2012 Publication 721 - Internal Revenue Service

Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 10 Draft Ok to Print AH XSL/XML Fileid: … tions/P721/2012/A/XML/Cycle03/source (Init. & Date) _______ Page 1 of 33 12:45 - 1-Feb-2013 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury Internal Revenue Service Publication 721 Cat. No. 46713C Tax Guide to U.S. Civil Service Retirement Benefits For use in preparing 2012 Returns Get forms and other Information faster and easier by: Internet IRS.gov Contents What's New .............................. 1 Reminders ............................... 1 Introduction .............................. 2 Part I General Information ................... 3 Part II Rules for Retirees .................... 5 Part III Rules for Disability Retirement and Credit for the Elderly or

the Disabled ....... 18 Part IV Rules for Survivors of Federal Employees ........................... 20 Part V Rules for Survivors of Federal Retirees ............................. 25 How To Get Tax Help ...................... 27 Worksheets ............................. 31 Index .................................. 33 What's New Phased retirement. On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (also known as MAP-21) was signed into law. Once regulations for the new phased retirement program are effective, the pro- gram will allow eligible employees to begin receiving an- nuity payments while working part-time. For more informa- tion, go to the Office of Personnel Management (OPM) website at www.opm.gov. Roth Thrift Savings Plan (TSP) balance. You may be able to contribute to a designated Roth account through the TSP known as the Roth TSP. Roth TSP contributions are after-tax contributions, subject to the same contribu- tion limits as the traditional TSP. Qualified distributions from a Roth TSP are not included in your income. See Thrift Savings Plan in Part II for more information. Reminders Future developments. For the latest information about developments related to Publication 721, such as legisla- tion enacted after it was published, go to www.IRS.gov/ pub721. Disaster related tax relief. Special rules apply to the use of retirement funds by qualified individuals who suf- fered an economic loss as a result of the severe storms in the Midwestern disaster areas during 2008. See Publica- tion 575, for information on these special rules. Rollovers. You can roll over certain amounts from the CSRS, FERS, or TSP, to a tax-sheltered annuity plan (403(b) plan) or a state or local government section 457 deferred compensation plan. See Rollover Rules in Part II. Rollovers by surviving spouse. You may be able to roll over a distribution you receive as the surviving spouse of Feb 01, 2013 Page 2 of 33 Fileid: … tions/P721/2012/A/XML/Cycle03/source 12:45 - 1-Feb-2013 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. a deceased employee or retiree into a qualified retirement plan or an IRA. See Rollover Rules in Part II. Thrift Savings Plan (TSP) beneficiary participant ac­ counts. If you are the spouse beneficiary of a decedent's TSP account, you have the option of leaving the death benefit payment in a TSP account in your own name (a beneficiary participant account). The amounts in the ben- eficiary participant account are neither taxable or...

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Select Your Retirement Plan - South Carolina Retirement Systems

THIS DOCUMENT CONTAINS AN ABBREVIATED DESCRIPTION OF THE RETIREMENT BENEFITS What’s Inside OFFERED BY THE SOUTH CAROLINA RETIRE- MENT SYSTEMS. THE INFORMATION IN THIS The Retirement Plans................................ 1 DOCUMENT IS MEANT TO SERVE AS A GUIDE Enroll in Your Chosen Plan...................... 2 FOR OUR MEMBERS AND DOES NOT CONSTI- Investment Providers................................ 3 TUTE A BINDING REPRESENTATION OF THE Selecting the

Right Plan to Fit Your Needs......4 SOUTH CAROLINA RETIREMENT SYSTEMS. TITLE 9 OF THE SOUTH CAROLINA CODE OF Retirement Plan Comparison................. 5 LAWS CONTAINS A COMPLETE DESCRIPTION Questions and Answers........................... 9 OF THE RETIREMENT BENEFITS, THEIR TERMS AND CONDITIONS, AND GOVERNS ALL RETIRE- MENT BENEFITS OFFERED BY THE STATE. STATE STATUTES ARE SUBJECT TO CHANGE BY THE GENERAL ASSEMBLY. PLEASE CONTACT THE Welcome As a new employee or member of the South Carolina RETIREMENT SYSTEMS FOR THE MOST CUR- General Assembly, you have a number of decisions to RENT INFORMATION. make and what seems like countless forms to com- plete. Choosing which of the two available retire- THE LANGUAGE USED IN THIS DOCUMENT ment plans to join is one of these decisions. DOES NOT CREATE ANY CONTRACTUAL RIGHTS OR ENTITLEMENTS AND DOES NOT To assist you in making this decision and to help en- CREATE A CONTRACT BETWEEN THE MEMBER able you to make an informed choice, this guide pro- AND THE SOUTH CAROLINA RETIREMENT SYS- vides information about the two plans from which TEMS. THE SOUTH CAROLINA RETIREMENT you may choose. This guide includes a comparison of SYSTEMS RESERVES THE RIGHT TO REVISE THE the two plans as well. CONTENT OF THIS DOCUMENT. This document was published by the South Carolina Public Employee Benefit Authority (PEBA). PEBA is located at 202 Arbor Lake Drive, Columbia, SC 29223. Our mailing address is P.O. Box 11960, Columbia, SC 29211-1960. You may contact us at 803-737-6800, toll free at 800-868-9002 (within S.C. only), or at http://www.retirement.sc.gov/contact/email.htm. Or, you may try out our Live Chat option by clicking on the “Customer Service Chat Now” button in the header of our homepage (www.retirement.sc.gov). Select Your Retirement Guide - January 2013 Eligibility All newly hired state, public school, and public ployees, and political appointees. You must select higher education employees, and individuals elected one of the two available retirement plans unless your to the South Carolina General Assembly in Novem- position is exempted by state law. Your employer ber 2012 and after, are eligible to choose between can tell you whether your position is exempt from the two available plans. This includes all permanent mandatory participation/membership. full-time employees, temporary and part-time em- The Retirement Plans South Carolina Retirement System State Optional Retirement Pro- The South Carolina Retirement System (SCRS) is gram a defined benefit plan. In a defined benefit plan, The State Optional Retirement Program...

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Private Pension Plan Bulletin Historical Tables and Graphs

Private Pension Plan Bulletin Historical Tables and Graphs U.S. Department of Labor Employee Benefits Security Administration November 2012 2010 Data Release Version 1.0 E7. Number of Participants in Pension Plans with 100 or More TABLE OF CONTENTS Participants by type of plan, 1975-2010.............................................................8 SECTION E: HISTORICAL TABLES AND GRAPHS E8. Number of Active Participants in Pension Plans by type of plan, 1975-2010.............................................................9 E1. Number of Pension Plans by type of plan, 1975-2010.............................................................1 E8g. Number of Active Participants in Pension Plans (Graph) by type of plan, 1975-2010…………………………………...…10 E1g. Number of Pension Plans (Graph) by type of plan, 1975-2010.............................................................2 E9. Number of Active Participants in Pension Plans with Fewer than 100 Active Participants E2. Number of Pension Plans with Fewer than 100

by type of plan, 1975-2010...........................................................11 Participants by type of plan, 1975-2010.............................................................3 E10. Number of Active Participants in Pension Plans with 100 or More Active Participants E3. Number of Pension Plans with 100 or More by type of plan, 1975-2010...........................................................12 Participants by type of plan, 1975-2010.............................................................4 E11. Pension Plan Assets by type of plan, 1975-2010...........................................................13 E5. Number of Participants in Pension Plans by type of plan, 1975-2010.............................................................5 E11g. Pension Plan Assets (Graph) by type of plan, 1975-2010…………………………………...…14 E5g. Number of Participants in Pension Plans (Graph) by type of plan, 1975-2010.............................................................6 E12. Pension Plan Assets of Plans with Fewer than 100 Participants E6. Number of Participants in Pension Plans with Fewer than by type of plan, 1975-2010...........................................................15 100 Participants by type of plan, 1975-2010.............................................................7 E13. Pension Plan Assets of Plans with 100 or More Participants by type of plan, 1975-2010...........................................................16 i E14. Pension Plan Contributions E20g1. Number of 401(k) Type Plans and Active Participants by type of plan, 1975-2010...........................................................17 (Graph) 1984-2010.....................................................................................26 E14g. Pension Plan Contributions (Graph) by type of plan, 1975-2010…………………………………...…18 E20g2. Assets, Contributions, and Benefit Payments of 401(k) Type Plans (Graph) E15. Pension Plan Contributions to Plans with Fewer than 100 1984-2010.....................................................................................27 Participants by type of plan, 1975-2010...........................................................19 E21. Aggregate Rates of Return Earned by Pension Plans with 100 or More Participants, E16. Pension Plan Contributions to Plans with 100 or More 1991-2010.....................................................................................28 Participants by type of plan, 1975-2010...........................................................20 E22. Aggregate Investment Performance of Pension Plans with 100 or More Participants, E17. Pension Plan Benefits Disbursed 1991-2010.....................................................................................29 by type of plan, 1975-2010...........................................................21 E23. Aggregate Rates of Return Earned E17g. Pension Plan Benefits Disbursed (Graph) by Employee Stock Ownership Plans and 401(k) Plans with 100 by type of plan, 1975-2010 ………………………...……………... 22 or More Participants, 1996-2010................................................30 E18. Pension Plan Benefits Disbursed from Plans with E24. Number of 401(k) Type Plans and Assets Fewer than 100 Participants by extent of participant direction of investments, by type of plan, 1975-2010...........................................................23 1999-2010...............................................................……..………31 E19. Pension Plan Benefits Disbursed From Plans with 100 or E25. Number of Total and Active Participants in 401(k) Type plans More Participants by extent of participant direction of investments, by type of plan, 1975-2010...........................................................24 1999-2010..............................................................................…...32 E20. Number of 401(k) Type Plans, Active Participants, E26. Contributions and Benefits of 401(k) Type Plans Assets, Contributions, and Benefit Payments by extent of participant direction of investments, 1984-2010….................................................................................25 1999 -2010....…...........................................................…………..33 ii Appendix A: Notes on Changes to the Private Pension Plan Bulletin Historical Tables.................................................................................34-35 Appendix B:...

