1 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
2 ABOUT THIS BOOK About This Booklet This booklet addresses only those general provisions applicable under the two retirement programs available to eligible faculty and administrators and does not cover all the technical matters that may affect benefits. This booklet will only indicate the basic points for your consideration. Contact representatives of the State Retirement and Pension System (SRPS) for additional information on the defined benefit plan. Contact your Retirement Coordinator or the Optional Retirement Plan (ORP) vendors for questions on the defined contribution plan. Some Important Information The information presented in this booklet is subject to legislative change and judicial interpretation and does not supersede nor restrict procedures or authority established under State statute. If there are questions of interpretation, the provisions of the State Personnel and Pensions Article of the Annotated Code of Maryland will control to resolve them.
3 TABLE OF CONTENTS PAGE CHOOSING A RETIREMENT PROGRAM... 1 Planning For Your Retirement Your Retirement Program Options Making Your Selection Important Terms Some Things To Consider... 2 YOUR RETIREMENT PROGRAMS AT-A-GLANCE... 3 HIGHLIGHTS OF THE SRPS PROGRAM... 5 How SRPS Benefits Are Calculated Contributions To The SRPS Investment Management Retirement Benefit Eligibility Benefit Calculation An Example... 6 Early Retirement Benefit Service Under the Program... 6 Disability Retirement... 7 Ordinary Disability Benefit Disability Earnings Limitation Accidental Disability Benefit Death Benefit... 8 Vested Retirement Allowance... 9 Payment Options Cost-of-Living Increases HIGHLIGHTS OF THE OPTIONAL RETIREMENT PROGRAM (ORP) How The ORP Benefits Are Determined Contributions To The ORP Investment Management Transferability Retirement Benefit Early Retirement Benefit Disability Benefit Death Benefit Vested Retirement Allowance Payment Options Cost-of-Living Increase SOME IMPORTANT INFORMATION Qualified Plans Social Security Transferring Benefits GLOSSARY OF IMPORTANT TERMS... 14
4 CHOOSING A RETIREMENT PROGRAM Planning For Your Retirement During your working years, you re busy with your career, family and social life, but you also need to think about retirement. A comfortable, secure retirement requires planning. As a faculty member or administrator of one of the public higher education institutions of the State of Maryland or a Community College, you have the option of participating in one of two retirement programs. The purpose of this booklet is to explain how each program works so that you may choose the option that better meets your needs. Your You are eligible for one of two retirement programs. They are the: Retirement Program Options Teachers Reformed Contributory Pension System or the Employees Reformed Contributory Pension System administered by the Board of Trustees for the Maryland State Retirement and Pension System (SRPS), or Optional Retirement Program (ORP). Both programs offer income when you retire. The main difference between the two plans is that the SRPS guarantees a benefit amount while the ORP guarantees a state contribution rate equal to 7.25% of salary. Making Your Selection You select a retirement program when you begin employment and your election takes effect on the first of the month following receipt of your election form. If you select the SRPS, you may change your election to the ORP if you do so within one year of becoming an eligible employee. Once you select the ORP, your election cannot be changed. After choosing a retirement program, you should contact your Retirement Coordinator. He or she will provide you with the appropriate forms and materials for the program you elect. Important Terms This booklet contains a glossary of important terms on page 14. Words that are defined in the glossary appear in bold typeface when they are used. Please refer to the glossary as needed. 1
5 CHOOSING A RETIREMENT PROGRAM Some Things To Consider The following are some questions to ask yourself before choosing your retirement program. If you have any questions, or need more information, contact your Retirement Coordinator in your Benefits Office or Human Resources Department. How long do you plan on working for the State of Maryland? Keep in mind that SRPS benefits are based on your length of service, while the ORP benefits are based on the amount of money contributed to your account. How comfortable are you with investing your money? Are you able to take risks? How long do you have until you retire? To be an effective investment manager, you need to make a commitment to review and manage your account. Do you have any other sources of retirement income, e.g., Social Security, spouse s retirement plan? Do you prefer a guaranteed retirement, disability or death benefit or a benefit based upon your investment decisions? How much money will you actually need to have when you retire? 2
