Information January 24, 2017 February 14, 2017 Things to do - - PDF document

Retirement Information

January 24, 2017 February 14, 2017

Things to do

 Update MyDocs home email address  www.henry.k12.ga.us  Click “Employee” at top right of page  Click on “My Docs” and login  Click on Key symbol in the box at the

top left

 Click Email Address, enter home email

address and click “Submit”

 Verify home address is correct on Pay Stub  Review Beneficiary Selections with TRS  With separation of service, you are able to

access your Valic and/or Peach State Reserves 457 plans, should you choose to do so. If you return to any position with Henry County Schools, access to funds will be delayed until separation of service

 Submit a letter of intent to RETIRE to

Human Resources and/or Principal/Manager

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Sample letter of intent to retire:

To: Henry County Schools From: ________________________ (Print Name) Subject: Retirement Please be advised that my last day of work will be __________________, and I will retire on ________________.

(first day of the month following last day worked)

_____________________ ______________ Signature Date ________________ Employee number or Last 4 digits of Social Security Number

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Benefit information is as of December 31, 2016 To check medical rates for retirement, contact SHBP at 1-800-610-1863 or email Annuitant.Subsidy@dch.ga.gov In order to minimize any misunderstanding, please confirm any concerns with TRS, PSERS, State Health, Ga Breeze, etc.

HCS Employees, Please be advised that we received an e-mail on December 23, 2016, advising that SHBP would implement a resolution on January 1, 2017, regarding medical insurance premiums for

• retirees. Attached is a copy of the SHBP

employee communication for your reference. Additionally, a rate calculator is located on the DCH website (http://dch.georgia.gov/annuitant- years-service-subsidy-policy) for the purposes of estimating a retiree’s rate for coverage during the 2017 Plan Year. The rate calculator provides an estimate of the most common rate scenarios, but does not include every possible combination, especially in the cases of split rates. We have not received any additional information from SHBP . Please call SHBP at 1-800-610-1863 if you have any questions.

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Annuitant Years of Service Subsidy Policy Frequently Asked Questions (FAQs) December 16, 2016

What are the requirements for a retiree to be subject to the Annuitant Years of Service Subsidy Policy? A retiree will be subject to the Annuitant Years of Service Subsidy Policy if: the retiree was not covered by SHBP as of January 1, 2012 and/or did not have five years of service in a state retirement system (i.e., ERS, TRS, LRS) as of January 1, 2012. All other retirees who were BOTH covered under SHBP as of January 1, 2012 AND had five or more years of service are subject to the current Annuitant Basic Subsidy Policy and who are considered grandfathered in. I am an active employee with five years of service as of January 1, 2012 and was not enrolled in SHBP as of January 1, 2012 but I am currently enrolled in SHBP. Will I be subject to the Annuitant Years of Service Subsidy Policy? Yes, as indicated in the policy, a retiree must meet BOTH requirements: be covered under SHBP as of January 1, 2012 AND have five years of service as of January 1, 2012. How will SHBP determine a retiree’s years of service? Each applicable state retirement system (i.e., ERS, TRS, and LRS) will provide SHBP information which indicates whether or not a retiree had five years of service as of January 1, 2012. For retirees subject to the Annuitant Years of Service Subsidy Policy, each applicable state retirement system will also provide SHBP the number of years of service that a retiree had upon their retirement. Years of service are determined by the state retirement systems and not by SHBP. I have years of service in two different state retirement systems. How will SHBP determine my years of service in order to calculate my subsidy? SHBP will utilize the years of service provided by the state retirement system from which the retiree receives an annuity. My spouse and I are both retirees and have “state on state” coverage, meaning we are both covered under SHBP. I am considered the “member” and my spouse is the “dependent.” I was not covered under SHBP as of January 1, 2012, but was covered at the time of my retirement. However, my spouse was covered under SHBP as of January 1, 2012. Will the Annuitant Years of Service Subsidy Policy apply to us? Yes, application of the subsidy is based on the Member’s status (not the Dependent’s status) as of January 1, 2012; therefore, the subsidy will apply. How will I know what my premium will be if I am subject to the Annuitant Years of Service Subsidy Policy? For estimation purposes only, SHBP has provided a rate calculator on its website www.dch.ga.gov to help members estimate their premiums for 2017. The rate calculator provides rate estimates based on a member’s plan tier (employee, employee + spouse, etc.) and plan option (BCBS HMO, UHC Medicare Advantage Standard, etc.). Please note rates are approved annually by the DCH Board of Community Health. For questions regarding the Annuitant Years of Service Subsidy Policy, please contact the SHBP Member Services Center at 800.610.1863 or you may email questions regarding the Policy to Annuitant.Subsidy@dch.ga.gov.

Medicare

If retiring and you and/or any covered dependents are 65

• r older, please apply for Part A and Part B at

www.ssa.gov, so that coverage is effective the first of the month following when coverage ends with Henry County Schools. If you and/or any covered dependents turn 65 after retirement, then apply for Medicare within 90 days prior to turning age 65. Please be aware that the Medicare Advantage plans under SHBP includes Part D. You will also report Medicare eligibility to State Health, at www.myshbpga.adp.com.

