Planning For a VRS Retirement

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1 Planning For a VRS Retirement

2 Agenda At the end of this presentation, you will be able to: Determine if you are eligible for retirement Select the best payout option for you Understand your additional benefits Navigate the application process

3 Determining retirement eligibility

4 Retirement Requirements VRS Members Reduced Benefit Age Years of Service Unreduced Benefit Age + + Years of Service

5 Benefit Calculation Age Service Average Final Compensation An additional factor is used to calculate your reduced retirement benefit

6 Choosing a payout option

7 Payout Options Basic Benefit Survivor Option Advance Pension Option Partial Lump-sum Option Payment

8 Basic Benefit Maximum monthly benefit Lifetime benefit Paid to VRS member only Cannot be changed after retirement

9 Survivor Option Benefit paid to your survivor Benefit reduction is based on: Percent you choose Age difference between you and your survivor

10 Advance Pension Option A higher benefit during the early years of retirement Reduces at the age you select between 62 and your normal Social Security retirement age

11 Advance Pension Option Based on your estimated Social Security benefit Stand-alone option Not available under 50/10 Reduced benefit cannot fall below one-half the basic benefit you would have received

12 Example #1 Basic Benefit vs Advance Pension Option Average Final Compensation: $56,000 Years of service: 24 years 0 months Age at retirement: 57 years 0 months

13 Example #1 Basic Benefit Monthly benefit: $ 1, Advance Pension Option Benefit before age 62: $ 1, Benefit after age 62: $ Social Security at age 62: $

14 Partial Lump-Sum Option Payment Available when you choose the Basic or Survivor Option Lump-sum distribution of up to three times your annual benefit Requires you to work past full retirement age for one, two or three years

15 Example #2 50% Survivor Option vs PLOP with a Survivor Average Final Compensation: $56,000 Years of service: 33 years 2 months Age at retirement: 57 years 0 months

16 Example #2 50% Survivor Option: Monthly benefit: $ 2, Survivor s monthly benefit: $ 1, PLOP with 50% Survivor Option: 3 year PLOP: $ 94, Reduced monthly benefit: $ 1, Survivor s monthly benefit: $

17 Things to Consider Basic Benefit Survivor Option Advance Pension Option PLOP paid only to you benefit is reduced VRS benefit reduces at selected age possible tax penalty paid from member contribution account first paid from member contribution account first

18 VRS Web Site

19 Understanding your additional benefits

20 Basic Group Life Insurance At retirement: Coverage continues at no cost to you Natural death benefit and accelerated death benefit continue Your life insurance begins to reduce after retirement

21 Optional Life Insurance Continue a portion of Optional Life Insurance into retirement At retirement: You must elect the coverage within 31 days of retirement Coverage begins to reduce when you reach age 65 and ends at age 80

22 Life Insurance Benefits Minnesota Life (800) (toll free) Joe Member 123 Main St Anytown, VA Minnesota Life P.O. Box 1193 Richmond, VA

23 Death-In-Service Benefits If you die while in a VRS-covered position: A benefit is paid to your beneficiary Paid in lump-sum or as a monthly benefit

24 Order of Precedence Spouse Child(ren) Parent(s) Executor or Administrator of the Estate Next of kin under laws of state where member resided at time of death

25 Updating Beneficiary Information Complete a Designation of Beneficiary (VRS-2)

26 Health Insurance Credit Eligibility 15 years of service Pay a monthly premium for individual health insurance coverage

27 Cost-of-Living Adjustments Annual adjustment made on July 1 First COLA effective July 1 following the first full calendar year of retirement

28 Applying for retirement

29 Applying for Retirement Benefits Apply 2 to 3 months before the date you want to retire Obtain the retirement application booklet from HR or

30 Required Forms

31 Other Forms

32 Other Documents Legible copy of your birth certificate For the survivor option, a legible copy of your survivor s birth certificate

33 Retirement Certificate Your date of retirement Type of retirement Total credited service Payout option Monthly benefit Average Final Compensation Tax information Life insurance

34 Monthly Benefit Payment Your retirement application must be received at least 60 days prior to your retirement date Your first monthly benefit payment should be deposited on the 1st of the month following the month of your retirement

35 Monthly Benefit Payment An earnings statement will be mailed for your 1st check After that, you will only get one when there is a change to your deposit amount or change in bank account

36 Retirement Strategies Increase Service Credit: Purchase Prior Service Credit Convert Service Credit From Sick Leave payout Investigate other agency benefits

37 Retirement Strategies Maximize contributions to your employer s deferred compensation plan Utilize the catch-up provisions: Age 50+ Standard Roll over payments at termination: Partial Lump-sum Option Payment

38 Pieces of Your Financial Future

39 Communicating with VRS Mailing address: Joe Member 123 Main St Anytown, VA VRS P.O. Box 2500 Richmond, VA Toll Free: (888) VARETIR ( ) Fax: (804)

40 Questions? Thank You

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