6 YOUR RETIREMENT PROGRAMS AT-A-GLANCE SRPS ORP Type of Program Defined benefit plan provides a determinable benefit based upon your salary and service Defined contribution plan provides a benefit based upon your accumulated account balance. How Benefits Are Determined Contributions Investment Management Normal Service Retirement Benefit Benefits are calculated using a specific formula that takes into consideration a fixed percentage of your years of creditable service and average final compensation. The State contributes a certain amount, which is determined annually by the state system s actuary. You must contribute 7% of your salary. The SRPS assets are invested by professional investment managers chosen by the SRPS Board of Trustees. You do not bear any investment risk. Eligibility service plus age equal at least 90 (Rule of 90); or Age 65 with 10 years of eligibility service Benefits are based on your ORP account accumulation, which consists of State contributions, income, expenses and investment gains and losses. The State contributes a certain percentage of your salary each year to your ORP account. Currently, the contribution rate is 7.25% of salary. You choose one of the investment vendors when you join the plan. You may invest your account among your vendor s investment options. You bear all investment risk. Benefits may begin upon separation from employment. A federal penalty tax may apply. Early Retirement Benefit After age 60 with 15 or more years of eligibility service, benefit is reduced 1/2% each month by which your retirement date precedes age 65. Benefits may begin upon separation from employment. A federal penalty tax may apply. 3
7 YOUR RETIREMENT PROGRAM AT-A-GLANCE SRPS ORP Disability Ordinary disability: you must be permanently disabled and have 5 or more years of eligibility service. Accidental disability: you must be permanently and totally disabled as a direct result of a job related injury. The ORP investment accounts do not include disability benefits. However, if you become disabled, you may receive the full value of your current ORP account balance. Death Benefit Pre-retirement death benefits are available. The benefit amount depends upon your age, eligibility service, accumulated member contributions and your salary at time of death. Pre-retirement death benefits are available. The benefit is your account balance including all State contributions and investment earnings paid to your designated beneficiary(ies) or estate. Vested Retirement Allowance You are fully vested after completing 10 years of eligibility service. Benefit payment may commence at age 65 or reduced payments may commence as early as age 60 with 15 years eligibility service. You are immediately fully vested in your total account balance. Benefits may begin upon separation from employment. A federal penalty tax may apply. How Benefits Are Paid You may elect one of several payment options available under the program. You may elect one of several payment options available through your investment vendor. Cost-of-Living Increases Portability Adjustment is made each July 1. Cost-of-living adjustment has (i) a 2.5% compounded interest annual cap if the SRPS investment target is reached; or (ii) a 1% compounded interest annual cap if the SRPS investment target is not reached. SRPS benefits are transferable among certain governmental plans within the State of Maryland. ORP benefits do not include an annual cost-of-living adjustment. ORP accounts may be transferable to a broader array of other employers retirement programs. 4
8 HIGHLIGHTS OF THE SRPS PROGRAM How SRPS Benefits Are Calculated Contributions To The SRPS Investment Management Retirement Benefit Eligibility The SRPS is the State Retirement and Pension System which provides defined benefit plan benefits based on a specific formula. This formula takes into account your years of creditable service and your average final compensation. When you retire, you have several payment options to choose from. Each year, the State contributes a certain percentage of your salary to the SRPS which is determined annually by the State System s actuary. You must contribute 7% of your earnable compensation. The assets of the SRPS are invested by professional investment managers who are selected and monitored by the Board of Trustees of the SRPS. Any investment losses or funding shortfalls are the responsibility of the State of Maryland. Generally, you may retire and begin receiving benefits under the SRPS when you reach your normal retirement age as described below. You may retire with unreduced benefits: If your age plus years of eligibility service equal at least 90 (Rule of 90), or at age 65 with at least 10 years of eligibility service. Benefit Calculation Special Note: This booklet is primarily intended for individuals who are originally hired in positions eligible for the Optional Retirement Program (ORP) on or after July 1, If you were a member of either the Teachers Pension System or Employees Pension System prior to that date and have just become eligible for ORP, your benefit formulas, vesting and retirement benefit eligibility requirements will differ from those outlined in this booklet. Check with a Retirement Benefits Specialist for full particulars on your specific situation. 5
9 HIGHLIGHTS OF THE SRPS PROGRAM Your pension benefit is calculated using the following formula: 1.5% of your average final compensation* TIMES your years and months of creditable service = Annual Retirement Benefit Amount *your average final compensation equals the average of your five highest consecutive years of earnable compensation An Example For example, let s assume you retire from the SRPS at age 60 with 30 years of eligibility service (age + eligibility service = 90), 30 years creditable service and an average final compensation of $75,000. Your annual pension benefit would be calculated as follows: 1.5% of your average final compensation TIMES your years and months of creditable service 1.5% of $75,000 = $1, $1, x 30 = $33, Early Retirement Benefit If you retire early (age 60 with at least 15 years of eligibility service), your monthly benefit will be equal to your pension benefit, reduced by 1/2% for each month you retire before age 65. Using the above example, let s assume you retire age 60 with 15 years of creditable service and an average final compensation of $75,000. In this case, your retirement benefit ($16,875.00) would be reduced by 30% (5 years x 12 months = 60 months; 60 months x.005 = 30). This means your annual early retirement benefit would equal $16, x (100% - 30%) = $11, Service Under the Program Your benefits are based on your service as a member of the SRPS - including membership, purchased service, military credit and unused sick leave. NOTE: Employees who initially enroll under the SPRS and then change to the ORP (after vesting with the SRPS) will not receive any credit for unused sick leave at the time of their deferred vested allowance. 6
