Retirement Benefits for Public School Teachers

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Retirement Benefits for Public School Teachers"

Transcription

1 Employees Retirement System of Rhode Island Retirement Benefits for Public School Teachers Last Updated April 10,

2 Overview of Retirement Benefits The Rhode Island Retirement Security Act (RIRSA) created a hybrid benefit structure for all teachers in service on or after July 1, The hybrid benefit structure consists of the established defined benefit structure as well as implementing a defined contribution retirement account for each teacher. The defined benefit plan will be referred to as the DB Plan. A teacher s defined contribution account will be referred to as the DC Plan. 2

3 Defined Contribution Plan (DC Plan) A teacher will contribute 5% of compensation to his or her DC Plan. The employer will contribute 1% to the teacher s DC Plan. A teacher who is employed in a position that does not participate in social security will contribute an additional 2% to his or her DC Plan and the employer will contribute an additional 2% to the teacher s DC Plan. A teacher will vest in his or her contributions immediately. A teacher will vest in the employer s contributions upon attaining 3 years of contributory service. o The three year vesting period includes service prior to July 1, 2012, therefore an active teacher on July 1, 2012 who has at least 3 years of contributory service is immediately vested in his or her DC Plan. For DC questions contact TIAA-CREF at or visit 3

4 Earning Contributory Service Credit as a Full Time Teacher Number of School Days Worked in a School Year Credit Earned Prior to November 18, 2011 Credit Earned On or After November 18, Year 1.00 Year Year Proportional Credit * Year Proportional Credit * Year Proportional Credit * Year Proportional Credit * 0-44 No Credit Proportional Credit * * Proportional Credit is based on the number of school days worked compared to the number of school days in a school year ( based on 180 days). 4

5 Vesting in DB Plan Retirement Benefits Teachers in service on or after July 1, 2012 vest upon completion of 5 years of contributory service. o Contributory service includes service prior to July 1, Therefore an active teacher on July 1, 2012 who has 5 years of contributory service is immediately vested. Teachers who do not have contributory service on or after July 1, 2012 vest upon completion of 10 years of contributory service. A vested teacher who attains his or her eligible retirement age may begin to collect a retirement allowance. 5

6 Retirement Age Eligibility for DB Plan Through legislation in 2009 and 2011, the General Assembly modified the eligible retirement age for teachers Legislative Changes Article 7 Retirement Age Did not impact teachers who were eligible to retire as of September 30, Established a minimum retirement age of 62 for teachers who had at least 10 years of contributory service as of July 1, 2005 with a downward proportional adjustment based on years of service as of September 30, Established a minimum retirement age of 62 for teachers who did not have at least 10 years contributory service as of July 1, 2005 and who retired with at least 29 years of service with a downward proportional adjustment based on years of service as of September 30, Established a minimum retirement age of 65 for teachers who retired with at least 10 years of contributory service after July 1, 2005 but less than 29 years of service. 6

7 Retirement Age Eligibility for DB Plan (cont.) 2011 Legislative Changes RIRSA Retirement Age Does not impact teachers who were eligible to retire as of June 30, Established a new retirement eligibility age for teachers that mirrors their Social Security Normal Retirement Age (SSNRA) not to exceed age 67. For teachers with at least 5 years of contributory service prior to July 1, 2012, the RIRSA age is proportionately adjusted downward based on the amount of service earned prior to July 1, There are provisions to accommodate those teachers close to retirement. *** EACH TEACHER HAS HIS OR HER OWN UNIQUE RETIREMENT ELIGIBILITY AGE.*** 7

8 Schedule A Teachers A teacher is Schedule A if: (1) He or she had at least 10 years of contributory service prior to or on July 1, 2005 AND (2) He or she met one of the following: (i) He or she was at least age 60 prior to October 1, 2009 or (ii) He or she had at least 28 years of service prior to October 1,

9 Accrual Rates for Schedule A Teachers Year(s) Earned Accrual Rates for Schedule A For Service Prior to July 1, 2012 Years 1-10 Years Years % per year 1.90% per year 3.00% per year Year % For Service on and after July 1, 2012, a Schedule A teacher will accrue at 1.00% per year with a maximum benefit of 80%. 9

10 Schedule A/B Teachers A teacher is Schedule A/B if: (1) He or she had at least 10 years of contributory service prior to or on July 1, 2005 AND (2) He or she did not attain at least age 60 prior to October 1, 2009 AND (3) He or she did not have at least 28 years of service prior to October 1,

11 Accrual Rates for Schedule A/B Teachers Accrual Rates for Schedule A/B Year(s) Earned For Service Prior to October 1, 2009 For Service October 1, 2009 June 30, 2012 Years % N/A Years % 1.80% per year Years % 2.00% per year Years % 2.25% per year Years % 2.50% per year Year % 2.50% Years n/a 2.50% per year Year 38 n/a 2.25% For Service on and after July 1, 2012, a Schedule A/B teacher will accrue at 1.00% per year with a maximum benefit of 80%. 11

12 Schedule B Teachers A teacher is Schedule B if: (1) He or she did not have at least 10 years of contributory service prior to or on July 1, AND (2) He or she had contributory service prior to July 1,

13 Accrual Rates for Schedule B Teachers Accrual Rates for Schedule B Year(s) Earned For Service Prior to July 1, 2012 Years 1-10 Years Years Years Years % per year 1.80% per year 2.00% per year 2.25% per year 2.50% per year Year % For Service on and after July 1, 2012, a Schedule B teacher will accrue at 1.00% per year with a maximum benefit of 75%.. 13

14 Calculating Percentage Accrued For each year of service credit earned after June 30, 2012, a teacher will accrue 1% of his or her average compensation. A teacher with service credit prior to July 1, 2012 will retain all of his or her accruals for the service he or she earned prior to July 1, All accruals earned after July 1, 2012 will be added to the total accruals earned prior to July 1, Accrual rates for service prior to July 1, 2012 will vary based on whether the teacher is considered Schedule A or Schedule B or Schedule A/B. 14

