Introduction... 1 What Are My Choices?...
More informationDISTRIBUTION GUIDE This Distribution Guide provides educational information to help you successfully transition into retirement.
DISTRIBUTION GUIDE This Distribution Guide provides educational information to help you successfully transition into retirement. As a participant, you will receive unbiased and accurate information for
More informationSelect Your Retirement Plan
Important Information for New Employees Hired on or after July 1, 2012 Select Your Retirement Plan July 2012 Edition South Carolina Retirement Systems A Division of the South Carolina Public Employee Benefit
More informationEmployees Capital Accumulation Plan (ECAP) Features At-A-Glance
Prosper Employees Capital Accumulation Plan (ECAP) Features At-A-Glance What Is ECAP? Booz Allen Hamilton s Employees Capital Accumulation Plan (ECAP) is a tax-deferred, defined contribution plan designed
More informationYOUR GUIDE TO GETTING STARTED
George Mason University Cash Match Plan (#72170) Invest in your retirement and yourself today, with help from The George Mason 401(a) Match Plan and Fidelity. YOUR GUIDE TO GETTING STARTED Invest some
More informationMember Handbook. Table of Contents. www.mersofmich.com 1. Defined Contribution Plan
Defined Contribution Plan Member Handbook www.mersofmich.com 1 1 Introduction....................3 mymers Online Account Access......... 3 Who is MERS?.................. 4 MERS Retirement Board..............4
More information401(k) AND 457 PLANS HANDBOOK
401(k) AND 457 PLANS HANDBOOK Peach State Reserves (PSR) gives you an easy and effective way to save for retirement. It provides a way for you to save a portion of your income before state and federal
More informationYour Thrift Plan Handbook... THRIFT PLAN. Thrift Plan for Retirees Table of Contents. Keys to having made the most of your savings:
Preset Mixes Table Your Thrift Plan Handbook... Keys to having made the most of your savings: THRIFT PLAN Be sure to choose a payment option To make the most of your benefits, meet with a Deseret Mutual
More informationFrequently Asked Questions with Answers GENERAL QUESTIONS
DEPARTMENT OF FINANCIAL SERVICES Division of Treasury Bureau of Deferred Compensation STATE OF FLORIDA DEFERRED COMPENSATION PLAN Frequently Asked Questions with Answers GENERAL QUESTIONS Q. How can I
More information457 Deferred Compensation Plan
457 Deferred Compensation Plan Today s Discussion Deferred Compensation Sources of retirement income SCERS vs. DC How does DC work? Why enroll? How much can I contribute? Investment options How do I enroll?
More informationUnderstanding DROP. Deferred Retirement Option Program. Overview
Understanding DROP Deferred Retirement Option Program Fairfax County Retirement Systems 2015 PLEASE NOTE: The provisions referenced in this slide presentation are relevant for employees who were Fairfax
More informationRetirement Savings Guide
Retirement Savings Guide Retirement Solutions Made Simple. Commonwealth of Virginia Defined Contribution Plans The content of this Guide is intended to introduce you to general investment concepts and
More informationAUTOMATIC IRA ROLLOVER PAC
Plan Year 1999-2000 AUTOMATIC IRA ROLLOVER PAC FOR OUR COMPANY 401(K) PLAN Use this Automatic IRA Rollover Pac to... Indicate your distribution choice in the event that your employment with our company
More informationSummary Plan Description. The University of Chicago Contributory Retirement Plan
The University of Chicago Contributory Retirement Plan ( CRP ) Summary Plan Description July 2005 The University of Chicago Contributory Retirement Plan Table of Contents Your CRP Benefits... 1 CRP Highlights...