10 HIGHLIGHTS OF THE SRPS PROGRAM Disability Retirement Ordinary Disability Benefit There are two types of disability retirement benefits ordinary and accidental. To qualify for ordinary disability retirement, you must be permanently disabled and have at least 5 years of eligibility service. Accidental disability benefits are paid if you are permanently and totally disabled as the direct result of a jobrelated injury. If you meet the eligibility requirements, you may receive an ordinary disability benefit based on the following formula: 1.5% of your average final compensation TIMES Your creditable service including creditable service projected from the time of disability until age 65 If you are age 65 or older when you become eligible to receive disability benefits, your benefit is based on your actual service. Disability Earnings Limitation Your disability benefit may be reduced if you have not reached normal retirement age and your earnings after retirement exceed the limit set by law. Your disability benefit may be temporarily suspended if you have not reached normal retirement eligibility but return to work with a participating employer and your earnings exceed your average final compensation. Accidental Disability Benefit Accidental disability benefits are equal to: The lesser of: (a) your average final compensation or (b) 66 2/3% of your average final compensation * PLUS the actuarial equivalent of your annuity based upon your accumulated contributions, payable in monthly installments for life *your average final compensation is the average of your five highest consecutive years of salary 7
11 HIGHLIGHTS OF THE SRPS PROGRAM Death Benefit If you die before retirement, but you are still employed as a member, your designated beneficiary(ies) or estate will receive: a lump-sum benefit equal to your contributions plus interest and a lump sum equal to 100% of your salary if you had at least 1 year of service or died in the performance of duty. Your surviving spouse may have a choice of selecting a monthly retirement benefit instead of the lump-sum payments described above provided: you were eligible for a service retirement when you died and you named your surviving spouse as your sole primary beneficiary, OR you had at least 25 years of eligibility service (regardless of age) when you died and you named your surviving spouse as your sole primary beneficiary OR you were at least age 55 when you died, had 15 or more years of eligibility service, and named your surviving spouse as your sole primary beneficiary. NOTE: If you die as a former member of the SRPS eligible for a vested benefit, your contributions with interest are paid in a lump-sum to your designated beneficiary(ies) or estate. If you die as a former member of SRPS but you are not vested and have not withdrawn your accumulated contributions, those amounts will be paid to your designated beneficiary(ies). You may change beneficiary(ies) at any time before retirement by submitting the applicable change of beneficiary form to the State Retirement Agency. 8
12 HIGHLIGHTS OF THE SRPS PROGRAM Vested Retirement Allowance If you are vested (have at least 10 years of eligibility service) and you terminate employment, you must leave your accumulated contributions and interest in the plan to retain your rights to a monthly benefit at normal retirement age, 65. If you terminate service with 15 years of eligibility service and maintain your funds in the plan, you may elect a reduced monthly benefit beginning at age 60. Any benefit payable before age 65 will be reduced by 1/2% for each month you retire before age 65. If you wait until age 65, you receive a full retirement allowance for the number of years of creditable service that you had accrued. Payment Options You have several payment options to choose from. If you do not have a beneficiary, you may choose to receive monthly payments throughout your lifetime, with all benefits ending when you die. This option called the basic allowance provides the maximum monthly allowance during your lifetime. All payments cease at your death. However, if you would like to receive a reduced monthly benefit so that benefits can be made available for your surviving beneficiary(ies), you may choose one of the following options: Option 1 guarantees a return of your contributions with interest plus the State s contributions. If you die before receiving the full guaranteed amount, the remainder is paid in a single lump-sum payment to your beneficiary. Option 2 provides you with lifetime monthly benefits equal to 100% of your reduced basic allowance and continues to provide the same payment to your designated beneficiary after you die. Payments end when your designated beneficiary dies. Option 3 provides you with monthly benefits for your lifetime. When you die, your beneficiary may receive 50% of your reduced benefit for the rest of his or her life. Payments end when your designated beneficiary dies. Option 4 guarantees a return of your contributions with interest. If you die before receiving the full guaranteed amount, the remainder is paid in a single lump-sum payment to your beneficiary(ies). 9