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Retirement Plan Report - The Portfolio Analysis Tool has Arrived

Sample Client 1’s Retirement Plan Prepared by Sample Advisor 1 Sample Financial Services Inc. New York, New York Prepared for Sample Client 1 7/15/2011 by Sample Advisor 1 Page 1 of 26 Table of Contents Basics of Retirement Planning .......................................................................................................... 2 Your Retirement Plan at a Glance ..................................................................................................... 3 Your Financial Assumptions .............................................................................................................. 4 Scenario Analysis #1 .......................................................................................................................... 5 Scenario Analysis Assumptions #1 .................................................................................................... 6 Scenario Analysis #2 .......................................................................................................................... 7 Scenario Analysis Assumptions #2 .................................................................................................... 8 Your Portfolio Summary .................................................................................................................... 9 Your Portfolio Analytics ................................................................................................................... 10 Your Selected Investment Style ....................................................................................................... 11 Your Current Positions..................................................................................................................... 12 Cash ......................................................................................................................................... 12 Bonds ...................................................................................................................................... 12 Equity ...................................................................................................................................... 12 Mutual Funds .......................................................................................................................... 13 ETFs ......................................................................................................................................... 13 Your Projected Retirement Lifestyle ................................................................................................ 14 Your Projected

Retirement Savings ................................................................................................. 15 Your Projected Retirement Income ................................................................................................. 17 Your Projected Financial Capital ...................................................................................................... 19 Tax Strategies .................................................................................................................................. 21 Life Insurance Planning ................................................................................................................... 22 Disability Insurance Planning .......................................................................................................... 23 Estate Planning ................................................................................................................................ 24 Your Next Steps ............................................................................................................................... 25 Disclosure ........................................................................................................................................ 26 Prepared for Sample Client 1 7/15/2011 by Sample Advisor 1 Page 2 of 26 Basics of Retirement Planning Building a solid Retirement Plan is considerably helped the more involved an individual becomes with the construction of their retirement plan. Understanding various financial products and managing investment risk in their portfolio will help to ensure that they can live comfortably in retirement. It is of vital importance to also understand that asset allocation is a key retirement planning strategy. Asset allocation spreads investment risk over a variety of products, such as stocks, bonds and real estate. A strong component of retirement preparation is also the understanding of how state and federal tax laws affect retirees, and having a better understanding of how to schedule withdrawals from Social Security and 401(k) retirement accounts. For example, investors who delay withdrawals could stand to receive higher monthly payments from Social Security over the long term. Retirement planning requires the wise investment of savings in order to live comfortably during retirement. There are some additional key issues that must be discussed when creating your retirement plan to ensure that you achieve the best possible retirement. One of the most important variables in planning your retirement is the Investment Return which you assume for its projections. It may pay off to be more conservative in your estimates of investment returns, as being conservative makes the Retirement Plan that much more secure and provides the possibility of money being left over for your dependents. Length of Retirement One critical variable to your Retirement Plan is your length of retirement; the longer you live the more money you will need in your retirement years. Thanks to healthier lifestyles and breakthroughs in medical technology, life expectancy for Americans has increased significantly during the past half-century. While it's good news that you can expect to live longer in retirement and have a better quality of life, it also means your investment portfolio may need to last for 30 years or more. The 2009 average life expectancy for the United States was 78.7 years according to the World Bank. As this number is growing all the time, ensure that...

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Mandatory Retirement Plan Decision Guide

The University of North Carolina Your Mandatory Retirement Plan Decision Guide > Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University NC A&T State University North Carolina Central University NC State University UNC – Asheville UNC – Chapel Hill UNC – Charlotte UNC – Greensboro UNC – Pembroke UNC – Wilmington UNC School of the Arts Western Carolina University Winston-Salem State University NC School of Science and Mathematics Other Affiliates: – UNC Health Care – UNC Press Your Retirement TSERS ORP Overview Plan Your Helpful Retirement, Program Basics Basics of TSERS Comparison Enrollment Resources Your Basics and the Examples Checklist and < 1 > Choice ORP Contacts Your Retirement, Your Choice At The University of North

Carolina (the University), we know how important it is to prepare for retirement. We also know that everyone’s financial goals, needs and savings strategies are different. That’s why we are proud to offer our employees a choice between two retirement programs, both of which provide a valuable retirement benefit. As a UNC employee, you must enroll in either the Teachers’ and State Employees’ Retirement System (TSERS) or The University of North Carolina Optional Retirement Program (ORP). In this guide we’ll introduce you to the programs and The Bigger Picture provide you with an overview of the key provisions of While both TSERS and the ORP are designed to each plan to help you make sense of your options. provide you with a valuable opportunity to prepare for Inside, you’ll find helpful graphics and examples to retirement, your UNC retirement program is just one part illustrate how your participation in one of these programs of your overall financial picture. How much you need in might fit into your overall financial picture. Then, we’ll retirement depends on your current lifestyle, as well as direct you to the convenient, online resources you will what you want to do in retirement. need to make the right decision for you. While a general rule of thumb says that you’ll need This guide is not, however, intended to provide detailed between 70% and 90% of your pre-retirement income to information about these programs, so it’s essential for maintain your standard of living in retirement, everyone’s you to review the Plan Document and all fund literature needs are different. Understanding your retirement available online at www.northcarolina.edu/hr/unc/ needs is an important step in choosing which retirement benefits/retirement/index.htm before making your program is right for you. It’s also a key to developing a retirement plan election. Remember that all investing savings and investment strategy that can help ensure carries some level of risk. Be sure to consult with you reach your financial goals. your financial and/or tax advisor before making any investment decisions. If you need help establishing your retirement savings goals or developing a savings strategy, we recommend you talk to a financial advisor. Additionally, refer to Your Guide to Investing in The UNC Retirement Programs, as well as the “Contacts and Resources” section of this brochure for a comprehensive list of our investment carriers and other useful resources. Your Retirement TSERS ORP Overview Plan Your Helpful Your...