15 Service Credit Purchases Purchases for time periods prior to a teacher s hiring must be made within 3 years of his or her initial date of hire. Purchases for official periods of leave must be made within 3 years of the conclusion of the official leave. (A teacher must return to work one year before purchase of leave.) For time periods prior to July 1, 2012 purchases must be initiated by June 30, Purchases are at full actuarial cost (with the exception of restoration of service, military service and salary deferral aka pay reduction days ). Effective immediately, purchases for restoration of service credit, military service and deferral of salary are at 7.5% interest, compounded annually. All other purchases requested after June 30, 2012 are at a new full actuarial cost (uses a 6.5% discount rate) making purchases after June 30, 2012 more expensive. 15

16 Purchases in Progress If retiring with an installment purchase in progress, contact ERSRI to pro-rate installment agreement and bill you for the remaining portion which is payable upon receipt. Requires employer s written confirmation that you are terminating employment, before ERSRI will pro-rate agreement. Purchase requests must be made in the ERSRI office before date of termination. 16

17 Calculating DB Retirement Allowance Annual DB Retirement Allowance = Average Compensation o Average Compensation is the average salary of the teacher using his or her highest 5 consecutive years. o Schedule A teachers use the 3 highest consecutive years. o Anti-spiking laws implement an average compensation using the 10 highest consecutive years. (Only applies to certain teachers who are not eligible to retire as of June 30, 2012 and work less than full time for most of their career and work full time for 3 or more years.) X Total Percentage Accrued o Total percentage accrued cannot exceed 75% o Schedule A and Schedule A/B teachers cannot exceed 80% 17

18 Applying RIRSA The following will automatically apply : A teacher who was eligible to retire prior to July 1, 2012 using the laws in effect prior to RIRSA may retire at any time. A teacher who has earned at least 5 years of contributory service as of June 30, 2012 will receive a downward adjustment to his or her social security retirement age based on the amount of service he or she earned as of June 30,

19 Elective RIRSA Transitional Rules For teachers who were not eligible to retire as of June 30, 2012: Transition Rule 1: A teacher who has earned at least 20 years of contributory service and is within 5 years of reaching his or her eligible RIRSA retirement age may receive an actuarially reduced benefit. Transition Rule 2: A teacher who has earned at least 10 years of contributory service as of June 30, 2012 may elect to retire on his or her eligible retirement date as determined by the laws in effect prior to RIRSA s enactment (Article 7). o A teacher who elects this option will receive a DB Plan benefit that is calculated using his or her service credit and final average compensation as of June 30, o A teacher who elects this option will not accrue DB Plan benefits for any service or compensation on or after July 1,

20 DB Plan Retirement Options Retirement Option (Select at time of retirement) Amount Beneficiary Amount Modification of Option Selected SRA Full Benefit $0 Zero Permitted Option One ^Actuarially Reduced Benefit Beneficiary receives same amount after teacher's death. *Option 2 or SRA. Option Two ^Actuarially Reduced Benefit Beneficiary receives half the amount after teacher s death *Option 1 or SRA. SRA Plus (Only an option for Schedule A and AB teachers) Increases pension amount prior to age 62 AND reduced pension going forward $0 Zero Permitted ^ Actuarially Reduced Benefit based on difference in age between teacher and beneficiary. * One time change is permitted while living. The change of option form must be received by ERSRI prior to death. A Qualified Domestic Relations Order (QDRO) may order modification to a teacher s retirement option. 20

21 Death Benefits A teacher s designated beneficiary is eligible regardless of retirement option selected. Benefit is $800 per year of service, up to a maximum benefit of $16,000 with 20 years of service. Benefit reduces 25% each year after retirement to a minimum death benefit of $4,

22 Teacher Survivors Benefits Teacher Survivor Benefit (TSB) contributions are made by teachers employed in positions that do not participate in social security. This includes teachers employed in Barrington, Bristol-Warren, Burrillville, Central Falls, Coventry, Cranston, Cumberland, East Greenwich, East Providence, Foster, Glocester, Johnston, Lincoln, Little Compton, Middletown, Newport, North Smithfield, Portsmouth, Scituate, Smithfield, Tiverton, and Westerly. Teacher Contributions = $96.00 per year (or 1% of salary if less than $96.00) 22

23 Teacher Survivors Benefits (cont.) At retirement, a teacher gets a one time election to either: (i) discontinue coverage by receiving a lump sum refund of contributions with interest or (ii) maintain coverage by leaving the contributions in the TSB fund. In order for a survivor or dependant of a teacher to receive the TSB benefit the teacher must have been contributing to the TSB fund for a period of at least 6 consecutive calendar months prior to his or her death or retirement. Maintaining coverage provides up to a $1,250 monthly benefit for a spouse or domestic partner or up to $ for a dependant child. 23

24 Retirement Forms Beneficiary Nomination Form Send to ERSRI, 50 Service Ave, 2 nd Floor, Warwick, RI before your last day. Send the form NOW but no later than the last day of employment. Application for Retirement Send to ERSRI, 50 Service Ave, 2 nd Floor, Warwick, RI before your last day. Or apply online. ERSRI does not send a confirmation , so please call (401) to confirm we received your application. Option Selection Form Send to ERSRI, 50 Service Ave, 2 nd Floor, Warwick, RI before your last day. Teachers Survivors Benefit (If applicable) Send to ERSRI, 50 Service Ave, 2 nd Floor, Warwick, RI before your last day. Employees Certification of Retirement and Final Wages Send to your payroll/human resources department within 3 months prior to terminating employment. Retiree Health Care Election (if opt for health from state) Send to Office of Employee Benefits, One Capitol Hill, Providence, RI before your last day. 24

25 Beneficiary Nomination Form 25

26 Estimate of Benefits Form - Page 1 26

27 Estimate of Benefits Form Page 2 27

28 Application for Retirement Page 1 28

29 Retirement Application Page 2 29

30 Option Selection Form 30

31 Teachers Survivors Benefits Election Form 31

32 Employers Certification of Retirement and Final Wages-5 Form Page 1 32

33 Employers Certification of Retirement and Final Wages-5 Form Page 2 33

34 Cost of Living Adjustments (COLAs) Effective July 1, 2012 for ALL teachers Cost of Living Adjustments (COLAs) are suspended beginning July 1, 2012 and will be suspended for each year the funding level of the ERS (state employees and teachers), JRBT (judges) and the SPRBT (state police) as calculated in the aggregate (referred to as the Fund ) fails to reach 80%. A calculation of the COLA will be made each year the Fund has at least an 80% funding level. During the initial suspension period, a calculation of the COLA will be made every five years despite the Fund being below 80% funded. The first five year interval would begin January 1, The COLA will be calculated using the 5 year average investment return of the Fund minus 5.5%, with a floor of 0% and a cap of 4%. 34