• Login then select “My Information” on the left, then

select “Medicare Management”

• Click on the button to the left of the name you wish

to edit.

• The Health Insurance Claim number is the

SSN of the person you are editing, with a “T” added at the end (i.e. 123456789T) The “T” indicates “Temporary,” indicating that you have not yet received the Medicare card.

• Enter the effective dates for Part A and

Part B.

• Leave Part D blank, if you are keeping

State Health.

• After you submit, you will be shown Medicare

Advantage coverage choices, and after making selections, you will need to follow through to the “Finish” button to save your changes.

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Last day of work Last Month

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Deductions Active Coverage ends through HCS TRS/PSERS Picks up Health and/or Dental May May June 30 July 1 June June July 31 August 1

For recipients of TRS, ERS or PSERS pension:

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TRS Notable Items

 A Retiree is defined as someone who will be

receiving a pension from TRS, ERS or PSERS.

 If retiring June 1, TRS highly recommends that

you apply by March 31st

 If retiring July 1, TRS highly recommends that

you apply by April 30th

 When you apply for retirement online with TRS,

Salary Certification (TRS-8) and Sick Leave Certification forms will automatically be sent electronically to the Benefits Department.

 You may now generate a benefit estimate

request online, which prompts TRS to calculate and mail you an estimate.

 Contact TRS for your ID # to create a login, if you

don’t already have one.

 Your first check will be mailed around the middle

• f the month of your effective date. All

subsequent checks will be electronically deposited to your account on the 1st business day

• f the month. *If eligible for Sick Leave Service

credit, this will be calculated in 1-2 months after retirement.

 Days not worked at the end of your contract will

be deducted from your June check.

 If retiring effective July 1, you may be eligible to

receive your first Cost-of-living adjustment on the subsequent July 1st.

 TRS will not be able to provide State Health’s

premium rates.

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TRS Eligibility for Retirement

Service Retirement You are eligible for monthly retirement benefits by one of the following:

• Completion of 30 years of creditable service

regardless of age;

• Completion of at least 10 years of creditable

service and attainment of age 60; or

• Completion of at least 25 years of creditable
• service. If you retire under this provision

your benefit will be permanently reduced by the lesser of 1/12th of 7% for each month you are below age 60, or 7% for each year

• r fraction of a year by which you have less

than 30 years of creditable service.

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TRS Creditable Service

Air Time ERS Withdrawn Service Maternity Leave Credit Military Service Out-of-State Service Private School Employment PSERS Credit Study Leave Credit TRS Withdrawn Service Visiting Scholar Credit Worker’s Compensation Disability

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TRS Service Retirement Benefit Formula

Your years of creditable service established with TRS, including partial years x 2% x Your final average salary for the 2 highest consecutive years of membership service1 = Your initial monthly benefit (under Plan A Maximum)

1 Benefit calculation is based on the 2 highest years that produce

the highest benefit—which may not be your last years worked.

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TRS Working After Retirement

 All employment as a teacher, whether

directly or indirectly (i.e. independent contractor, private temporary company, etc.) with a TRS employer is subject to salary and service limitations as outlined in Georgia law and TRS policy. The employer must certify employment of TRS retirees via the online reporting process. If your re-employment makes you eligible for State Health Benefit Plan (SHBP) coverage as an active employee, SHBP may require you to terminate retiree coverage and enroll into plans available for active employees. Contact SHBP for details regarding re-retirement rates.

 Georgia law requires a break-in-service of at

least one (1) calendar month.

 If you decide to work for a TRS covered

employer while receiving a retirement benefit from TRS, you and your employer must contact the TRS office prior to

• employment. Any earnings could affect your

TRS pension and/or Social Security benefits.

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TRS Pre-Retirement Counseling Session

If you wish to register for an appointment in an area near you:

• Visit www.TRSGA.com
• Click on the Account Login button
• Select Active Member
• Login to your TRS account
• Once you have logged in, click on

Register for an Event, and pick the event and time of your choice.

• You will receive an automatic e-mail

confirmation upon your successful registration.

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TRS – How to Apply

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TRS Plans of Retirement

Partial Lump-Sum Option (PLOP) In exchange for a permanently reduced lifetime benefit, you can elect to receive a partial lump-sum distribution in addition to a monthly retirement benefit. Your age and plan of retirement are used to determine the reduction in your benefit. A PLOP distribution will be made as a single payment at the time he first monthly allowance is paid. If a PLOP distribution is elected, your monthly benefit is actuarially reduced to reflect the value of the PLOP. The combination of both the PLOP and the reduced benefit are the same actuarial value as the unreduced normal benefit.

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TRS Unused Sick Leave

 You may establish sick leave credit

provided you have a combined total of at least 60 days of unused sick leave for which you have not been paid.

 Secure Sick Leave Certifications from

prior TRS Employers NOW.

 Sick Leave Certifications will be

electronically submitted to TRS by Henry County Schools after your last day worked.