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Tennessee Consolidated Retirement System Employer Manual

Tennessee Consolidated Retirement System Employer Manual Internet Site: www.tcrs.tn.gov Tennessee Consolidated Retirement System Employer Manual Table of Contents SECTION PAGE 100 Introduction ...................................................................................................... 1 200 Membership ..................................................................................................... 3 300 Reporting Salary, Contributions and Service Credit .................................. 13 400 Current and Prior Service ............................................................................... 23 500 Refund ............................................................................................................... 33 600 Retirement Benefits ......................................................................................... 37 700 Retired Payroll ................................................................................................ 51 800 Funding of the Retirement System ............................................................... 55 900 General Information ........................................................................................ 59 1000 Optional Provisions for Political Subdivisions .......................................... 63 1100 Optional Retirement Plan .............................................................................. 73 Treasury Department Authorization #309221; March 2012 This web-based publication was created at a cost of $172.00. E m p l o y e r M a n u a l 100INTRODUCTION This employer manual has

been developed for the purpose of efficiently administering the Tennessee Consolidated Retirement System (TCRS) at the local level. Every effort has been made to include all the information necessary to provide a complete and self-contained reference manual. Because of the complexities of the law establishing the retirement system, all facets have not been covered in detail. However, the objective in compiling this manual is to furnish as much information as possible. The information contained in the manual should not be used in lieu of the applicable provisions of the Tennessee Code Annotated . In the event there is a conflict between this manual and the law, the law shall prevail. P a g e 1 E m p l o y e r M a n u a l 200 MEMBERSHIP 2 0 1 Classification for Membership . Since July 1, 1976, any employee enrolled in the TCRS shall be classified as a Group I member. State judges enrolled after September 1, 1990 are classified as Group IV members. 2 0 2 Prior Class, Group II or Group III Members Who Return to Service . Any prior class, Group II or Group III member who left employment and returned to service in a position covered by his/her previous classification shall be eligible to continue membership in that classification provided he/ she has not lost membership. To lose membership, he/she must have withdrawn his/her contributions or, if not vested, be out of service long enough to lose membership because of absence from service (seven years). 2 0 3 Mandatory Membership . Every employee of the state or of a participating political subdivision, where membership is mandatory or K-12 teacher must become a member of the retirement system regardless of age, with the exception of Sections 204 and 205. It is the responsibility of the personnel/ payroll officer to insure that their employees are enrolled properly and make the appropriate retirement contributions. The following is a list of officials and employees whose membership in the retirement system is mandatory: A . General employees of the state of Tennessee classified as full-time, except full-time employees under age 25 with seasonal, temporary, interim or emergency appointments [see Exhibit I(a)]. B. Commissioned members of the highway patrol. C . Wildlife officers. D . Teachers (see Section 206). E. Superintendents or the chief administrative officers of a public school system. F. Any full-time employee of a...

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Employment-Based Retirement Plan Participation

A monthly research report from the EBRI Education and Research Fund © 2012 Employee Benefit Research Institute November 2012 • No. 378 Employment-Based Retirement Plan Participation: Geographic Differences and Trends, 2011 By Craig Copeland, Ph.D., Employee Benefit Research Institute AT A GLANCE In 2011, the percentage of workers participating in an employment-based retirement plan was essentially unchanged from a year earlier. Specifically, the percentage of all workers (including part-time and self- employed) participating in an employment-based retirement plan moved from 39.6 percent in 2009, to 39.8 percent in 2010, to 39.7 in 2011. The increase in the number of workers participating in 2011 halted the three year decline from 2008–2010. Some of the categories examined had increases in

the probability of workers participating and others showed decreases. Many of the categories of workers remained near their 2009 levels of participation. The type of employment has a major impact on participation rates. Among full-time, full-year wage and salary workers ages 21–64 (those with the strongest connection to the work force), 53.7 percent participated. This rate varies significantly across various worker characteristics and the characteristics of their employers. Being nonwhite, younger, female, never married; having lower educational attainment, lower earnings, poorer health status, no health insurance through own employer; not working full time, full year, and working in service occupations or farming, fisheries, and forestry occupations were all associated with a lower level of participation in a retirement plan. Workers in the South and West were less likely to participate in a plan than those in other regions of the country. The overall percentage of females participating in a plan was lower than that of males (the retirement plan participation gender gap significantly closed from 1987‒2009 before slightly widening in 2010 and 2011). But when controlling for work status or earnings, the female participation level actually surpasses that of males. Nonnative-born Hispanics had substantially lower participation levels than native-born Hispanics, even when controlling for age and earnings. This results in Hispanics as a group looking to lag significantly in terms of retirement plan participation, when only the nonnative Hispanics actually have participation levels substantially below those of all other workers. The downturns in the economy and stock market in 2008 and into 2009 showed a two-year decline in both the number and percentage of workers participating in an employment-based retirement plan. The 2010 and 2011 participation levels stabilized as the economy recovered. ebri.org Issue Brief • November 2012 • No. 378 2 Craig Copeland is senior research associate at the Employee Benefit Research Institute (EBRI). This Issue Brief was written with assistance from the Institute’s research and editorial staffs. Any views expressed in this report are those of the author and should not be ascribed to the officers, trustees, or other sponsors of EBRI, the Employee Benefit Research Institute–Education and Research Fund (EBRI-ERF), or their staffs. Neither EBRI nor EBRI-ERF lobbies or takes positions on specific policy proposals. EBRI invites comment on this research. Copyright Information: This report is copyrighted by the EBRI. It may be used without permission but citation of the source...

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Gifts of Retirement Plan Assets - Providence Foundations

Gifts of Retirement Plan Assets Qualified retirement plans are those that receive favorable income tax treatment during an employee’s lifetime. No income tax is due on the funds as contributed, and no income tax is due on the earnings and appreciation while in the plan. You pay taxes on the funds only when you receive them. Such plans come in many forms: a defined benefit or contribution pension plan, money purchase pension, profit-sharing plan, annuity plan, 401(k) or 403(b) plan, stock bonus plan, Employee Stock Ownership Plan (ESOP) or simplified employee pension (usually a SEP-IRA) from your workplace, and Keogh accounts and Individual Retirement Accounts (IRAs) you set up for yourself. Generally, the undistributed balance of qualified retirement plans is

fully includable in your gross estate for estate tax purposes. Since the funds in retirement accounts usually represent deferred compensation that has not been subject to income tax, giving the accounts to individual heirs exposes the funds to income taxes. Your retirement dollars can be seriously depleted by this double taxation. Retirement accounts are often exposed to income taxes and estate taxes, at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates. Yet many of these taxes can be avoided or reduced through a carefully planned charitable gift. Bequest gifts of retirement plan assets By naming a Providence foundation as the beneficiary of all or a portion of your retirement plan, you ensure that all income tax and any estate tax on the gift are completely avoided. You can make such a gift knowing that 100 percent of your retirement plan gift will be transferred to a Providence foundation to benefit the program of your choice. Making a bequest of your retirement plan assets is easy. Simply request a “change of beneficiary” form from your plan administrator. In the beneficiary designation section, list the Providence foundation you wish to support and its tax identification number. (If you are married, your spouse may have to give consent to the designation.) Example: Robert White accumulates $1 million in retirement plan assets. Upon his death at the age of 85, he leaves his assets to his two children. Because of taxes, the amount Robert’s children actually receive could be less than $360,000. By contrast, Robert could have left his $1 million to a Providence foundation, and the entire amount would have been available to benefit the program of his choice, such as cancer, heart, brain, medically fragile children or long-term care for seniors. Charitable remainder trust or gift annuity funded by retirement plan A charitable remainder trust (CRT) is a gift arrangement that allows you to provide income to yourself and/or others, for life and/or a term of up to 20 years, while making a generous gift to a Providence foundation. You transfer property irrevocably to a CRT and specify how the income and principal are to be distributed. The CRT can become effective during your life or at your death. You can fund a CRT at your death (a testamentary CRT) with retirement plan assets to provide income to one or more beneficiaries. After...

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Supplemental Retirement Plan Decision Guide

The University of North Carolina Your Supplemental Retirement Plan Decision Guide Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to EnrollSupplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University NC A&T State University North Carolina Central University NC State University UNC – Asheville UNC – Chapel Hill UNC – Charlotte UNC – Greensboro UNC – Pembroke UNC – Wilmington UNC School of the Arts Western Carolina University Winston-Salem State University NC School of Science and Mathematics Other Affiliates: – UNC Health Care – UNC Press Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to

Enroll 1 Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll At the University, you have a valuable opportunity to save for your retirement future by participating in either the Teachers’ and State Employees’ Retirement System (TSERS) or the University of North Carolina Optional Retirement Program (ORP). While both these options provide a valuable opportunity for you to prepare for your future, you may want to consider boosting your retirement savings by participating in one or more of these supplemental retirement plans: • UNC System 403(b) Plan • State’s 457 Deferred Compensation Plan • State’s 401(k) Plan Inside this decision guide, we’ll take a closer look at each of the supplemental retirement plans, explore how they can work with either TSERS or the ORP to help you maximize your opportunity to prepare for retirement, and direct you to online tools and resources that can help you make the right choice for your future. Supplemental Retirement Plans: Flexibility for Your Future Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to EnrollSupplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll 2 The Bigger Picture Preparing for retirement is not a one-time event — it’s a process that should span your entire career. The earlier you start and the more consistently you save, the more likely you are to enjoy the retirement you worked so hard to achieve. That’s why it’s so important to maximize your retirement savings opportunity while you are working — and the University’s supplemental retirement plans can help you reach your retirement goals. 1. Once you enroll in either TSERS or the ORP, you’ve taken the first step — both plans offer a valuable retirement savings opportunity. 2. Next, consider whether you want to participate in one or more of the supplemental retirement plans at UNC. 3. Remember, Social Security and any personal savings you may have are also part of your financial picture in retirement, though experts estimate Social Security only replaces about 40% of your pre-retirement income. MajOR SOuRCES Of RETIREMEnT InCOME TSERS or the ORP UNC System 403(b) Plan State’s 457 Deferred Compensation Plan State’s 401(k) Plan Personal Savings Social Security Did you know? Most experts estimate you’ll need between 70-90% of your pre-retirement income to maintain your standard of living in retirement. Of course, how much you need in retirement depends...