13 HIGHLIGHTS OF THE SRPS PROGRAM Option 5 provides your designated beneficiary a lifetime monthly benefit equal to 100% of your reduced basic allowance. However, if your beneficiary dies, your reduced benefit is increased to the amount you would have received if you elected your basic allowance. Option 6 provides your designated beneficiary a lifetime monthly benefit equal to 50% of your reduced basic allowance. However, if your beneficiary dies, your reduced benefit is increased to the amount you would have received if you elected your basic allowance. If you choose Option 2 or Option 5, your beneficiary cannot be more than 10 years younger than you unless the beneficiary is your spouse or disabled child. Cost-of-Living Increases When you retire under the SRPS program, you may receive an annual cost-of-living increase to your retirement allowance. The amount is based on increases in the average Consumer Price Index All Urban Index as determined by the U.S. Department of Labor. In years when the SRPS reaches its investment target, your increase cannot exceed 2.5% of your previous year s benefit amount. However, in years when the SRPS does not reach its investment target, your increase cannot exceed 1% of your previous year s benefit amount. You will receive your cost-ofliving increase each July 1, provided you have been retired for at least one full year as of July 1. 10
14 HIGHLIGHTS OF THE OPTIONAL RETIREMENT PROGRAM (ORP) How The ORP Benefits Are Determined The ORP is a defined contribution plan which provides benefits based on your account balance at retirement. Your ORP account is made up of contributions from the State and any accumulated investment earnings. You choose an investment vendor when you join the plan, and you can invest your account among the vendor s approved investment options. The growth of your account balance will determine the retirement benefits you will receive. Contributions To The ORP Each year, the State contributes a certain percentage of your salary to your ORP account, as determined by law. Currently, the State contribution rate is 7.25% of salary. Investment Management When you elect to participate in the ORP, you must choose one investment vendor to initially invest your ORP employer contributions. The names of the approved vendors are available through your Retirement Coordinator. Transferability Once your contributions are deposited with your selected vendor, you may elect to invest those contributions among the different investment options offered by that vendor that are approved for the ORP. The investment vendors offer a variety of approved investment options. In some cases, you may also be able to transfer funds previously accumulated in the ORP among the vendors, subject to certain restrictions or charges. For more information including a prospectus, contact the investment vendors. See your Retirement Coordinator for additional information on investment vendors. Retirement Benefit Your retirement benefits are determined by the amount of your ORP account at retirement. You can elect to receive your account in a lump-sum payment, periodic distribution or annuity. Your ORP account is based on State contributions, income, expenses and any investment gains or losses in the investment option you selected. Before retirement benefits can begin, you or your surviving beneficiary will need to complete an application and submit it to the applicable ORP vendor. An additional federal penalty tax may apply for early withdrawal. 11
15 HIGHLIGHTS OF THE ORP Early Retirement Benefit Early retirement benefits are determined by the amount of your ORP account at early retirement. You can elect to receive your account in a lump-sum payment, periodic distribution or annuity. Your ORP account is based on State contributions, income, expenses and any investment gains or losses. Before these benefits can begin, you or your surviving beneficiary must complete an application and submit it to the ORP vendor. An additional federal penalty tax may apply for early withdrawal. Disability Benefit Death Benefit Vested Retirement Allowance The ORP investment accounts do not provide disability benefits. However, if you become disabled, you may receive the full value of your current ORP account balance. If you die after retirement, your beneficiary survivor benefit will be determined by the payment option you selected. If you die before retirement, your account balance including all State contributions and investment earnings is paid to your designated beneficiary(ies) or estate. You may change beneficiary(ies) at any time before retirement by submitting the applicable change form to your investment vendor. Vesting means you have full ownership of your account. Under the ORP, you are immediately 100% vested for all State contributions and any investment earnings credited to your account. Because you are fully vested, you may transfer your account to other 403(b) plans in certain situations. See Transferring Benefits on page 13 for more information. Payment Options Following separation from service, ORP benefits may be received under any of the approved lifetime annuity or minimum distribution options offered by your investment vendor. Contact the investment vendors for more information. NOTE: If you terminate employment with the State, you may elect to convert your account balance to an annuity. If you leave State employment after age 70 1/2, you may be subject to a 50% penalty tax assessed by the federal government unless you begin to withdraw benefits. Consult a tax advisor for more information. Cost-of-Living Increase ORP benefits do not include an annual cost-of-living adjustment. 12