35 COLAs (continued) A teacher becomes eligible to receive a COLA when he or she attains social security retirement age or 3 years after he or she retires using whichever date is later. When awarded, COLAs will be applied to an eligible teacher s first $25,000 of retirement allowance, indexed. When awarded, COLAs are applied to an eligible teacher s retirement allowance on the anniversary of the teacher s date of retirement (+ 1 month). 35

36 Receiving Your Pension Payment Your first pension payment will be received 2-3 months after retirement. (Payment is retroactive to date of retirement.) Your first pension check will be mailed to your home address. Each payment thereafter will be directly deposited to your bank account. An will be sent to you each month notifying you that your direct deposit stub is available online. Payments will be made at the end of each month for the month. 36

37 Creating an Online Account Go to to create an account. Your username will be your full address that was used when creating the account. We recommend using a personal address because a work address may be deactivated after you retire or change positions. After completing the registration, you will receive a confirmation containing a link to activate your account. You must click on this link before online access will be allowed. (You may have to check your spam or junk folder for the confirmation .) Once activated, you may log in by using your full address as the username and entering the password chosen when you created the account. If ERSRI creates the account for you, your password will be a temporary password provided by ERSRI. 37

38 Obtaining Your Article 7 and RIRSA Date To obtain your Article 7 and RIRSA age and date: Once you have logged on with your username and password click on My Account (note years of service (YOS) as of 9/30/2009) Click on where it says: If you are Schedule A Teacher and want to check your retirement eligibility: Click here If you are Schedule B Teacher and want to check your retirement eligibility: Click here This will link you to a Microsoft Excel sheet and you will be asked to input your date of birth, your service credit as of 9/30/2009 and your service credit as of 6/30/2012. The calculator will provide you your Article 7 and RIRSA dates. Note: Use Schedule A calculator if you are a Schedule A/B 38

39 Online Calculator Example 39

40 Post Retirement Employment Hired Post Employment As A Days Allowed Before Pension Suspension Gross Pay Allowed Before Pension Suspension Time Period State Employee 0 $0 N/A Registered Nurse N/A $12,000 Calendar Year Classroom Instructor, Academic Advisor, or Coach at a State School Or College N/A $15,000 Calendar Year Drivers Ed Teacher N/A $15,000 Calendar Year MERS Employee 75 (or 150 half days) N/A Calendar Year Teacher 90 (or 180 half days) N/A School Year Elected MERS official Unlimited * Unlimited * N/A Unpaid state or municipal board Unlimited * Unlimited * N/A Non Participating Municipality Employee Unlimited Unlimited N/A Any employment or reemployment may begin no earlier than 30 days after separation/termination from employment. * Unlimited except for those who previously worked and earned service credit an elected official or board member 40

41 Post Retirement Employment (cont.) Retirement contributions will not be deducted from your wages and you will not earn any additional retirement service credit for any post-retirement employment. It is your responsibility to ensure that while collecting a retirement benefit your employment does not violate any statutory restrictions. ERSRI must be notified on a monthly basis. You and the employer MUST report via form available at Teacher/Certified may substitute in Rhode Island public school for up to 90 days (or 180 half-days of 3 hours or less) per school year. Fill vacant position not to exceed equivalent of 90 days in school year. Before accepting position, must have school send letter to ERSRI and unions certifying good faith effort made to fill position with non-retiree. This includes coaching, tutoring and consulting. No mixing and matching. You cannot participate in more than 1 area that is limited by statute. Post-retirement provisions apply if you are a consultant or corporation or employee of another party. 41

42 Contact Information Employees Retirement System of Rhode Island (ERSRI) 50 Service Avenue, 2 nd Floor Warwick, RI (401) For inquiries regarding health benefits: Office of Employee Benefits One Capitol Hill Providence, RI (401) For inquiries regarding the DC Plan: TIAA-CREF

AN EMPLOYEE S GUIDE TO UNDERSTANDING THE RHODE ISLAND RETIREMENT SECURITY ACT

AN EMPLOYEE S GUIDE TO UNDERSTANDING THE RHODE ISLAND RETIREMENT SECURITY ACT , AN EMPLOYEE S GUIDE TO UNDERSTANDING THE RHODE ISLAND RETIREMENT SECURITY ACT January 2012 Employees Retirement System of Rhode Island About this Guide: On July 1, 2012, the Rhode Island Retirement Security

More information

Employees Retirement System Of Rhode Island Handbook. Membership & Retirement

Employees Retirement System Of Rhode Island Handbook. Membership & Retirement Employees Retirement System Of Rhode Island Handbook Membership & Retirement Reduce Contact: Employees Retirement System of Rhode Island 40 Fountain Street Providence, Rhode Island 02903-1854 Call Center:

More information

Post Retirement Employment. Retired Teachers

Post Retirement Employment. Retired Teachers Post Retirement Employment Retired Teachers Agenda THE MOST IMPORTANT REQUIREMENT- THE 30- DAY BREAK IN SERVICE. Post-Retirement Limits - The 90/180 Day Rule. The Good Faith Effort for Vacant Positions.

More information

Warwick Public Schools 34 Warwick Lake Ave Warwick, RI 02889 INDEPENDENT CONTRACTOR AGREEMENT

Warwick Public Schools 34 Warwick Lake Ave Warwick, RI 02889 INDEPENDENT CONTRACTOR AGREEMENT Warwick Public Schools 34 Warwick Lake Ave Warwick, RI 02889 INDEPENDENT CONTRACTOR AGREEMENT This agreement is between Warwick Public Schools and the Independent Contractor (IC) as herein named: IC s

More information

E M P L O Y E E S R E T I R E M E N T S Y S T E M O F R H O D E I S L A ND ACTUARIAL VALUATION R E P O R T AS OF J U N E 3 0, 201 4