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2013 A Complete Guide to Your UC Retirement Benefits

s t i f e n e B t r n u e S e o N O I T t m P I Y R C S e e E D l r N o A L i P p t Y t R A M M e e U m S : S 3 N R d o A L i P 1 T N C E u C M E 0 R I T E R 2 A G U Listed below are telephone numbers and website and correspondence addresses for some of the resources UC employees routinely use. UC EMPLOYEE WEBSITE d l atyourservice.ucop.edu o F UC Human Resources UC Retirement Administration Service Center: 800-888-8267 Hours:

8:30 a.m.–4:30 p.m., Monday–Friday Written correspondence should be sent to: UC Human Resources P.O. Box 24570 Oakland, CA 94623-1570 Local Benefits Offices UC Berkeley: 510-642-7053 UC Davis: 530-752-1774 UC Davis Medical Center: 916-734-8099 UC Irvine: 949-824-5210 d l UC Irvine Medical Center: 714-456-5736 o F UCLA: 310-794-0830 UCLA Medical Center: 310-794-0500 UC Merced: 209-228-2363 UC Riverside: 951-827-4766 UC San Diego: 858-534-2816 UC San Diego Medical Center: 619-543-7585 UCSF: 415-476-1400 UCSF Medical Center: 415-353-4545 UC Santa Barbara: 805-893-2489 UC Santa Cruz: 831-459-2013 ASUCLA: 310-825-7055 Hastings College of the Law: 415-565-4703 UC Office of the President: 510-987-0900 Lawrence Berkeley National Lab: 510-486-6403 d l o F Retirement Savings Program Recordkeeper Fidelity Retirement Services Fidelity Retirement Services website: ucfocusonyourfuture.com 866-682-7787 F old investment oversight University of California Treasurer’s Office Treasurer’s Office website: ucop.edu/treasurer Written correspondence should be sent to: Office of the Treasurer of The Regents 1111 Broadway, Suite 1400 Oakland, CA 94607-4026 BENEFITS FROM OTHER SOURCES For information on plans and services that may have an impact on your retirement benefits, such as Social Security, CalPERS or other retirement plans and agencies, contact the appropriate agency. Social Security Administration: 800-772-1213 Social Security website: socialsecurity.gov CalPERS: 888-225-7377 CalPERS website: calpers.ca.gov F ol CalSTRS: 800-228-5453 d CalSTRS website: calstrs.com If you Move It is your responsibility to notify the Plan Administrator of your new mailing address. UC uses the address on file as the address of record for you and your beneficiaries. Failure to keep your address current could reduce your benefits in the retirement savings plans because the Plan Administrator may charge the costs of attempting to locate missing participants against the ac- cumulations of separated participants with incorrect addresses. You can change your address online at At Your Service Online, a secure website where you can update personal information maintained in UC’s payroll and benefits databases. To record an address change, go to At Your Service and select “Sign in to My Accounts.” Enter your Username or Social Security number and your UC Password; then select “My Contact Information.” If you’re no longer working for UC or do not have internet access, you can also notify UC Human Resources by calling the F o UC Retirement Administration Service Center at 800-888-8267. ld Or, if you have Internet access, select “Forms and Publications” on At Your Service and print and complete form UBEN 131 (UC Human Resources Address Change Notice) and mail it...

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Your Retirement Plan A Member Handbook for Michigan’s Public School

Your Retirement Plan A Member Handbook for Michigan’s Public School Employees Public School Employees Retirement System State of Michigan October 2009 About the Office of Retirement Services The Office of Retirement Ser vices (ORS) is a division of the State of Michigan’s Department of Management and Budget. ORS administers retirement programs for more than half million Michigan state and public school employees, judges, and state police. About This Publication The intent of this publication is to summarize basic plan provisions under Michigan’s Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between this publication and the actual law, the provisions of the law govern. This publication can be made

available in alternative formats to meet the needs of our customers with visual or physical limitations. Please contact ORS if you require this service. Total Copies Printed: 10,000 Total Cost: $9,773.31 Cost per Copy: $0.98 October 2009 R0611C Your Retirement Plan A Member Handbook for members of the Michigan Public School Employees Retirement System Office of Retirement Ser vices Department of Management and Budget State of Michigan Contents I. About This Publication 6 II. Plan Membership 7 The Basic Plan and the Member Investment Plan 7 Who Is a Member? 7 III. Contributing to the Plan 10 Your Personal Contributions 11 Monitor Your Account 13 If You Leave Public School Employment 14 IV. The Basics of Your Plan 15 How You Earn Service Credit 15 Qualifying for Your Pension 17 V. Adding to Your Service Credit 21 Why Boost Your Service Credit? 21 Considering a Purchase? 22 Types of Service Credit 24 The Cost of Service Credit 25 How to Purchase 26 Contents VI. Additional Benefits for You and Your Dependents 28 If You Become Disabled 28 Insurance in Retirement 29 Upon Your Death 30 VII. Reaching Your Retirement Goals 34 What You Need To Do 34 Have a Plan and Follow it 35 Stay in Touch with ORS 36 VIII. We’re Here to Help 37 Other ORS Publications 38 Appendix A: Retirement At A Glance 39 Appendix B: MIP–Basic Plan Comparison 40 Appendix C: Calculating Actuarial Cost 41 Index 44 I. About This Publication Because it is so essential to plan for your retirement early in life, this handbook aims to give you enough general information about your pension so that—between your pension, social security, and personal savings—your retirement is all you hope it will be. Besides some general histor y about the system and its administration, this book explains how and when you will qualify for a pension and how your pension will be calculated. It includes guidelines on how to enhance your retirement by purchasing ser vice credit. You’ll also find information you’ll need if you leave public school employment, as well as an over view of the plan’s disability protection, insurance, and sur vivor benefits. Take charge of your retirement! Your pension is one of your most valuable assets—it is important that you monitor its value throughout your career so you can plan for additional sources of income in retirement. Manage your plan with miAccount, our...

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Retirement Plan Fees - The Standard

R e t i R e m e n t p l a n s Plan Sponsor’s Guide to Retirement Plan Fees © 2007 StanCorp Equities, Inc. StanCorp Equities, Inc., member NASD/SIPC, distributes group variable annuity and group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc, a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations. Today’s plan sponsors face the challenge of providing plan governance in an increasingly complex marketplace. For example,

there are now more than 8,000 investment companies offering over 15,000 funds. 1 In addition, government regulations that interpret plan-related legislation are continually being refined and updated. Recently the public spotlight has turned to retirement plan fees. Plan sponsors are being reminded of their fiduciary responsibility to accurately determine and evaluate their plan fees. Because of the multiple providers involved and the various ways fees are assessed, it can sometimes be difficult to determine who is receiving how much, and for which services. Yet that information is necessary to determine if plan costs are fair and reasonable. Inside Page Reviewing fiduciary responsibility 1 Fee chart 3 How plan fees are structured 4 Locating hard-to-find fees 5 Questions to ask 7 Resources 7 Glossary 8 This guide will provide you with information about retirement plan services and fees to help you more accurately calculate your plan costs and determine whether they are a good value for you and your participants. 1 Investment Company Institute (ICI) 2006 “Fact Book.” A guide to retirement plan fees 1 Plan sponsors know that they have a legal obligation, as defined by the Employee Retirement Income Security Act (ERISA), to make decisions that are in the best interests of their participants. They are considered plan fiduciaries and as such assume corporate and personal responsibility for the decisions they make. These decisions always require ongoing oversight and review and may include appointing an investment committee, choosing plan providers and selecting investment options. In addition to the fiduciary responsibilities specifically outlined in ERISA, 2 recent court decisions strongly suggest that plan sponsors also have some responsibility to help participants save enough for retirement. As a result, plan sponsors are assuming an increasingly active role in encouraging employees to enroll in their plans, and helping them choose adequate deferral levels and appropriate investment options. This is where plan costs become a critical component. Expenses associated with legal counsel, investment consultants, recordkeepers, fund offerings, trustees, auditors, and other paid providers are usually considered plan costs. These costs, in turn, have an impact on bottom-line returns for participants and can ultimately affect the amount of money participants accumulate for retirement. Plan sponsors have a fiduciary obligation to know the total costs of operating a plan. Although they are not required to choose the least expensive services, they do need to know who is receiving money — how much and for what...