16 SOME IMPORTANT INFORMATION Qualified Plans The Teachers Pension System and the Employees Pension System of the State Retirement and Pension System (SRPS) are qualified defined benefit plans under Internal Revenue Code Section 401(a). The Optional Retirement Program (ORP) is a defined contribution plan under Internal Revenue Code Section 403(b). Social Security As State or Community College employees, you must participate in Social Security. Social Security benefits are paid in addition to SRPS or ORP benefits. Transferring Benefits Under the SRPS, transfer is possible among certain governmental plans within the State of Maryland if certain conditions are met. However, there is no transfer between out-of-state systems and the State Retirement and Pension System. Under the ORP, your benefits are vested immediately. This means you may accumulate additional funds with the same vendor in another employer s 403(b) retirement program if that same vendor is offered as an investment provider in your new employer s plan. Contact your Retirement Coordinator or the ORP vendor for more information. 13
17 GLOSSARY OF IMPORTANT TERMS Annuity Creditable Service Defined Benefit Plan Defined Contribution Plan Earnable Compensation Eligibility Service Under the SRPS program, the annuity portion of your benefit is equal to your accumulated contributions plus any interest they may have earned. Employment service recognized for computing the amount of any benefit. Any retirement plan that is not an individual account plan. Under a defined benefit plan, there is a definite formula by which your benefit is calculated. Any retirement plan that provides for an individual account for each participant. Under a defined contribution plan, your benefits are based on contributions to your account and any interest gained or lost and contributions lost due to investment performance. One-twelfth of the member s annual salary rate payable for working the normal time in your position. Employment service which determines when you are eligible to receive a benefit. Federal Penalty Tax A 10% penalty tax is charged on ORP distributions prior to age 59 1/2 unless the distribution was: 1) paid to your beneficiary after your death, 2) due to disability, 3) part of a series of materially equal payments, 4) made following your separation from service following age 55, or 5) made to an alternative payee pursuant to a qualified domestic relations order. Please consult your tax advisor for more information. Average Final Compensation Former Member Normal Retirement Age Vesting The average of your five highest consecutive years of compensation. A former member is an individual who has been a member, but has separated from employment with a participating employer and is not currently a member or retiree. Your normal retirement age is: age 65 with at least 10 years of eligibility service, or at any time when your age plus your years of eligibility service equal at least 90 (Rule of 90.) Vesting means you are entitled to benefit payments. Under the SRPS, you are 100% vested after 10 years of eligibility service payable at age 65 or reduced payment as early as age 60 if you have 15 or more years of eligibility service. Under the ORP, you are immediately 100% vested in the State s contributions, and any investment earnings accumulated in your account 14
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
You Have a Choice New Cash Balance Pension You Have a Choice The important thing to understand is this: If you were hired through December 31, 2012 you don t have to change to the new cash balance pension
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
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
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
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
YO U R B E N E F I T S YO U R F U T U R E What you need to know about your CalPERS State Safety Benefits C O N T E N T S Introduction............................................. 2 Your Retirement Benefits.................................
Join? Join? Decide which retirement system is best for you 2014 15 Contents Choosing Your Retirement System 5 Your Questions Answered 6 Dual Membership 19 This guide is based on the California Teachers
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
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
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;
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
STATE OF NEW JERSEY DEPARTMENT OF THE TREASURY DIVISION OF PENSIONS AND BENEFITS Considerations for Choosing Between The Public Employees Retirement System or The Alternate Benefit Program February 2015
RM-0018-0411 Application for Retirement Allowance Public Employees Retirement System Teachers Pension and Annuity Fund State of New Jersey Division of Pensions and Benefits PO Box 295 Trenton, New Jersey
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
FOR EMPLOYEES OF THE UNITED STATES AIR FORCE NONAPPROPRIATED FUND INSTRUMENTALITIES - 2002 TABLE OF CONTENTS Section Page 1. Introduction 3 2. Eligibility for Participation 3 3. Retirement Options 3 4.