More informationHighlights of the. Boehringer Ingelheim. Retirement Savings Plan Retirement Plan. This brochure is intended for eligible employees of
Highlights of the Boehringer Ingelheim: Retirement Savings Plan Retirement Plan This brochure is intended for eligible employees of Boehringer Ingelheim hired after December 31, 2003. Table of Contents
More informationTEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM. your retirement benefits
TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2013 NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS DIVISION
More informationSAVING FOR RETIREMENT
CHARTING YOUR COURSE SERIES: SAVING FOR RETIREMENT Retirement planning for public sector employees Why save now? Starting to save early, being disciplined about saving enough, and prudently investing those
More informationFrequently Asked Questions with Answers GENERAL QUESTIONS
Frequently Asked Questions with Answers GENERAL QUESTIONS Q. How can I contact the Bureau of Deferred Compensation? E-mail DeferredCompensation@myfloridacfo.com.com Website www.myfloridadeferredcomp.com
More informationPeach State Reserves PEACH STATE RESERVES FAQ. Peach State Reserves General Questions
Peach State Reserves PEACH STATE RESERVES FAQ Peach State Reserves General Questions What is Peach State Reserves The Georgia Retirement Investment Plan? What is a Deferred Compensation/Defined Contribution
More informationPreparing Your Savings for Retirement
Preparing Your Savings for Retirement The Retirement Income Series Part 1: Preparing Your Savings for Retirement Identify sources of income, including Social Security Assess the impact of future health
More informationTraditional and Roth IRAs. Invest for retirement with tax-advantaged accounts
Traditional and Roth IRAs Invest for retirement with tax-advantaged accounts Your Retirement It is your ultimate reward for a lifetime of hard work and dedication. It is a time when you should have the
More informationTEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM. your retirement benefits
TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2014 NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS DIVISION
More informationLANSING COMMUNITY COLLEGE RESTATED TAX SHELTERED ANNUITY PROGRAM SUMMARY PLAN DESCRIPTION
LANSING COMMUNITY COLLEGE RESTATED TAX SHELTERED ANNUITY PROGRAM SUMMARY PLAN DESCRIPTION Effective January 1, 2009 TABLE OF CONTENTS 1. Introduction...1 2. What is the 403(b) Tax Sheltered Annuity Program?...1
More informationA Game Plan for Your. future. System of Texas
A Game Plan for Your future Employees Retirement System of Texas Team up with Texa$aver Today, many financial experts agree that you will need at least 70% of your income to maintain your current lifestyle
More informationPARTICIPANT DISTRIBUTION NOTICE
PARTICIPANT DISTRIBUTION NOTICE MINIMUM NOTICE PERIOD. For at least 30 days after you receive this notice, you have the right to consider your decision whether to consent to a distribution of your vested
More informationDeferred Compensation Handbook. Department of Employee Services Risk & Benefits Division 2051 Kaen Road, Ste. 310 Oregon City, OR 97045 503-655-8459
Clackamas County Deferred Handbook Department of Employee Services Risk & Benefits Division 2051 Kaen Road, Ste. 310 Oregon City, OR 97045 503-655-8459 TABLE OF CONTENTS Introduction... 1 What is Deferred?...
More informationSPECIAL TAX NOTICE REGARDING PLAN PAYMENTS
I C M A R E T I R E M E N T C O R P O R A T I O N SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings in your employer's
More informationTeachers Retirement Plan Participants (All CSO and WTU Employees Only)
Teachers Retirement Plan Participants (All CSO and WTU Employees Only) If you are enrolled in the Teachers Retirement Plan, you must complete the following steps to secure your refund: Obtain a copy of
More informationPlanning for Retirement
Planning for Retirement FCERS School Employees Presented by Carol Patterson Fairfax County Retirement Systems 10680 Main Street, Suite 280 Fairfax, VA 22030 www.fairfaxcounty.gov/retirement/ January 2015
More informationAlternative Retirement Financial Plans and Their Features
RETIREMENT ACCOUNTS Gary R. Evans, 2006-2013, November 20, 2013. The various retirement investment accounts discussed in this document all offer the potential for healthy longterm returns with substantial
More informationRetire from work, not life..
Retire from work, not life.. Program Features and Highlights The South Carolina Deferred Compensation Program (Program) is a powerful tool to help you reach your retirement dreams. As a supplement to other
More informationNOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE. Tax-advantaged IRAs. Invest in your retirement savings while reducing taxes
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Taxadvantaged IRAs Invest in your retirement savings while reducing taxes Find the answers inside Why invest for retirement? p. 1 Discover three good reasons
More informationREVIEWING YOUR TIAA-CREF INCOME CHOICES A GUIDE TO YOUR PAYMENT OPTIONS
REVIEWING YOUR TIAA-CREF INCOME CHOICES A GUIDE TO YOUR PAYMENT OPTIONS FLEXIBILITY & CHOICE TIAA-CREF UNDERSTANDS YOUR FINANCIAL PRIORITIES can change over time, which is why we offer you a wide range
More informationYou Have an Important Choice to Make!