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(PERS) Plan 3 Member Handbook - Department of Retirement

Washington State Public Employees’ Retirement System (PERS) – Plan 3 Facts in a Flash 2 Plan Summary 3 How to contact the Department of Retirement Systems 3 Privacy of your information Welcome to PERS 4 How your plan works 7 Planning for retirement Milestones/ Life Changes 8 Becoming vested 8 Leaving public service 9 Returning to public service 9 Marriage or divorce 9 When the unexpected happens 10 Retirement planning checkup Approaching Retirement 11 Service retirement 12 Early retirement 12 Retiring as a dual member 13 Estimating your benefit 13 Purchasing additional service credit 13 Updating your plan for retirement Ready to Retire 13 Applying for retirement 14 Your defined benefit options 14 Health insurance coverage 14 Federal benefit limit

14 Federal tax on your retirement benefit 14 Legal actions 15 When and how your benefit will be paid Once You Retire 15 Cost-of-living adjustment (COLA) 15 Working after retirement 15 Benefit overpayments or underpayments 15 Changing a benefit option or survivor after you retire 16 Glossary of Terms 17 Index Updated May 2013 P Public Employees’ Facts in a Flash Plan Summary PERS Plan 3 has two parts – a defined benefit part and a defined contribution part. Your employer contributes to your defined benefit part. You contribute to the defined contribution part. When you meet plan requirements and retire, you are guaranteed a monthly benefit for the rest of your life from the defined benefit part. Your retirement benefit will be based on your years of service (while a member of PERS Plan 3) and your compensation. There is no limit on the service credit years included in your benefit calculation. This formula will be used to calculate your monthly retirement benefit: 1% x service credit years x average final compensation = monthly benefit The value of your defined contribution part will consist of your contributions and their investment returns. You are vested in the plan when you have: • Ten service credit years; or • Five years of service credit and at least 12 of those months were earned after the age of 44; or • Five service credit years earned in PERS Plan 2 before June 1, 2003. Once vested, you are eligible to retire with a full benefit at 65. Retirement before 65 is considered an early retirement. If you have at least 10 years of service credit and are 55 or older, you can choose to retire early, but your benefit may be reduced. There is less of a reduction if you have 30 or more years of service credit. If the unexpected happens – disability or death before retirement – benefits may be available. If you become totally incapacitated and leave your job as a result, you may be eligible for a disability retirement benefit. If you die before retirement, your survivor may be eligible to receive a benefit based on your years of service credit. Login or sign up for online access to your retirement account. Track your contributions and service credit; read the latest newsletter; use your individual data to estimate your retirement benefit; and when you’re ready, apply for retirement....

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The Facts About Florida's Public Retirement Plans

Florida Retirement Security Coalition The Facts About Florida’s Public Retirement Plans February 2013 Florida Retirement Security Coalition The Facts About Florida’s Public Retirement Plans 2 Introduction Retirement plans for state and local government workers affect millions of Floridians and boost the state economy. These plans directly impact about 1.2 million current or former public employees in Florida and millions of their dependents and other family members. In addition, tens of thousands of Florida businesses benefit each day when retirees spend their retirement checks on goods and services in every community in Florida. These vital benefits are provided through the Florida Retirement System and almost 500 local government retirement plans. The Facts About Florida’s Public Retirement Plans is designed to help

policymakers, business owners, and other Floridians understand how these public retirement plans work for the people and economy of our state. Eight Key Facts About Florida’s Public Retirement Plans 1. The Florida Retirement System is fiscally sound. The Florida Retirement System (FRS) is in sound financial condition and stronger than retirement plans in almost all other states. “Compared to other states, the pension plan is better funded,” concludes the Florida Legislature’s office of policy analysis.1 Florida is “a top performer when it comes Florida Retirement Security Coalition The Facts About Florida’s Public Retirement Plans 3 to managing its long-term pension liability,” one independent study said.2 Another ranked the FRS among the top 10 state pension systems in the U.S. in a 2011 national analysis.3 Some states have overburdened state retirement systems, but Florida is not one of them. 2. Public retirement plans allow Florida workers to take care of themselves after retirement and not rely on other government services. Retired public workers don’t get rich from their retirement plans. In fact, the average annual payment from the Florida Retirement System is only about $18,000.4 But those dollars are crucial income for many Floridians after their work years are done. That money helps retired workers take care of themselves instead of relying on other government programs. Without traditional retirement plans, they run the risk of outliving their retirement savings, at a large cost to the public treasury. 3. State and local retirement plans provide important support to the state and local economies. In 2011 the Florida Retirement System paid out about $6.7 billion in retirement payments.5 Local government retirement systems paid out almost $2 billion more.6 These dollars support retirees and circulate throughout the economy. That money is spent in Florida for food, clothing, housing and other necessities and supports thousands of jobs spread throughout every community in the state. Every dollar paid in public pension benefits creates $1.64 in total economic activity in Florida. And every tax dollar invested in retirement plans supports $4.47 in total economic output (because investment earnings and employee contributions finance the lion’s share of state and local pension plans).7 4. Traditional retirement plans cost taxpayers less and provide greater benefits to retired workers. Closing the FRS pension plan to new workers would cost taxpayers more and deliver less to retirees. Most members of the Florida Retirement System are enrolled in the FRS “defined benefit” (DB)...

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Teachers and State Employees - Retirement System

TEACHERS’ AND STATE EMPLOYEES’ RETIREMENT SYSTEM your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2012 teachers’ and state employees’ retirement system NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS DIVISION JANET COWELL STEVEN C. TOOLE STATE TREASURER DIRECTOR Welcome to the North Carolina Retirement Systems! The Department of State Treasurer, which administers the retirement systems for state and local government employees, is committed to providing you with information that will help you make informed de- cisions about your financial future. I encourage you to familiarize yourself with the benefits described in this booklet. This handbook outlines the benefits available to you as a member of the Teachers’ and State Employees’ Retirement System, including: ■■ Benefits you will

receive at retirement once you meet the service and age requirements ■■ Benefits you may receive if you become disabled (Disability Income Plan of North Carolina) ■■ Benefits your beneficiary may receive if you die while you are an active employee or after you retire (death benefits) ■■ Qualifications for reemployment after retiring I also encourage you to visit our website, www.myncretirement.com, for retirement resources, and to register on ORBIT, your safe and secure online access to your personal retirement ac- count information. You can also contact the North Carolina Retirement Systems if you have additional questions. Our customer service representatives can assist with the status of an application or answer questions about retirement, disability and death benefits. Thank you for your service to North Carolina. Sincerely, Janet Cowell 1-877-627-3287 Toll-free 919-807-3050 (Raleigh area) nc.retirement@nctreasurer.com www.myncretirement.com january 2012 Your Retirement Benefits teachers’ and state employees’ retirement system Your Retirement Benefits Contents Page Contents Page Your Retirement System Benefits In Brief . 5 NC 401(k) And NC 457 Transfer Benefit . 22 Becoming A Member Of The System. 5 Retiree Health Coverage. 22 Who Pays For The System. 6 Income Tax. 23 Tax-Deferred Savings Advantages. 6 Retirement Benefits. . . . . . . . . . 23 How To Qualify For Benefits. 7 Death Benefits. . . . . . . . . . . . 25 Becoming Vested. . . . . . . . . . . .7 Refunds. . . . . . . . . . . . . . .25 Service Retirement (Unreduced Benefits). . .7 Reemployment After Retirement. 25 Early Retirement (Reduced Benefits) . . . . 7 Important Information To Remember. 28 Disability Retirement. . . . . . . . . . 7 Disability Income Plan Of North Carolina. 29 Reciprocity Between Retirement Systems. . .8 Covered Participants . 29 If You Leave The System Before Retirement . .8 Termination Of Coverage. . . . . . . . 29 How Your Beneficiaries Are Protected. 8 Who Pays For The Plan. . . . . . . . .29 Death Benefit. . . . . . . . . . . . . 8 Claim Forms . . . . . . . . . . . . .29 Survivor’s Alternate Benefit. . . . . . . .9 What Constitutes Disability. 29 How Your Benefit Is Calculated. 9 Salary Continuation --...