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
Your Benefits Under the IMRF Regular Plan Tier 1 Illinois Municipal Retirement Fund Helping you build a secure retirement table of contents Your Benefits at a Glance... 2 Why you participate in IMRF...
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
Teachers Retirement System of Georgia member s guide Welcome to the Teachers Retirement System of Georgia The Teachers Retirement System of Georgia (TRS) is pleased to provide you with this Member s Guide.
MARYLAND STATE RETIREMENT and PENSION SYSTEM Benefits handbook Revised July 2010 Contributory and Non-Contributory Pension Systems for Employees and Teachers of the State of Maryland CONTRIBUTORY AND NON-CONTRIBUTORY
Retirement Programs For New Faculty and Staff January 2015 Table of Contents Introduction................................................... 1 Choosing Your Retirement Annuity Program at SUNY................
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
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
FY2015 Select Your Retirement Plan South Carolina Public Employee Benefit Authority Select Your Retirement Plan July 2014 Edition (Revised 5/20/15) This version of the Select Your Retirement Plan guide
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
Optional Retirement Program Summary Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University North Carolina A&T State University North Carolina
Virginia Commonwealth University Faculty Retirement Plan Comparison Guide This publication is for employees of Virginia Commonwealth University (VCU) who are: hired or rehired January 1, 2014 or later;
The law, language and calculations PERA Benefits and Marriage Dissolution Public Employees Retirement Association of Minnesota September 2010 September 2010 If you have questions about marriage dissolution
Understanding Your Retirement Plan Retirement Planning Seminar Peggy G. Boykin, Executive Director Employee Contributions SCRS Class Two and Three Members 8.0 percent effective July 1, 2014 8.16 percent
COUNTY EMPLOYEES' ANNUITY AND BENEFIT FUND OF COOK COUNTY ACTUARIAL VALUATION AS OF DECEMBER 31,2011 GOLDSTEIN & ASSOCIATES Actuaries and Consultants 29 SOUTH LaSALLE STREET CHICAGO, ILLINOIS 60603 PHONE
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
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
Understanding Your Retirement EMPLOYEES RETIREMENT, PENSION, AND REFORMED PENSION SYSTEM RETIREMENT BENEFITS, PROCESS, AND FORMS OCTOBER 2015 Employee and Retiree Service Center 45 W. Gude Drive, Suite
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
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
MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO A Pension Trust Fund of the City of Chicago MEMBERSHIP HANDBOOK ON THE LAWS GOVERNING THE FUND INCLUDING AMENDATORY PROVISIONS THROUGH NOVEMBER 1,
Order Code RS21029 Updated April 17, 2008 Survivor Benefits for Families of Civilian Federal Employees and Retirees Summary Patrick Purcell Specialist in Social Legislation Domestic Social Policy Division
Brock University Pension Plan Contents Part 1: Your future is worth the investment 3 For more information 3 Part 2: Welcome to the pension plan 4 A hybrid plan 4 More than a retirement benefit 4 Who pays
Retirement... A New Beginning A Guide to Retirement for the Tennessee Consolidated Retirement System January 1, 2014 David H. Lillard, Jr., State Treasurer Jill Bachus, Director of TCRS Table of Contents
For IPERS Beneficiaries Important Information About IPERS Death Benefits For IPERS Beneficiaries Important Information About IPERS Death Benefits IPERS provides financial protection to members beneficiaries.
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
Order Code RL30631 CRS Report for Congress Received through the CRS Web Retirement Benefits for Members of Congress Updated January 21, 2005 Patrick J. Purcell Specialist in Social Legislation Domestic
YOUR BENEFITS YOUR FUTURE What You Need to Know About Your CalPERS State Safety Benefits This page intentionally left blank to facilitate double-sided printing. CONTENTS Introduction...3 Your Retirement
City of Grand Rapids General Retirement System City of Grand Rapids Retirement Systems Office 233 E. Fulton St., Suite 216 Grand Rapids, MI 49503-3261 (616) 456-4300 www.grcity.us A Summary for Employees
Teachers Retirement Association Marriage Dissolution: Dividing TRA Benefits Marriage Dissolution: Dividing TRA Benefits Preface This booklet is designed to give all parties involved in a marriage dissolution
LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...