You Have an Important Choice to Make! July 04 As a new employee, you must choose one of three retirement plans available to eligible State University System employees. They are the: State University System
More informationReport on the Actuarial Valuation of the Group Life Insurance Program
Report on the Actuarial Valuation of the Group Life Insurance Program Prepared as of June 30, 2014 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve December 19,
More informationGlossary of Qualified
Glossary of Qualified Retirement Plan Terms 401(k) Plan: A qualified profit sharing or stock bonus plan under which plan participants have an option to put money into the plan or receive the same amount
More informationOffers flexible deferrals up to 100% of annual performance bonus and/or stock options gains
PLAN SUMMARY Please note that the red text indicates optional plan features which vary from company to company based on overall compensation philosophy or personal preferences. Introduction The Standard
More informationYour Mandatory Retirement Plan. Decision Guide
Mandatory Decision Guide > Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University North Carolina A&T State University North Carolina Central
More informationSUMMARY OF FERS AND CSRS
Appendix A SUMMARY OF FERS AND CSRS This appendix summarizes the main features of FERS and CSRS (Office of Personnel Management, 1998). FERS FERS became effective on January 1, 1987. Most employees who
More informationReport on the Actuarial Valuation of the Health Insurance Credit Program
Report on the Actuarial Valuation of the Health Insurance Credit Program Prepared as of June 30, 2013 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve December 19,
More informationthe t. rowe price Guide for IRA and 403(b) Account Beneficiaries
the t. rowe price Guide for IRA and 403(b) Account Beneficiaries who should use this guide T. Rowe Price retirement specialists have designed this guide for: 1 : Individuals who are beneficiaries of the
More informationTexas Municipal Retirement System TMRSFACTS. A brief overview of your retirement plan
Texas Municipal Retirement System TMRSFACTS A brief overview of your retirement plan Table of Contents What Is TMRS? 1 How Does TMRS Work? 2 How Do I Keep Up with My Account? 4 How Do I Contact TMRS? 5
More informationLeaving your employer? Options for your retirement plan
Leaving your employer? Options for your retirement plan Contents Evaluating your options 1 The benefits of tax-deferred investing 4 Flexibility offered by an IRA rollover 6 How to get started 9 Evaluating
More informationSOLID DISCOVER THE POSSIBILITIES. Retirement Plan Rollover Guide HELPS YOU
SOLID HELPS YOU DISCOVER THE POSSIBILITIES Retirement Plan Rollover Guide Rollover Guide Table of Contents Retirement Planning Checklist.... 1 Comparing Your Options.... 2 Distribution Details....3 5 Rollover
More informationPERSI. It s Your Choice to Go Now, Go BIG! Plan Highlights. Learn about your PERSI Choice 401(k) Plan. Ready, Set, Go: the PERSI Base Plan.
PERSI PERSI Choice 401(k) Plan It s Your Choice to Go Now, Go BIG! Plan Highlights Learn about your PERSI Choice 401(k) Plan Ready, Set, Go: the PERSI Base Plan The PERSI Base Plan gets you into the game,
More informationIntroducing Pension Plus and the Defined Contribution plan
Introducing and the plan On the day you begin public school employment, you are automatically enrolled in the plan. As a new employee who first worked for a Michigan public school on or after September
More informationThe Basics of Annuities: Planning for Income Needs
March 2013 The Basics of Annuities: Planning for Income Needs summary the facts of retirement Earning income once your paychecks stop that is, after your retirement requires preparing for what s to come
More informationProgram Features and Highlights
Wisconsin Deferred Compensation (WDC) Program Program Features and Highlights Learn more about Wisconsin s section 457(b) Deferred Compensation Program What is a section 457 deferred compensation program?
More informationThrift and Investment Plan
Thrift and Investment Plan ABOUT THE THRIFT AND INVESTMENT PLAN...3 WHO IS ELIGIBLE... 4 ENROLLMENT IN THE PLAN... 4 HOW TO CONTACT VANGUARD TO ACCESS YOUR ACCOUNT... 5 YOUR PLAN ACCOUNT... 6 PLAN CONTRIBUTIONS...