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FLorida Retirement System Offers Two Retirement Plans

FLorida Retirement System offers two retirement plans, the Pension Plan and the Investment Plan. All salaried (A&P, Faculty and USPS) employees at Florida International University are eligible for membership. Non-exempt employees are automatically enrolled in the FRS Pension Plan when hired and have 180 days from their date of hire to choose between the Pension Plan and the Investment Plan below. Pension Plan: Traditional Plan (6 year vesting requirement): A defined benefit plan sponsored by the State of Florida which provides a monthly retirement benefit based on years of creditable service, the value of each year of service and the average final compensation of the five highest years of salary. Deferred Retirement Optional Program (DROP) DROP is a program that

allows you to retire without terminating your employment for up to 5 years while your retirement benefits accumulate and earn interest compounded monthly at an effective annual rate of 6.5%. This program is available to eligible members of the Florida Retirement System who are in the FRS Pension Plan. You are automatically enrolled in the Pension Plan. Retirement Plan Options: Benefit Paid at Retirement Under the Pension Plan, your retirement benefit is based on a formula comprised of your age, length of FRS service, and membership class. The amount of your benefit payments is affected by the retirement income option you choose. Retirement Income Options Under the Pension Plan, you may choose to receive your benefit in retirement under one of four lifetime benefit options including a 3% annual benefit increase each July. Termination Under the Pension Plan, if you leave FRS-covered employment and go to a non-FRS employer, your Pension Plan benefit is frozen until you return at a later date to continue your FRS-covered employment or begin receiving your early or normal retirement benefit. You will be eligible for a benefit (i.e. be vested) when you complete six years of service in the FRS Pension Plan. Additional information is available by calling 1-866-446-9377 or online. Pension Plan Forms: Service Retirement Packet DROP Retirement Forms Packet Application to Purchase Retirement Credit for a Leave Online Estimates for Retirement, Social Security and other tools Estimate Request Information Request...

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Handbook for - Virginia Retirement System

2 & 1 S n R V a Optional Retirement Plan l for Higher Education P Handbook for Participants in the ORPHE Plan 1 and the ORPHE Plan 2 Providing information about your... plan benefits investments 2 & 1 S n R V a l P Optional Retirement Plan for Higher Education Handbook for Participants For teaching, research and administrative faculty in the Optional Retirement Plan for Higher Education (ORPHE) Plan 1 and Plan 2 The Optional Retirement Plan for Higher Education (ORPHE) is sponsored by the Virginia Retirement System (VRS). You are in the ORPHE Plan 1 if your retirement plan coverage date is before July 1, 2010. You are in the ORPHE Plan 2 if your retirement

plan coverage date is July 1, 2010 or later. Note: The information contained in this document is governed by Title 51.1 of the Code of Virginia . This information is intended to be general. It cannot be complete in all details and cannot supersede or restrict the authority granted by the Code of Virginia , which may be amended from time to time. Participant Resources e VRS website at www.varetire.org • Plan information, forms, publications and other resources, including the Optional Retirement Plan c for Higher Education Handbook for Participants (select the Defined Contribution Plans tab) n ORPHE Plan Providers e The following plan providers offer the investments and record-keeping for the plan: r • Fidelity Investments: 1-800-343-0860 (customer contact and IVR); www.fidelity.com/atwork • TIAA-CREF: 1-800-842-2776 (customer contact); 1-800-842-2252 (IVR); www.tiaa-cref.org e f Other Contacts • American Association of Retired Persons: 1-888-OUR-AARP (1-888-687-2277); www.aarp.org e • Anthem Blue Cross/Blue Shield: 1-800-552-2682; www.anthem.com/com r • Commonwealth of Virginia 457 Deferred Compensation Plan: 1-VRS-DC-PLAN1 (1-877-327-5261); www.varetire.org (select the Defined Contribution Plans tab) k • Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program: Genworth Life, 1-866-859-6060; www.genworth.com/cov c • Group Life Insurance Program: Minnesota Life, 1-800-441-2258 i • Internal Revenue Service: 1-800-829-1040; www.irs.gov • Medicare: 1-800-MEDICARE (1-800-633-4227); www.medicare.gov u • Social Security Administration: 1-800-772-1213; www.socialsecurity.gov • Virginia Department for the Aging: 1-800-552-3402; www.vda.virginia.gov Q • Virginia Department of Human Resource Management: www.dhrm.virginia.gov • Virginia Department of Taxation: 804-367-8031; www.tax.virginia.gov Table of Contents Page 1. Welcome to the Optional Retirement Plan for Higher Education Preparing for Your Future 4 Eligible ORPHE Participants 5 About Your Plan 6 Choosing Your Plan Provider 9 Building Your Retirement Income 10 Changing Employers 10 What to do if I… 12 VRS Board of Trustees 15 2. Contributions, Investments and Distributions Contributions and Incoming Rollovers 16 Investments 17 Provider Investment Options 20 Distribution Options 23 3. Active Employee Benefits Basic Group Natural and Accidental Death, Dismemberment and Other Life Insurance Benefits 25 Designating a Beneficiary for Life Insurance Benefits 26 Optional Group Life Insurance Program 28 Health Insurance 30 Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program 30 If You Go on Educational or Military Leave 31 4. Leaving or Retiring from Your Position Taxes 33 So cial Security 33 Group Life Insurance 33 State Retiree Health Benefits Program 35 Health Insurance Credit 36 Long-Term Care Coverage 37 Pr eparing to Leave Employment:...

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Retirement Plan Booklet

Retirement Plan Overview of SDCERA benefits and services for active and deferred, Tier A members San Diego County Employees Retirement Association. RETIREMENT PLAN—TIER A BOOKLET Updated information Page 3 SIDEBAR General members hired on or after March 8, 2002, and before August 28, 2009, are Tier A. If you were hired before March 8, 2002 (and were active at the time), you became a Tier A member on March 8, 2002 (unless you

opted out during a one-time opt-out period that ended March 7, 2002). If you terminated prior to March 8, 2002, and are a General, Tier I or Safety member, your retirement benefits may be different from the benefits outlined in this booklet. Contact SDCERA for information. Page 6 YOUR CONTRIBUTION ACCOUNT Your member contribution account continues to accrue interest twice each year in June and December. The interest applied will either be the fund’s actual investment earnings for that six-month period, or half the assumed annual rate of return, whichever is lower. The current assumed rate of return is 7.75% annually (3.875% semiannually). If there are investment losses for the six-month period, members’ accounts will be credited with 0% interest. Page 9 BECOMING ELIGIBLE TO COLLECT A RETIREMENT BENEFIT You are eligible to retire if you meet the following eligibility requirements: • All active members at least age 50 with 10 or more years of service credit • General members at any age with 30 or more years of service credit • Safety members at any age with 20 or more years of service credit • All active members at age 70 with any amount of service credit (including members with less than five years of SDCERA service credit) Page 24 AGE PERC ENT AGE PERCENT CONSIDERING THE TEMPORARY 50 31.4 1 % 56 54.94 SUPPLEMENT TO BENEFIT OPTIONS The temporary supplement factors, right, 51 34.4 1 57 60.51 became effective July 1, 2011. 52 37.7 1 58 66.72 53 41.3 7 59 73.67 54 45.4 3 60 81.45 55 49.9 3 61 90.18 2275 Rio Bonito Way, Suite 200, San Diego, CA 92108–1685 • www.sdcera.org • PHONE 619.515.6800 • TOLL FREE 888.473.2372 Page 25 MAXIMUM BENEFITS PAYABLE TO YOU SDCERA will not pay a retirement benefit amount that is greater than 100% of your monthly final average compensation (see Page 16). Additionally, federal law limits the amount of compensation that may be used to calculate your benefits. The limit for 2013 is $255,000. The limit may be revised in accordance with the Internal Revenue Code (IRC) regulations. If you first became a member of SDCERA before July 1, 1996, you are not affected by this IRC Section 401(a)(17) limit. The IRC regulations also place a limit on the amount of pension benefits you can receive. Under IRC Section 415(b), you generally may not receive more than $205,000 annually (effective...