E M P L O Y E E S R E T I R E M E N T S Y S T E M O F R H O D E I S L A ND ACTUARIAL VALUATION R E P O R T AS OF J U N E 3 0, 201 4 E M P L O Y E E S R E T I R E M E N T S Y S T E M O F R H O D E I S L A ND ACTUARIAL VALUATION R E P O R T AS OF J U N E 3 0, 201 4 December 17, 2014 Retirement Board 50 Service Avenue, 2nd Floor Warwick,

More information

Delaware Public Employees Retirement System State Employees Pension Plan. Retirement Planning. Presented by the State of Delaware Office of Pensions

Delaware Public Employees Retirement System State Employees Pension Plan. Retirement Planning. Presented by the State of Delaware Office of Pensions Delaware Public Employees Retirement System State Employees Pension Plan Retirement Planning Presented by the State of Delaware Office of Pensions Current Statistics (as of 6/30/13) 29,539 Retirees from

More information

Employee Pension Guide. Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates

Employee Pension Guide. Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates Employee Pension Guide Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates OVERVIEW OF THE PLAN The following provides a brief overview of the Pension Plan for Salaried Employees

More information

ANNUITY AND REFUNDS HANDBOOK FOR TIER 1 PARTICIPANTS

ANNUITY AND REFUNDS HANDBOOK FOR TIER 1 PARTICIPANTS ANNUITY AND REFUNDS HANDBOOK FOR TIER 1 PARTICIPANTS "INQUIRE BEFORE YOU RETIRE" Our experienced counselors are here to help you navigate through the benefits in order to make an informed decision that

More information

District of Columbia Judges. Retirement Plan

District of Columbia Judges. Retirement Plan District of Columbia Judges Retirement Plan Summary Plan Description 2008 JUDGES_COV_10-5-08.indd 1 10/6/08 7:27:13 AM Summary Plan Description 2008 This booklet is a Summary Plan Description of the benefits

More information

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM. your retirement benefits

TEACHERS 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 information

Death Benefits For City of San Diego Members, Survivors & Beneficiaries

Death Benefits For City of San Diego Members, Survivors & Beneficiaries Death Benefits For City of San Diego Members, Survivors & Beneficiaries Beneficiaries of SDCERS Members are eligible for certain Death Benefits that are dependent on the status of the SDCERS Member at

More information

Your Pension Benefits from The City of Atlanta and The Atlanta Board of Education

Your Pension Benefits from The City of Atlanta and The Atlanta Board of Education Rev. 12/05 Your Pension Benefits from The City of Atlanta and The Atlanta Board of Education Summary Plan Description for the General Employees Pension Plan Police Officer s Pension Plan Firefighter s

More information

Attainment of age 50 when age plus contributory service equals 70 (excluding military service)

Attainment of age 50 when age plus contributory service equals 70 (excluding military service) RETIREMENT BENEFITS: Contributions MPFRS is funded by employee and employer contributions. An active employee currently contributes 8.5% of his or her gross monthly salary, and the employer currently contributes

More information

TABLE OF CONTENTS. Introduction... 1. Membership... 1. Defined Benefit Portion of the Hybrid... 2. Retirement Benefits for Public Safety Officer...

TABLE OF CONTENTS. Introduction... 1. Membership... 1. Defined Benefit Portion of the Hybrid... 2. Retirement Benefits for Public Safety Officer... TABLE OF CONTENTS Introduction... 1 Membership... 1 Defined Benefit Portion of the Hybrid... 2 Retirement Benefits... 4 Retirement Benefits for Public Safety Officer... 5 Cost-of-Living Adjustments after

More information

LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS. your retirement benefits

LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS. your retirement benefits LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2012 NORTH CAROLINA DEPARTMENT OF STATE

More information

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM. your retirement benefits

TEACHERS 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 information

U.S. ARMY NAF EMPLOYEE RETIREMENT PLAN

U.S. ARMY NAF EMPLOYEE RETIREMENT PLAN U.S. ARMY NAF EMPLOYEE RETIREMENT PLAN March 2014 INTRODUCTION This booklet is published by the U.S. Army NAF Employee Benefits Office. It is intended to provide you with useful information about the U.S.

More information

Hybrid Pension Plan with Cost Controls for State Employees, Teachers, and Employees of Local Governments Who Elect the Plan

Hybrid Pension Plan with Cost Controls for State Employees, Teachers, and Employees of Local Governments Who Elect the Plan Hybrid Pension Plan with Cost Controls for State Employees, Teachers, and Employees of Local Governments Who Elect the Plan Frequently Asked Questions Contents Differences between the Hybrid and Legacy

More information

Employees Retirement System (ERS) Old Plan, New Plan, GSEPS Plan Guide E RSGA. Employees Retirement System of Georgia. Serving those who serve Georgia

Employees Retirement System (ERS) Old Plan, New Plan, GSEPS Plan Guide E RSGA. Employees Retirement System of Georgia. Serving those who serve Georgia Employees Retirement System (ERS) Old Plan, New Plan, GSEPS Plan Guide Serving those who serve Georgia E RSGA Employees Retirement System of Georgia Updated 09/2013 Table of Contents Introduction... 3

More information

Teachers and State Employees Retirement System (TSERS)

Teachers and State Employees Retirement System (TSERS) Teachers and State Employees Retirement System (TSERS) Revised July 2010 Disclaimer This presentation is based on current legislation and is subject to change without notice. This material is to be used

More information

Choosing a Retirement Program

Choosing a Retirement Program Revised July 1, 2011 S TATE R ETIREMENT AND P ENSION S YSTEM Choosing a Retirement Program Maryland Optional Retirement Plan Highlights of the SRPS & ORP Retirement Programs ABOUT THIS BOOK About This

More information

TEACHERS RETIREMENT ASSOCIATION A MINNESOTA PUBLIC PENSION FUND

TEACHERS RETIREMENT ASSOCIATION A MINNESOTA PUBLIC PENSION FUND TEACHERS RETIREMENT ASSOCIATION A MINNESOTA PUBLIC PENSION FUND 2011 Welcome! What is TRA? The Teachers Retirement t Association (TRA) is a public retirement t system that was founded in 1931 to provide

More information

5 - Member Benefits / Health Insurance Continuation

5 - Member Benefits / Health Insurance Continuation Illinois Municipal Retirement Fund Member Benefits / Health Insurance Continuation / SECTION 5 5 - Member Benefits / Health Insurance Continuation BENEFITS... 143 5.00 INTRODUCTION... 143 5.10 SEPARATION

More information

Optional Retirement Program (ORP) Summary Plan Description

Optional Retirement Program (ORP) Summary Plan Description Optional Retirement Program (ORP) Summary Plan Description April 2012 Table of Contents Establishment............................................... 1 Eligibility...................................................