More informationNorth Dakota Public Employees Retirement System DEFINED BENEFIT PLAN
North Dakota Public Employees Retirement System DEFINED BENEFIT PLAN Provisions for the Purchase of Service Credit and Conversion of Unused Sick Leave This brochure is intended to provide general information
More informationWhat is an annuity? The basics Part 1 of 8
What is an annuity? The basics Part 1 of 8 You may be considering an annuity, and, if that s the case, it is important that know what an annuity is and isn t. Basically, an annuity is a contract with an
More informationAn Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits
An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits November 2015 WELCOME TO THE YMCA RETIREMENT
More informationDecision Making Guide
Optional Retirement Plan Public Employee Retirement System Revised 07/0/205 Photo: Western Oregon University Decision Making Guide When considering your financial future, there are many issues you ll want
More informationHow To Get A Retirement Plan In Wisconsin Retirement System
YOUR BENEFIT HANDBOOK ETF P O Box 7931 Madison, WI 53707-7931 ET-2119 (REV 10/13) TABLE OF CONTENTS INTRODUCTION... 2 VESTING REQUIREMENTS... 2 WISCONSIN RETIREMENT SYSTEM... 3 Retirement Benefits...
More informationPlease fax your response to MAS Benefits Compliance at (703) 907-6409 or email to pension.compliance@nreca.coop
IMPORTANT: Please fill out the Acknowledgment Form and return as indicated on the form. Thanks. System Name: 401(k) Pension Plan Summary Plan Descriptions (SPD) Distribution Acknowledgement System RUS#:
More informationSPECIAL TAX NOTICE REGARDING PLAN PAYMENTS
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will need before you decide
More informationMUNICIPALITY OF ANCHORAGE. Benefit and Retirement Plans For 2012
MUNICIPALITY OF ANCHORAGE Benefit and Retirement Plans For 2012 Table of Contents 2012 Health Plan Summary... 3 Opt-out Program FAQs... 4 2012 Premium Rate Table... 5 Benefits:... 6 Retirement:... 8 MOA
More information2. The following is substituted for the answer to the question How do I apply for a loan? in the Section entitled Loans:
TO OUR EMPLOYEES: We wish to announce that the Mission Health System Employee Retirement Plan ( Plan ) has been amended, effective June 1, 2015, to change the automatic form of benefit. Therefore, in order
More informationRetirement Planning EMPLOYER PLANS CALCULATING YOUR NEEDS INVESTMENTS DECISIONS
GOALS What You Should Know About... Retirement Planning EMPLOYER PLANS CALCULATING YOUR NEEDS INVESTMENTS DECISIONS YourMoneyCounts No matter who you are or how much money you have, you re probably hoping
More informationadvisory & Brokerage consulting services Make Your Retirement Savings Last a Lifetime
advisory & Brokerage consulting services Make Your Retirement Savings Last a Lifetime Member FINRA/SIPC ADVISORY & Brokerage consulting SERVICES Three Things to Consider When Planning for Retirement Today,
More informationInsurance and Retirement Options for Terminating Employees
Insurance and Retirement Options for Terminating Employees Metropolitan Life Insurance As a terminating employee participating in the Metropolitan Life Insurance program, at your request you may have issued
More informationImportant Information for New Employees. Select Your Retirement Plan
Important Information for New Employees Select Your Retirement Plan 2009 Introduction What s Inside The Retirement Plans... 1 Enroll in Your Chosen Plan... 2 Investment Providers... 4 Advantages, Disadvantages,
More informationThe Basics of Annuities: Income Beyond the Paycheck
The Basics of Annuities: PLANNING FOR INCOME NEEDS TABLE OF CONTENTS Income Beyond the Paycheck...1 The Facts of Retirement...2 What Is an Annuity?...2 What Type of Annuity Is Right for Me?...2 Payment
More informationThe State of Delaware 457(b) and 403(b) Deferred Compensation Plans Guide 2015
The State of Delaware 457(b) and 403(b) Deferred Compensation Plans Guide 2015 The State of Delaware is pleased to offer you the opportunity to participate in Deferred Compensation.A great way to save
More informationSalaried Investment and Savings Plan Summary Plan Description (SPD)
Salaried Investment and Savings Plan Summary Plan Description (SPD) As of January 1, 2012 (Including updates through 7/31/2012) TABLE OF CONTENTS TABLE OF CONTENTS... 1 ABOUT THIS SPD... 3 ISP AT A GLANCE...
More information16. Individual Retirement Accounts
16. Individual Retirement Accounts Introduction Through enactment of the Employee Retirement Income Security Act of 1974 (ERISA), Congress established individual retirement accounts (IRAs) to provide workers
More information