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FAQs on SSA Potential Private Retirement Benefit Information

FAQs on SSA Potential Private Retirement Benefit Information U.S. Department of Labor Employee Benefits Security Administration April 2012 I received an SSA Potential Private Retirement Benefit Information notice. What does this mean? This notice was sent to you by the Social Security Administration (SSA) because you filed a claim for social security benefits. It is a reminder about private employer retirement benefits that you have earned, also called "deferred vested benefits". The Internal Revenue Service (IRS) provided this information to SSA. The information is provided to the IRS by the plan administrators of the private retirement plans that you participated in while you were an employee. You may have already received some or all of these benefits. You should review

the plan information on this notice and contact the plan administrator identified to make a claim for any benefits due to you. When should participants expect to receive distributions from their retirement plans after terminating employment? Generally, the law requires plans to pay retirement benefits no later than the time a participant reaches normal retirement age. But, many plans -- including 401(k) plans -- provide for earlier payments under certain circumstances. For example, a plan's rules may allow participants in a 401(k) plan to receive payment of benefits after terminating employment. The plan's Summary Plan Description (SPD) should set forth the plan’s rules for obtaining the distribution as well as the timing of distribution after termination of employment. Can an employer sponsor more than one type of retirement plan? Might I be eligible for retirement benefits under more than one plan? What if I am already receiving retirement benefits? Yes, an employer may, but is not required to, sponsor more than one type of retirement plan, such as a 401(k)-type plan and a traditional pension plan. If your former employer sponsored more than one type of plan, you may be eligible for retirement benefits from more than one plan. For example, you may have received benefits from a 401(k) or other defined contribution plan at the time you terminated employment, but still be due benefits from a traditional pension (defined benefit) plan. Check with the plan administrator listed on the notice to determine if you have benefits owed to you. Generally speaking, there are two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises you a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement. Or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and service - for example, 1 percent of your average salary for the last 5 years of employment for every year of service with your employer. A defined contribution plan, on the other hand, does not promise you a specific amount of benefits at retirement. In these plans, you or your employer (or both) contribute to your individual account under the plan, sometimes at a set rate, such as 5 percent of your earnings annually. These contributions generally are invested on your behalf. You will...

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Local Governmental Employees Retirement System - State Treasurer

LOCAL GOVERNMENTAL EMPLOYEES’ RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2012 local governmental employees’ retirement system for local law enforcement officers NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS DIVISION JANET COWELL STEVEN C. TOOLE STATE TREASURER DIRECTOR Welcome to the North Carolina Retirement Systems! The Department of State Treasurer, which administers the retirement systems for state and local law enforcement officers, is committed to providing you with information that will help you make informed decisions about your financial future. I encourage you to familiarize yourself with the benefits described in this booklet. This handbook outlines the benefits available to you as a member of the Local Governmental Employees’

Retirement System, including: ■■ Benefits you will receive at retirement once you meet the service and age requirements ■■ Benefits your beneficiary may receive if you die while you are an active employee or after you retire (death benefits) ■■ Qualifications for reemployment after retiring I also encourage you to visit our website, www.myncretirement.com, for retirement resources, and to register on ORBIT, your safe and secure online access to your personal retirement ac- count information. You can also contact the North Carolina Retirement Systems if you have additional questions. Our customer service representatives can assist with the status of an application or answer questions about retirement, disability and death benefits. Thank you for your service to North Carolina. Sincerely, Janet Cowell 1-877-627-3287 Toll-free 919-807-3050 (Raleigh area) nc.retirement@nctreasurer.com www.myncretirement.com january 2012 Your Retirement Benefits local governmental employees’ retirement system for local law enforcement officers Your Retirement Benefits Contents Page Contents Page Your Retirement System Benefits In Brief . 4 Transferring Service And Becoming A Member Of The System. 4 Contributions Between Systems. 18 Who Pays For The System. 5 Refund Of Contributions. 18 Tax-Deferred Savings Advantages. 5 Interest . . . . . . . . . . . . . . .19 How To Qualify For Benefits. 6 Applying For And Receiving Becoming Vested. . . . . . . . . . . .6 Monthly Benefits. 19 Service Retirement (Unreduced Benefits). . .6 Retirement Application Process . . . . . .19 Early Retirement (Reduced Benefits) . . . . 6 Your First Monthly Benefit. . . . . . . .20 Disability Retirement. . . . . . . . . . 6 Post-Retirement Increases. . . . . . . .20 Reciprocity Between Retirement Systems. . .7 NC 401(k) And NC 457 Transfer Benefit . 20 If You Leave The System Before Retirement . .7 Income Tax. 21 How Your Beneficiaries Are Protected. 7 Retirement Benefits. . . . . . . . . . 21 Death Benefit. . . . . . . . . . . . . 7 Death Benefits. . . . . . . . . . . . 23 Survivor’s Alternate Benefit. . . . . . . .8 Refunds. . . . . . . . . . . . . . .23 How Your Benefit Is Calculated. 8 Reemployment After Retirement. 23 Example Of How A Benefit Is Calculated....

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Changes to the Canada Pension Plan

CANADA PENSION PLAN Changes to the Canada Pension Plan The Canada Pension Plan (CPP) is changing to better reflect how Canadians choose to live, work, and retire. The Government of Canada is adapting the CPP to ensure it remains fair and sustainable, and that it responds to the evolving needs of Canada’s aging population and to changes in the economy and labour market. The changes, which the Government will gradually introduce from 2011 to 2016, will give you more options so that you can make decisions that are right for you as you make the transition from work to retirement. Note The CPP operates throughout Canada, except in Quebec, where the Quebec Pension Plan (QPP) provides benefits. These changes do

not apply to the QPP. For information about the QPP, visit the QPP Web site at www.rrq.gouv.qc.ca. What are the changes being made to the CPP? Your monthly CPP retirement pension amount will Î increase by a larger percentage if you take it after age 65. Your monthly CPP retirement pension amount will Î decrease by a larger percentage if you take it before age 65. If you are under 65 and you work while receiving your CPP retirement pension, you Î and your employer will have to make CPP contributions. These contributions will increase your CPP retirement benefits. If you are age 65 to 70 and you work while receiving your CPP retirement pension, you can Î choose to make CPP contributions. These contributions will increase your CPP retirement benefits. The number of years of low or zero earnings that are automatically dropped from the calculation Î of your CPP pension will increase. You will be able to begin receiving your CPP retirement pension without any work interruption. Î Your monthly CPP retirement pension amount will increase by a larger percentage if you take it after age 65. Example Although Amrita enjoys her job as a nurse, she plans to retire when she reaches 65 in 2014. Based on her CPP Statement of Contributions, she expects her CPP retirement pension in 2014 to be $6,220 annually. This amount will then grow with the cost of living, as measured by the Consumer Price Index. However, if Amrita decides to delay taking her CPP pension until she reaches 66 in 2015, her CPP retirement pension will increase by 8.4% (0.7% x 12 months). Based on this change, the annual amount of her pension will increase by $522, and will then grow with the cost of living, as measured by the Consumer Price Index. Without the change, the increase would have been $373. Before the changes, your CPP retirement pension increased by 0.5% for each month after age 65 (and up to age 70) that you delayed receiving it. This meant that, if you started receiving your CPP pension at 70, your pension amount was 30% more than it would have been if you had taken it at 65. From 2011 to 2013, the Government of Canada will gradually increase this percentage from 0.5% per month (6% per year) to 0.7% per month (8.4% per year). This means that, by 2013, if...

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Retirement Benefits for Members of Congress

Retirement Benefits for Members of Congress Katelin P. Isaacs Analyst in Income Security November 30, 2012 Congressional Research Service 7-5700 www.crs.gov RL30631 CRS Report for Congress Prepared for Members and Committees of Congress Retirement Benefits for Members of Congress Summary Prior to 1984, neither federal civil service employees nor Members of Congress paid Social Security taxes, nor were they eligible for Social Security benefits. Members of Congress and other federal employees were instead covered by a separate pension plan called the Civil Service Retirement System (CSRS). The 1983 amendments to the Social Security Act (P.L. 98-21) required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social

Security as of January 1, 1984, regardless of when they first entered Congress. Because CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. The result was the Federal Employees’ Retirement System Act of 1986 (P.L. 99- 335). Members of Congress first elected in 1984 or later are covered automatically under the Federal Employees’ Retirement System (FERS). All Senators and those Representatives serving as Members prior to September 30, 2003, may decline this coverage. Representatives entering office on or after September 30, 2003, cannot elect to be excluded from such coverage. Members who were already in Congress when Social Security coverage went into effect could either remain in CSRS or change their coverage to FERS. Members are now covered under one of four different retirement arrangements: • CSRS and Social Security; • The “CSRS Offset” plan, which includes both CSRS and Social Security, but with CSRS contributions and benefits reduced by Social Security contributions and benefits; • FERS and Social Security; or • Social Security alone. Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions. All Members pay Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base ($113,700 in 2013). Members enrolled in FERS and elected prior to 2013 also pay 1.3% of full salary to the Civil Service Retirement and Disability Fund (CSRDF). Members of Congress first elected after 2012 and enrolled in FERS contribute 3.1% of pay to the CSRDF in addition to their Social Security contributions. In 2013, Members covered by CSRS Offset pay 1.8% of the first $113,700 of salary, and 8.0% of salary above this amount, into the CSRDF. Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 62 if they have completed at least five years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary. As of October 1, 2011, 495 retired Members of Congress were receiving federal pensions based fully...