More information

CALCULATING YOUR RETIREMENT BENEFITS

CALCULATING YOUR RETIREMENT BENEFITS CALCULATING YOUR RETIREMENT BENEFITS ET-4107 (REV 2/2015) Scan to read online. Calculating Your Retirement Benefits Eligibility... 2 Retirement Benefit Calculation Methods... 3 Annuity Payment Options...

More information

STATE OF MICHIGAN 401K PLAN. (Amended and Restated Effective January 1, 2014)

STATE OF MICHIGAN 401K PLAN. (Amended and Restated Effective January 1, 2014) STATE OF MICHIGAN 401K PLAN (Amended and Restated Effective January 1, 2014) STATE OF MICHIGAN 401K PLAN TABLE OF CONTENTS ARTICLE 1 ESTABLISHMENT OF PLAN AND TRUST...1 1.1 Establishment of Plan....1 1.2

More information

Deferred Retirement Option Plan (DROP)

Deferred Retirement Option Plan (DROP) Deferred Retirement Option Plan (DROP) Any Group G member who meets the requirements for a normal retirement may elect to participate in the DROP for up to three years. Sick leave may be used as credited

More information

Boeing Satellite Systems Retirement Plan

Boeing Satellite Systems Retirement Plan Boeing Satellite Systems Retirement Plan Summary Plan Description 2008 Edition/Eligible Union-Represented Employees EAST 1553 and IBEW 2295 The summary plan description (SPD) for this Plan is this booklet

More information

TRADITIONAL PLAN MEMBER GUIDE S U R S STATE UNIVERSITIES RETIREMENT SYSTEM

TRADITIONAL PLAN MEMBER GUIDE S U R S STATE UNIVERSITIES RETIREMENT SYSTEM TRADITIONAL PLAN MEMBER GUIDE S U R S STATE UNIVERSITIES RETIREMENT SYSTEM SURS MISSION STATEMENT To secure and deliver the retirement benefits promised to our members. This booklet is intended to serve

More information

Your Retirement Plan

Your Retirement Plan Your Retirement Plan Coordinated Plan For ERS Tier 3 and 4 Members (Articles 14 and 15) New York State Office of the State Comptroller Thomas P. DiNapoli New York State and Local Employees Retirement System

More information

Teachers and State Employees Retirement System (TSERS)

Teachers and State Employees Retirement System (TSERS) Teachers and State Employees Retirement System (TSERS) A BASIC REVIEW OF THE NORTH CAROLINA PENSION PLAN MARCH 2014 Amy Owenby Presented by: Lisa Honeycutt Disclaimer This presentation is based on current

More information

Understanding DROP. Deferred Retirement Option Program. Overview

Understanding 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 information

Retirement Benefits for Judicial Officers

Retirement Benefits for Judicial Officers Retirement Benefits for Judicial Officers as administered by September 2015 JRS Plan 2 Retirement Benefits for Judicial Officers in JRS 2 This booklet provides information regarding Judicial Retirement

More information

7/15/2015. Injured Workers Retirement Options. Objectives. Retirement System Overview

7/15/2015. Injured Workers Retirement Options. Objectives. Retirement System Overview Injured Workers Retirement Options NICOLE KELSCH WORKERS COMPENSATION PROGRAM MANAGER NORTH FLORIDA/SOUTH GEORGIA VETERANS HEALTH SYSTEM Objectives Identify retirement options to determine eligibility

More information

Disability Coverage. This brochure can also be made available in alternative formats, such as large print, Braille, or on tape. Rev.

Disability Coverage. This brochure can also be made available in alternative formats, such as large print, Braille, or on tape. Rev. Disability Coverage This brochure summarizes many features of your retirement plan and disability coverage. If a discrepancy develops between this summary and state law, the law will govern. This brochure

More information

Department of State Treasurer

Department of State Treasurer Department of State Treasurer Disability Training - Updated January 2015 1 This presentation is based on current legislation and is subject to change without notice. This material is to be used for training

More information

CSRS Cost-of-Living Adjustments FERS Chapter 2

CSRS Cost-of-Living Adjustments FERS Chapter 2 CSRS Cost-of-Living Adjustments FERS i Table of Contents Subchapter 2A CSRS Part 2A1 General Information Section 2A1.1-1 Overview... 1 A. Introduction... 1 B. Topics Covered... 1 C. Organization of Subchapter...

More information

Member Handbook. Teacher. MainePERS Benefits for Teachers. October 2014 mainepers.org

Member Handbook. Teacher. MainePERS Benefits for Teachers. October 2014 mainepers.org Teacher Member Handbook MainePERS Benefits for Teachers October 2014 mainepers.org MainePERS Benefits for Teachers A general summary of the benefits available to you as a MainePERS member A publication

More information

2015 -- H 5915 S T A T E O F R H O D E I S L A N D

2015 -- H 5915 S T A T E O F R H O D E I S L A N D LC000 01 -- H 1 S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO PUBLIC OFFICERS AND EMPLOYEES - RETIREMENT SYSTEM - CONTRIBUTIONS AND BENEFITS Introduced

More information

Member s Guide to: DROP. Deferred Retirement Option Plan. www.op-f.org

Member s Guide to: DROP. Deferred Retirement Option Plan. www.op-f.org Member s Guide to: DROP Deferred Retirement Option Plan www.op-f.org PLAN DEFERRED RETIREMENT DROP The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible police officers

More information

EMERGENCY HOUSING ASSISTANCE PROGRAM (EHAP) FACT SHEET

EMERGENCY HOUSING ASSISTANCE PROGRAM (EHAP) FACT SHEET EMERGENCY HOUSING ASSISTANCE PROGRAM (EHAP) FACT SHEET PURPOSE Rhode Island Housing and the Department of Human Services have allocated funds to all Community Action Agencies in the State of Rhode Island

More information

Tennessee Consolidated Retirement System (TCRS) Pension Options for Local Governments