 If you transferred sick leave days in

from another system, those days will be deducted from the balance reported by Henry County Schools. (The former system will report them.)

 If TRS notifies you that you do not

have enough combined sick leave to use for Service Credit, you may request a payout of your sick leave days, as long as you have at least 41 remaining days, and have worked for Henry County at least 5 years. The payout must be requested in writing to Payroll, and must include the notification from TRS. Sick leave is

paid at a rate of $15/day.

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Sick Leave Credit

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www.trsga.com

 PHONE

(404) 352-6500 or (800) 352-0650

 FAX

(404) 352-4885

 OFFICE

Teachers Retirement System of Georgia Two Northside 75, Suite 100 Atlanta, GA 30318-7901

 CALL CENTER HOURS

Monday - Friday, 8:00 a.m. – 5:00 p.m. EST

 OFFICE HOURS

Monday - Friday, 8:00 a.m. – 4:30 p.m. EST

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PSERS Notable Items

*Food Service *Maintenance *Transportation  A Retiree is defined as someone who will

be receiving a pension from TRS, ERS or PSERS.

 You may apply for retirement with PSERS

no sooner than 90 days prior to your desired retirement date.

 Request an estimate from PSERS by calling

404-350-6300

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PSERS Eligibility for Retirement

*Food Service *Maintenance *Transportation Normal Retirement You are eligible for monthly retirement benefit:

• Age 65
• 10 years of Creditable Service

Early Retirement You can begin receiving monthly early retirement benefits:

• Age 60
• 10 years of Creditable Service

Benefit will be reduced by 6% for each year (or ½% for each month) you are commencing benefits prior to age 65.

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PSERS Creditable Service

*Food Service *Maintenance *Transportation  Prior Services  Credit for Service While a Member of the

Teachers Retirement System of Georgia

 Job Related Temporary Disability/Leave

Without Pay

 Refund Buyback  Military Service

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PSERS Service Retirement Benefit Formula

*Food Service *Maintenance *Transportation The benefit formula used to calculate Normal Retirement benefits under PSERS is: Creditable Service x $14.75 = Maximum Plan Benefit As shown above, the benefit formula calculates the amount payable at Normal Retirement Age under the Maximum Plan

• Benefit. The “Maximum Plan Benefit” is the highest monthly

benefit available, and does not provide for a monthly benefit to a beneficiary(ies). Your benefit may be reduced if you apply for an Early Retirement Benefit or if you select an optional form of payment which provides for a survivor benefit to your beneficiary(ies) upon your death.

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PSERS – How to Apply

*Food Service *Maintenance *Transportation

• www.ers.ga.gov
• Under “Forms and Publications”
• Click on PSERS
• Click on Service Retirement Application
• Print application in full

If you prefer, you may call 404-350-6300, to request a mailed copy. Watch the presentation found on the website for helpful information for filling out your application:

• www.ers.ga.gov
• On the left hand side, click “Member Education” then

“Presentations”

• Under PSERS Video Presentation, click on “PSERS

Retirement Application Instructions”

• It is recommended that you already have a printed

copy of the application, as well as your estimate from PSERS, to follow along with the video.

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PSERS Plans of Retirement

*Food Service *Maintenance *Transportation

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PSERS Sick Leave

*Food Service *Maintenance *Transportation  Unused Sick Leave can not be used

toward retirement.

 If you have 41 or more sick leave days

remaining and have been with Henry County Schools at least 5 years, you may submit a written request to Payroll for a payout of unused sick leave days. Sick leave is paid at a rate of $15/day.

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PSERS Working After Retirement

*Food Service *Maintenance *Transportation

If you return to PSERS-covered employment after retirement and you are over age 65 upon rehire, you must choose whether to continue to receive your retirement benefit or to become an active PSERS Member again. If you choose to become an active Member, your retirement benefit will be suspended, you will make Employee Contributions to the System, and you will accrue additional Creditable Service. Once you retire again, the sum of all of your Creditable Service will be used to determine your final retirement benefit. If you are less than age 65 at rehire, you will automatically become an active Member upon rehire. Your retirement benefit will be suspended, you will make Employee Contributions to the System, and you will accrue additional Creditable Service. Once you retire again, the sum of all of your Creditable Service will be used to determine your final retirement benefit. If you attain age 65 during your period of rehire, you will have the

• pportunity to elect whether to continue as an active Member, or

to resume receiving your retirement benefits based on your new total Creditable Service accrued up to age 65. If you choose to begin receiving your retirement benefit again, then you will no longer make Employee Contributions to PSERS or accrue additional Creditable Service while you remain actively employed. You must have a one-month break in service between your retirement date and the date of your rehire.

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www.ers.ga.gov

 PHONE

(404) 350-6300 or (800) 805-4609

 FAX

(404) 350-6310

 OFFICE

Employees’ Retirement System of Georgia Two Northside 75, Suite 300 Atlanta, GA 30318

 OFFICE HOURS

Monday - Friday, 8:00 a.m. – 4:30 p.m. EST

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