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Federal Employees Retirement System - Office of Personnel

Federal Employees Retirement System (An Overview of Your Benefits) Insurance ServicePersonnel Management FERS RI 90-1 Revised April 1998 Retirement and United States Office of Previous edition is usable. Federal Employees Retirement System (An Overview of Your Benefits) This booklet contains highlights of the Federal Employees Retirement System (FERS). It is not meant to provide a detailed explanation of all the plan provisions. The information is based on the law in effect at the time the booklet went to publication. Under the Balanced Budget Act of 1997, Public Law 105-33 for fiscal year 1998, employee retirement contributions will increase as follows. Deductions for the Civil Service Retirement System and the Federal Employees Retirement System would be increased by 0.25% in January

1999, by an additional 0.15% in January 2000, and by 0.1% more in January 2001, for a total increase of 0.5%. These higher contribution rates would be in effect through 2002. Additional retirement information and all publications of the U.S. Office of Personnel Management listed in this pamphlet are available on the Internet. OPM Website — http://www.opm.gov/asd For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-045533-2 Table of Introduction .............1 Overview ................2 The Components Social Security Benefits Basic Benefit Plan Thrift Savings Plan Social Security Benefits ....3 What is Social Security? Social Security Benefits Social Security Taxes Basic Benefit Plan .........5 Eligibility Participation Vesting Creditable Service Contributions Refunds Retirement Options Immediate or Postponed Early Deferred Benefit Formula Special Retirement Supplement Survivor Benefits Spouse Former Spouses Children Disability Benefits What Does Disability Mean? Eligibility The Benefits Cost-Of-Living Adjustments (COLA’s) Form of Payment Contents Thrift Savings Plan .......12 Eligibility Contributions Agency Automatic (1%) Contributions Employee Contributions Agency Matching Contributions Vesting Requirement Investment Options Government Securities Investment (G) Fund Common Stock Index Investment (C) Fund Fixed Income Index Investment (F) Fund Contributing to TSP Tax Advantages Loan Program Withdrawing Your Funds Withdrawal Options Leaving Your Money in the TSP Automatic Cashout Additional Information Special Groups of Employees ...........17 Firefighters, Law Enforcement Officers, and Air Traffic Controllers Military Reserve Technicians Part-Time Employees Members of Congress, and Congressional Employees Enrolling in FERS ........19 New Employees Rehires and Conversions Examples ..............21 For More Information .....26 i Introduction R etirement...a time for reflection, rest, and enjoyment...a rewarding time. But, a rewarding retirement doesn’t just happen. It takes careful planning. Knowing when you can retire and where you will stand financially are important parts of that planning process. The financial security you will have in the future depends, in part, on the plans you make today. Recognizing the importance of your future, the Federal Government offers a retire ment program that helps provide financial security for you and your family. You are a participant in the Federal Employees Retirement System (FERS). This is one of the most important benefits you receive as a Federal employee. FERS is a retirement system that is responsive to the changing times and Federal work force needs. Many of its features are “portable,” so that if you leave Federal employment, you may still qualify for the benefits. FERS is flexible; you will be...

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(TRS) Plan 3 Benefit Estimate - Department of Retirement Systems

Washington State Department of Retirement Systems PO Box 48380 Olympia, WA 98504-8380 Phone: 360.664.7000 or 800.547.6657 l Email: recep@drs.wa.gov l Website: www.drs.wa.gov Teachers’ Retirement System (TRS) Plan 3 Benefit Estimate Worksheet As a member of TRS Plan 3, you can use this worksheet to estimate the defined benefit you will receive at retirement. To assist you in completing the worksheet, the right-hand column shows a sample of information that you would enter. Please keep in mind that this is an estimate only and is based on projected salary and service credit. Your actual benefit at retirement may differ. (See page 4 for general information about your retirement plan.) The defined benefit is only one part of your retirement plan. For

information about your defined contribution account, refer to your Quarterly Statement or review the Plan 3 Request for Payment of Defined Contribution Funds. TRS Plan 3 Benefit Estimate Worksheet You Sample Step 1: Determine the age at which you plan to retire. 1. Your age at retirement: 65 Step 2: Determine your total service credit at retirement. 2a. Your current balance of service credit years: 2b. The number of years until your retirement: 2c. Your projected service credit years at retirement (2a + 2b): 22 + 8 30 Step 3: Estimate your Average Final Compensation (AFC). See page 4 for an explanation of AFC. If your retirement date is many years in the future, your future AFC may differ from its current level. You may wish to estimate your future salary, then figure an AFC based on those figures. 3. Your estimated AFC: $3,340 per month Step 4: Compute your Option 1 (Single Life) benefit. The Option 1 (Single Life) benefit provides you with the highest monthly benefit. However, payments stop upon your death and do not continue to a survivor. The formula for your Option 1 monthly benefit is: 1% x Service Credit Years x AFC 4. Your Option 1 benefit amount: 1% x 30 x $3,340 = $1,002 per mo. Complete the next step only if you will provide for a survivor. There are three survivor options available. Under each of these options, your Option 1 benefit is reduced in order to provide a continuing payment to a survivor after your death. If you choose one of the survivor options and your designated survivor dies before you, your benefit will be adjusted to the higher Option 1 payment level. Be sure to notify DRS to initiate this adjustment. Step 5. Adjust your benefit for a survivor option. Determine the age difference between you (the member) and your survivor (rounded to the nearest year). Then use Table 1 on page 3 to find the reduction factors to apply. 5a. The age difference between you and your survivor: Your age is 65; your survivor’s age is 63. You are 2 years older Washington State Department of Retirement Systems PO Box 48380 Olympia, WA 98504-8380 Phone: 360.664.7000 or 800.547.6657 l Email: recep@drs.wa.gov l Website: www.drs.wa.gov l Page 2 TRS Plan 3 Benefit Estimate Worksheet You Sample Option 2 (Joint and 100% Survivor) – When you die your survivor receives a benefit...

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Defined Benefit Insights Plan design - Cash balance plans

Defined Benefit Insights Plan design—Cash balance plans Vanguard Strategic Retirement Consulting Fall 2009 What is a cash balance plan? Cash balance plans are one of several types of "hybrid" pension plans, which have characteristics of both defined benefit (DB) and defined contribution (DC) plans. Cash balance plans are technically DB plans because they provide a guaranteed level of benefit—there's little or no investment risk for the participant. The benefit payable to a participant is expressed as a lump-sum amount—a cash balance in an account. That's different from a traditional pension plan, which expresses its benefit as an annuity payable for the participant's lifetime. Here's how a typical cash balance account would increase during a plan year. Account balance at beginning

of year $5,000 Pay credit (e.g. 5% of $50,000 compensation) $2,500 Interest credit (e.g. 3% x $5,000 balance) $150 Account balance at end of year $7,650 The plan sponsor won't usually contribute the pay credit amount for every employee to the pension trust. Because the pension assets are usually assumed to earn more than the interest credit rate, contributions are usually expected to be less than the total pay credits. What are typical interest crediting rates? Most cash balance plans credit a market rate of interest, which is changed each year. The most common interest crediting rate is the 30-year treasury rate. This is a common rate because it's the same rate used for calculating lump-sum values in pension plans prior to the Pension Protection Act of 2006 (PPA), and it was convenient to have the rate for both purposes. Some plans use a 10-year treasury rate or a 1-year treasury rate. Some plans use a fixed rate (that doesn't change each year), usually in the 3% to 5% range. Why have some plan sponsors converted their pension plans to cash balance plans? Many employees seem to understand the account balance concept and appreciate the value of an account balance more than the value of an annuity promise. Younger participants also may appreciate that the value of their benefit increases faster than in a traditional pension plan where much of the value accrues after age 45. Cash balance plans are likely to have more predictable costs than traditional pension plans using traditional investment strategies. One reason for this is that the liability for most cash balance plans doesn't change significantly if interest rates go up or down. The cost of traditional pension plans can be difficult to predict because of final average salary provisions and early retirement subsidies (e.g. an unreduced benefit paid after 30 years of service), which are not part of cash balance plans. What are the disadvantages of cash balance plans? Most cash balance benefits are paid out as lump sums so that participants don't get the benefit of guaranteed lifetime income. Participants may view the low rate of interest unfavorably. Also, for most cash balance designs, it's more difficult to invest in assets that match the cash balance liability than it is to invest in assets that match a traditional pension liability. Evan Inglis, chief actuary © 2009 The Vanguard Group, Inc. All rights reserved. DBICBP...

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