Tennessee Consolidated Retirement System (TCRS) Pension Options for Local Governments Tennessee Consolidated Retirement System (TCRS) Pension Options for Local Governments David H. Lillard, Jr., State Treasurer Jill Bachus, TCRS Director 1 Local Government TCRS Options Important Points

More information

your retirement plan For ERS Tier 5 Members (Article 15)

your retirement plan For ERS Tier 5 Members (Article 15) your retirement plan For ERS Tier 5 Members (Article 15) New York State Office of the State Comptroller Thomas P. DiNapoli New York State and Local Employees Retirement System A Message from Comptroller

More information

Gwinnett Retirement System. Employee Handbook

Gwinnett Retirement System. Employee Handbook Gwinnett Retirement System Employee Handbook A Summary of GRS Plan Benefits Gwinnett County Public Schools 437 Old Peachtree Road, NW Suwanee, GA 30024-2978 www.gwinnett.k12.ga.us/grs Gwinnett County Public

More information

Your Employees Retirement System

Your Employees Retirement System Questions & Answers About Your Employees Retirement System Contributory Plan for Police Officers, Firefighters, and certain Public Safety Officers* *Includes Department of the Attorney General investigators;

More information

Disability. Retirement. For members enrolled in the Defined Benefit Plan

Disability. Retirement. For members enrolled in the Defined Benefit Plan Disability Retirement For members enrolled in the Defined Benefit Plan 2015 2016 Is Disability Right For You? Table of Contents Is Disability Right For You?...1 Disability retirement overview...2 Eligibility

More information

YOUR BENEFIT HANDBOOK

YOUR BENEFIT HANDBOOK 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 information

Request to Remain in the CORP. Return to Work after Retirement

Request to Remain in the CORP. Return to Work after Retirement CRECTIONS OFFICER RETIREMENT PLAN 3010 East Camelback Road, Suite 200 Phoenix, Arizona 85016-4416 www.psprs.com Telephone: (602) 255-5575 Fax: (602) 255-5572 9/2012 SUMMARY OF BENEFITS Summary Topics Average

More information

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2015 NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT

More information

Florida Retirement System Pension Plan D R O P. Deferred Retirement Option Program

Florida Retirement System Pension Plan D R O P. Deferred Retirement Option Program Florida Retirement System Pension Plan D R O P Deferred Retirement Option Program Department of Management Services Division of Retirement July 2011 DISCLAIMER If questions of interpretation arise as a

More information

Members Guide to: Survivor Benefits

Members Guide to: Survivor Benefits Members Guide to: Survivor Benefits Whether a police officer or firefighter dies before or after retirement, their survivors may be eligible to receive survivor benefits from OP&F. These benefits are generally

More information

Generic Local School District, Ohio Notes to the Basic Financial Statements For the Fiscal Year Ended June 30, 2015

Generic Local School District, Ohio Notes to the Basic Financial Statements For the Fiscal Year Ended June 30, 2015 Note 2 - Summary of Significant Accounting Policies Pensions For purposes of measuring the net pension liability, information about the fiduciary net position of the pension plans and additions to/deductions

More information

THINKING OF RETIRING?

THINKING OF RETIRING? S T A T E O F C O N N E C T I C U T DEPARTMENT OF CORRECTION 24 WOLCOTT HILL ROAD WETHERSFIELD, CONNECTICUT 06109 THINKING OF RETIRING? We know this is a big decision and want to help you with the entire

More information

Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation

Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation Document title: AUTHORIZED COPY Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation Document number: HRI-PGNF-00013 Applies to: Keywords: Progress Energy Florida, Inc. (bargaining

More information

West Virginia Department of Public Safety Death, Disability and Retirement Fund (Plan A)

West Virginia Department of Public Safety Death, Disability and Retirement Fund (Plan A) West Virginia Department of Public Safety Death, Disability and Retirement Fund (Plan A) Actuarial Valuation As of July 1, 2013 Prepared by: for the West Virginia Consolidated Public Retirement Board January

More information

District of Columbia Teachers Retirement Plan Summary Plan Description 2007

District of Columbia Teachers Retirement Plan Summary Plan Description 2007 District of Columbia Teachers Retirement Plan Summary Plan Description 2007 This booklet is a Summary Plan Description of the benefits provided to you under the District of Columbia Teachers Retirement

More information

VI The Defined Benefit Member (Tiers I and II)

VI The Defined Benefit Member (Tiers I and II) VI The Defined Benefit Member (Tiers I and II) Enrollment Members who first entered the TRS: Before July 1, 1990, are in Tier I; On or after July 1, 1990, are in Tier II. Tier status is established when

More information

Your Employees Retirement System

Your Employees Retirement System Questions & Answers About Your Employees Retirement System Hybrid Plan 1. What is the Employees Retirement System? The Employees Retirement System of Hawaii (ERS) was established in 1925 to provide retirement

More information

Retirement Benefits for Elected State Officials. As administered by the Employees Retirement System of Texas

Retirement Benefits for Elected State Officials. As administered by the Employees Retirement System of Texas Retirement Benefits for Elected State Officials As administered by the Employees Retirement System of Texas September 2016 This booklet provides information regarding retirement benefits available to you

More information

LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS

LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2015 NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT

More information

Statewide Death & Disability Plan

Statewide Death & Disability Plan Statewide Death & Plan Statewide Death & Plan benefits are state funded for police officers and firefighters hired prior to January 1, 1997. Local revenue sources are responsible for funding of the benefits

More information

THIRD AMENDMENT TO THE GWINNETT COUNTY DEFINED BENEFIT PLAN. This THIRD AMENDMENT is made as of this day of, 2009, by Gwinnett County (the County ).