Date September 1, 2015 Marsh & McLennan Companies Retirement Plan Marsh & McLennan Companies Marsh & McLennan Companies Retirement Plan The (also referred to as the Plan ) is the central part of the Company
South Carolina Retirement System SCRS Member Handbook July 2011 Edition (Revised Jan. 12, 2012) This page intentionally left blank. Table of Contents General Information...1 Membership...1 Correlated Systems...2
Optional Retirement Program (ORP) Summary Plan Description April 2012 Table of Contents Establishment............................................... 1 Eligibility...................................................
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
M E M B E R H A N D B O O K State of New Jersey Public Employees Retirement System WORKERS COMPENSATION JUDGES ADDENDUM August 2016 Department of the Treasury Division of Pensions and Benefits PUBLIC EMPLOYEES
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
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
Agency No. 088.00 TEACHER DEFERRED RETIREMENT OPTION PLAN (T-DROP) A.C.A. 24-7-1301-1316 DEFINITIONS 1. ATRS means the Arkansas Teacher Retirement System. 2. Board means the Board of Trustees of the Arkansas
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
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
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.
Maine Public Employees Retirement Maine System Public (October Employees 2014) Retirement System (May 2010) Member State Handbook MainePERS Benefits for State Employees October 2014 mainepers.org Contents:
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
Application for Retirement Allowance Public Employees' Retirement System Teachers' Pension and Annuity Fund State of New Jersey Division of Pensions and Benefits PO Box 295 Trenton, New Jersey 08625-0295
Retirement Facts 10 Voluntary Under the Civil Service Retirement System This is a non-technical summary of the laws and regulations on the subject. It should not be relied upon as a sole source of information.
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
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
United Food and Commercial Workers Union for further information Plan Administrator: William M. Mercer Suite #860, One Bentall Centre 505 Burrard Street Vancouver, BC, V7X 1M4 Pension Plan Canada Safeway
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
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
RETIREMENT FOR PUBLIC EMPLOYEES IN THE COMMONWEALTH COMMONWEALTH OF MASSACHUSETTS PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION MEMBERS DOMENIC
SUMMARY PLAN DESCRIPTION January 2012 DEATH BENEFIT RETIREMENT BENEFIT DISABILITY BENEFIT WITHDRAWAL BENEFIT Introduction The IBEW District Ten NECA Individual Equity Retirement Plan (often referred to
Defined Benefit Retirement Plan Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every
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
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.
GUIDE TO YOUR SAMCERA BENEFITS Detailed Information About Your Retirement Benefits FOR ALL MEMBERS AT ALL CAREER STAGES GUIDE TO YOUR SAMCERA BENEFITS Detailed Information About Your Retirement Benefits
PENSION PLAN GUIDE GOVERNING PENSION LAW The pension plan was established by an Act of the 45th Legislature of the State of Texas, which met in 1937. The fund was created by state statute article 6243e
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.
Metropolitan Edison Company Bargaining Unit Retirement Plan January 2007 Metropolitan Edison Company Bargaining Unit Retirement Plan This Summary Plan Description is created for the use of eligible participants
DEATH BENEFITS Department of Employee Trust Funds P. O. Box 7931 Madison, WI 53707-7931 etf.wi.gov ET-6101 (REV 5/13) 4 The Department of Employee Trust Funds (ETF) administers three programs that provide
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
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
retirement plans Contributing to retirement plans can provide you with financial security as well as reducing and/or deferring your taxes. However, there are complex rules that govern the type of plans
UNDERSTANDING YOUR PERSI DISABILITY BENEFITS If your career is cut short because of a permanent and total disability, you may be eligible for a monthly disability benefit from your PERSI Base Plan if you
TIER 1 Your Benefits Regular Plan Helping you build a secure retirement 02/2015 Locally Locally funded, funded, financially financially sound. sound. Table of Contents Benefits at a Glance... 2 Participation
New York State Employees Retirement System (ERS): Your Coordinated Retirement Plan For Tier 3 (Hired between 7/27/76-8/31/83) and Tier 4 Members (Hired between 9/1/83-12/31/09), and Tier 5 Members (Hired
Service Credit Purchases: Payment Contracts and 457 Transfers Section 1: Portability Possibilities for CCCERA Active Members Section 2: Service Credit Purchases Using After-Tax Payroll Deduction Contracts
MSRP Withdrawal Requirements, Options & Beneficiaries You have been deferring into your account for many years, and retirement is just around the corner. How might this money be distributed? What options