THIRD AMENDMENT TO THE GWINNETT COUNTY DEFINED BENEFIT PLAN. This THIRD AMENDMENT is made as of this day of, 2009, by Gwinnett County (the County ). THIRD AMENDMENT TO THE GWINNETT COUNTY DEFINED BENEFIT PLAN This THIRD AMENDMENT is made as of this day of, 2009, by Gwinnett County (the County ). WITNESSETH: WHEREAS, the County maintains the Gwinnett

More information

Overview of Teacher Retirement System of Texas

Overview of Teacher Retirement System of Texas Overview of Teacher Retirement System of Texas Tom Guerin Revised September 2011 Revised 10/21/09 TRS retirement plan benefits are funded by member, state, and employer contributions to the trust fund,

More information

FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION

FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION BENEFITS FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION HEALTH CARE RETIREMENT WORK/LIFE BENEFITS FLEXIBILITY CHOICES COMPETITIVE COVERAGE PROTECTION HEALTH CARE RETIREMENT WORK/LIFE BENEFITS FLEXIBILITY

More information

Preparing. Retirement FOR. For members enrolled in the Defined Benefit Plan Defined Contribution Plan Combined Plan

Preparing. Retirement FOR. For members enrolled in the Defined Benefit Plan Defined Contribution Plan Combined Plan Preparing FOR Retirement For members enrolled in the Defined Benefit Plan Defined Contribution Plan Combined Plan 2015 2016 Preparing for Retirement Table of Contents Retirement planning timetables...1

More information

The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members

The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members Summary Plan Description The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members Effective July 1, 2011 1 Contents Fast Facts... 3 Pension Plan Benefits At-A-Glance...

More information

Income for your. Retirement

Income for your. Retirement Income for your Retirement Information about Your SDRS Retirement Benefits Class B Public Safety July 1, 2015 South Dakota Retirement System 222 East Capitol Avenue, Suite 8 P.O. Box 1098 Pierre, SD 57501

More information

CITY OF GROSSE POINTS FARMS SUMMARY OF ORDINANCE NO. 386 ENTITLED AN ORDINANCE TO AMEND AND RESTATE THE PROVISIONS OF THE CITY OF GROSSE POINTE FARMS

CITY OF GROSSE POINTS FARMS SUMMARY OF ORDINANCE NO. 386 ENTITLED AN ORDINANCE TO AMEND AND RESTATE THE PROVISIONS OF THE CITY OF GROSSE POINTE FARMS CITY OF GROSSE POINTS FARMS SUMMARY OF ORDINANCE NO. 386 ENTITLED AN ORDINANCE TO AMEND AND RESTATE THE PROVISIONS OF THE CITY OF GROSSE POINTE FARMS PUBLIC SAFETY OFFICER RETIREMENT SYSTEM TO INCORPORATE

More information

BENEFITS RETIREMENT HANDBOOK

BENEFITS RETIREMENT HANDBOOK The University of Houston BENEFITS RETIREMENT HANDBOOK Rev 10/07 UNIVERSITY OF HOUSTON BENEFITS RETIREMENT HANDBOOK TABLE OF CONTENTS SECTION I DEFINITION OF A RETIREE 3 SECTION II RETIREE INSURANCE BENEFITS

More information

Tier. Plan. for members participating prior to September 1, 2008

Tier. Plan. for members participating prior to September 1, 2008 Tier Plan for members participating prior to September 1, 2008 This guide is a companion publication to KRS Summary Plan Description. For a comprehensive overview of our plans, refer to the Summary Plan

More information

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM FOR STATE LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS

TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM FOR STATE LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM FOR STATE LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2015 NORTH CAROLINA

More information

Applying for Immediate Retirement Under the. Federal Employees. Retirement System

Applying for Immediate Retirement Under the. Federal Employees. Retirement System FERS Federal Employees Retirement System Applying for Immediate Retirement Under the Federal Employees Retirement System This pamphlet is for you if you are currently a Federal employee covered by the

More information

State of Connecticut. Teachers Retirement System

State of Connecticut. Teachers Retirement System State of Connecticut Teachers Retirement System STATE OF CONNECTICUT CT TEACHERS RETIREMENT BOARD 765 ASYLUM AVENUE HARTFORD, CT 06105 Toll-Free 1-800-504-1102 (860) 241-8400 Fax (860) 525-6018 www.ct.gov/trb

More information

Preparing for Retirement

Preparing for Retirement Preparing for Retirement Preparing for Retirement Your UC Pension Lump Sum Cashout Retirement payment vs. paycheck Additional UC sources of retirement income Other sources of retirement income To your

More information

Benefits through the stages of your life. PLANNING TO RETIRE Your Benefit Options at Retirement

Benefits through the stages of your life. PLANNING TO RETIRE Your Benefit Options at Retirement Benefits through the stages of your life. PLANNING TO RETIRE Your Benefit Options at Retirement Table of Contents 1. Overview...1 2. Considering Your Retirement Income....3 From Your Employer: The Pension

More information

Saudi Arabian Oil Company (Saudi Aramco)

Saudi Arabian Oil Company (Saudi Aramco) Saudi Arabian Oil Company (Saudi Aramco) Summary Plan Description Retirement Income Plan U.S. Dollar Employees January 1, 2016 Table of Contents WHO IS ELIGIBLE... 1 COST AND FUNDING... 2 VESTING... 2

More information

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request:

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request: This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration. It is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications,

More information

State Defined Contribution and Hybrid Pension Plans

State Defined Contribution and Hybrid Pension Plans State Defined Contribution and Hybrid Pension Plans Ronald Snell June 2010 The overwhelming majority of statewide retirement plans for public employees and for teachers are traditional defined benefit

More information

Your Retirement Plan

Your Retirement Plan Your Retirement Plan Special 20- and 25-Year Plans For PFRS Tier 1, 2, 3, 5 and 6 Members (Sections 384, 384-d and 384-e) New York State Office of the State Comptroller Thomas P. DiNapoli New York State

More information

The McClatchy Company. Retirement Plan. April 1, 2009 SUMMARY PLAN DESCRIPTION. April 1, 2009. Table of Contents. Rev. 08/10

The McClatchy Company. Retirement Plan. April 1, 2009 SUMMARY PLAN DESCRIPTION. April 1, 2009. Table of Contents. Rev. 08/10 The McClatchy Company Retirement Plan April 1, 2009 SUMMARY PLAN DESCRIPTION April 1, 2009 Table of Contents Rev. 08/10 Table of Contents I. INTRODUCTION... 4 PLAN HIGHLIGHTS... 5 II. LEGACY MCCLATCHY

More information

Employee Benefits Frequently Asked Questions

Employee Benefits Frequently Asked Questions Employee Benefits Frequently Asked Questions USA Health & Dental Plan 1. When will my medical/dental coverage be effective if I am a new employee? If your employment begins on the first day of the calendar

More information

Plan Comparison Guide

Plan 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 information

Retirement Plan. Employee Benefits

Retirement Plan. Employee Benefits Employee Benefits Retirement Plan Summary Plan Description Union-Represented Aerospace Employees UAW 864, 887, 952, 1519, and 1558; IBPATA 36; IBCJA 721; IBEW 2295; and SMWIA 461 The summary plan description

More information

District of Columbia Teachers Retirement Plan

District of Columbia Teachers Retirement Plan District of Columbia Teachers Retirement Plan SUMMARY PLAN DESCRIPTION 2012 District of Columbia Teachers Retirement Plan Summary Plan Description This booklet is a Summary Plan Description (SPD) of the

More information

NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION

NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION Effective January 1, 2011 Table of Contents Introduction...1 Definitions...2 Eligible Employee...5 Eligible Employees...

More information

Columbia University (the University ) offers two retirement plans to help provide you with retirement income after you stop working.

Columbia University (the University ) offers two retirement plans to help provide you with retirement income after you stop working. COLUMBIA UNIVERSITY Summary Plan Description for the Retirement Plan - Local 241 Transport Workers Union of America Columbia University (the University ) offers two retirement plans to help provide you

More information

CIVIL SERVICE RETIREMENT SYSTEM

CIVIL SERVICE RETIREMENT SYSTEM CIVIL SERVICE RETIREMENT SYSTEM CSRS ELIGIBILITY TYPES OF RETIREMENT: AGE YEARS OF SERVICE OPTIONAL 55 30** 60 20 62 5 DISABILITY ANY 5 DEFERRED 62 5 EARLY OPTIONAL 50 20* (Agencies must have approval

More information

Non-Contributory Retirement Plan

Non-Contributory Retirement Plan Non-Contributory Retirement Plan Summary Plan Description 2008 Edition/Union-Represented Employees UAW 1069 The summary plan description (SPD) for this Plan is this booklet and any summaries of material

More information

3 FAM 6180 COMPUTATION OF BENEFITS UNDER FSRDS, FSRDS OFFSET AND FSPS

3 FAM 6180 COMPUTATION OF BENEFITS UNDER FSRDS, FSRDS OFFSET AND FSPS 3 FAM 6180 COMPUTATION OF BENEFITS UNDER FSRDS, FSRDS OFFSET AND FSPS (Office of Origin: HR/RET) 3 FAM 6181 HIGH-THREE AVERAGE SALARY An annuity under the Foreign Service Retirement and Disability System

More information

FREQUENTLY ASKED QUESTIONS DEFERRED RETIREMENT OPTION PLAN (DROP) (REVISED AUGUST 2012)

FREQUENTLY ASKED QUESTIONS DEFERRED RETIREMENT OPTION PLAN (DROP) (REVISED AUGUST 2012) FREQUENTLY ASKED QUESTIONS DEFERRED RETIREMENT OPTION PLAN (DROP) (REVISED AUGUST 2012) What is the Deferred Retirement Option Plan (DROP)? DROP is a program that provides employees access to a lump sum

More information

THE MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO

THE MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO THE MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO BOOKLET OF INFORMATION ON THE LAW GOVERNING THE FUND INCLUDING AMENDATORY PROVISIONS THROUGH JULY 1, 2002 OFFICE OF THE FUND 221 North LaSalle

More information

Retirement Plan Of CITGO Petroleum Corporation And Participating Subsidiary Companies. Summary Plan Description As in effect January 1, 2012

Retirement Plan Of CITGO Petroleum Corporation And Participating Subsidiary Companies. Summary Plan Description As in effect January 1, 2012 Of CITGO Petroleum Corporation And Participating Subsidiary Companies Summary Plan Description As in effect January 1, 2012 01/2012 In the event of any conflict between this Summary Plan Description and

More information

UNO-VEN Retirement Plan. Summary Plan Description As in effect January 1, 2012

UNO-VEN Retirement Plan. Summary Plan Description As in effect January 1, 2012 Summary Plan Description As in effect January 1, 2012 In the event of any conflict between this Summary Plan Description (SPD) and the actual text of the UNO-VEN Retirement Plan, the more detailed provisions

More information

New York City Police Pension Fund Tier 3 Members

New York City Police Pension Fund Tier 3 Members SUMMARY PLAN DESCRIPTION New York City Police Pension Fund Tier 3 Members New York City Police Pension Fund Board of Trustees Bill de Blasio Mayor William J. Bratton Police Commissioner Jacques Jiha Commissioner

More information

Looking down the road. Choose your retirement plan in three steps.

Looking down the road. Choose your retirement plan in three steps. Looking down the road Choose your retirement plan in three steps. 1 2 3 1 2 3 Like traveling, the road to retirement is filled with choices. For some of you, the destination seems far away, while others

More information

Applying for Immediate Retirement Under the Federal Employees Retirement System

Applying for Immediate Retirement Under the Federal Employees Retirement System Applying for Immediate Retirement Under the Federal Employees Retirement System Do not use this pamphlet, or form SF 3107, FERS Application for Immediate Retirement, if you are applying for a deferred

More information

DuPont Pension and Retirement Plan, Title I

DuPont Pension and Retirement Plan, Title I Your DuPont Benefit Resources DuPont Pension and Retirement Plan, Title I July 2008 As of July 2008, participating employers in the DuPont Pension and Retirement Plan, Title I include: E. I. du Pont de

More information

YALE UNIVERSITY RETIREMENT ACCOUNT PLAN SUMMARY PLAN DESCRIPTION

YALE UNIVERSITY RETIREMENT ACCOUNT PLAN SUMMARY PLAN DESCRIPTION YALE UNIVERSITY RETIREMENT ACCOUNT PLAN SUMMARY PLAN DESCRIPTION Effective January 1, 2015 Table of Contents Introduction...1 Definitions...2 Eligible Employee...5 Eligible Employees... 5 Excluded Employees...

More information

The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements

The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements Employee Information Leaflet The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements APRIL 2014 This information leaflet sets out the pension benefits on offer

More information

DuPont Pension and Retirement Plan, Title I

DuPont Pension and Retirement Plan, Title I Your DuPont Benefit Resources DuPont Pension and Retirement Plan, Title I July 2013 As of July 2013, participating employers in the DuPont Pension and Retirement Plan, Title I, include: E. I. du Pont de

More information