KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R - - PowerPoint PPT Presentation

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R

• Ret

etire W Web ebinar will b ll begin gin m momen mentarily ily…

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R

• Ret

etire W Web ebinar

Plea ease keep eep in n mind nd tha hat Kentucky cky Revi vised Stat atute 61.661 661 requires es KRS t to a administ ster er accounts s in a confid identia ial l manne nner. Dur uring ng o

• ur

ur web ebina nar today, p plea ease d do no not sub submit quest uestions sp spec ecific to your ur account nt and nd do no not post st sens sensitive info nformation, n, suc such a h as y s your ur K KRS M S Mem ember I ID, So Social Sec Secur urity y Num umber er, or P PIN, in n the c he cha hat. If f you u ha have sp spec ecific quest uestions about your ur ind ndividual acco account, pleas ase con contact K KRS at 1-800 800-928 928-4646. 4646.

Agenda f for r Today’ y’s W s Webinar

• Zoom Tutorial
• Things to Consider
• How to apply
• Apply for Retirement online demo
• How to finalize your retirement
• Life after retirement

Zoom T m Tutor

• ria

ial

• The CHAT

AT function is used to ask general retirement questions for a KRS representative to respond.

• The RA

RAISE HA HAND ND function will not be used during this webinar

Thin ings t to C Consider er

• Are y

e you e elig ligib ible f le for S Socia ial S Securit ity benef efit its?

• Are y

e you e elig ligib ible f le for M Medic icare? e?

• Are y

e you e elig ligib ible t le to purchase s e servic ice c e cred edit it?

• Do

Do you ha u have se service i in a n ano nother st state-admin inister ered ed retireme ment s system? m?

• When s

should ld I I file f ile for m my retir iremen ent b benef efit its?

How t to App Apply for for R Ret etirement

1.

• 1. Reg

egister fo for M Mem ember Sel Self Ser Service 2.

• 2. Attend a P

a Pre-Retireme ment E Educat ation

• n Pr

Program ( am (PR PREP) P) or

• nline w

e webinar o

• ffer

ered ed b by KRS

• 3. Visit the R

he Rea eady y to Ret etire p page o

• n kyr

n kyret.ky.gov

• 4. Sp

Speak with a h a KRS R S Ret etirement B Bene enefit C Couns unselor

• 5. Deter

ermine yo ne your r retirem emen ent d date

Appl ply f for R Retir iremen ment O Onlin line Demo mo

Appl ply f for R Retir iremen ment O Onlin line

• You
• u mus

must s sub ubmi mit a all required doc

• cum

ument ntation b

• n befor
• re y

your

• ur retirement

applica licatio ion ca can be proce cessed

• Appl

pplying fo for r r ret etiremen ent v via pape per a appl pplication or r online e appl pplication in init itia iates t the proce cess; a ; additio ional p l paperwork k will ill need t to be co comple lete by y th their de dead adline

• You
• u ma

may N NOT na name me y your

• urself a

as the he bene neficiary o

• f your
• ur r

retirement account

• unt

Things t s to R Remember er:

Appl ply f for R Retir iremen ment O Onlin line

• ALL numb

LL numbers shoul hould be keyed w whe hen e n ent ntering the he a account

• unt numb

number for d dir irect ct d deposit, in , inclu cludin ing ze zeros- failur ure t to

• key the

he a account

• unt numb

number cor

• rrectly c

coul

• uld delay r

retirement nt b bene nefits a and nd ins nsur uranc nce

• If

If you

• u choos

hoose to

• us

use the he Doc Docume ument U Upload f feature i in n MSS, SS, b be sur ure t to

• uplo

load e each ch docu cument s separately ly (i.e (i.e. . Form 6 6000, D , Date o

• f Bir

irth Verif ific icatio ion, e , etc.) c.)

Thi hing ngs t to R Rem emember Cont nt’d:

Finaliz lizin ing y g your R Retir irem emen ent

Onc nce e you ha u have sub submitted y your ur a application t to r ret etire wi with i its r required docume mentat ation

• n, y

, you wi will r receive addition

• nal

al pap aperwork to comp

• complete vi

via mai mail/in o

• ffice:
• Form

rm 6010, Fina nal Est Estimated R Ret etirement nt Allowan wance Optio ion Selection

• n
• Form

rm 6200, 6200, Applica cation for

• r Heal

alth Insur nsurance (not required to process your retirement benefits)*

* The Form 6256, Designation of Spouse and/or Dependent Child for Health Insurance is required ANNUALL ALLY for Hazardous duty members

Life A fe After er R Retir ireme ement

Benefi efit P Paymen ents:

• Th

The first st r reti tirement c check is s mai ailed o

• r de

deposi sited o

• n th

the 14 14th

th of t

the he mont month i in n whi hich h the he me memb mber r retires

• After the f

fir irst m month o

• f retir

irement, t , the ch check ck will ill be dir irect ct d deposit ited o

• n

th the 14 14th

th of th

the month th o

• r th

the last b ast busi siness day day p preceding th the 14 14th

th

Post R st Reti tirement A Audi dit:

• Performed o
• nce

ce all ll wages, co , contributio ions, a , and sick ick le leave a are reported to KRS at at th the termination dat date h has as been v verified

• Benefit p

paym ayments m s may b ay be adj adjust sted ( (up or do down) i if th the au audi dit resu sults i in mor more t tha han a n a $2.00 d differenc nce i in n your

• ur mont

monthl hly p payment

Life A fe After er R Retir ireme ement

Taxes Treatm atment o t of B Benefits: ts:

• Mont
• nthl

hly b bene nefits a are gene nerally s sub ubject t to

• federal inc

ncome

• me t

tax

• All b

benefi efits attri ribu butabl ble e to s service e earn rned ed on, o

• r b

befo fore e December ber 31, 1 1997 are exempt from

• m K

Kent ntucky Inc Income

• me t

tax Health Ins Insur urance:

• In

In or

• rder for
• r i

ins nsur uranc nce t to

• be effective d

dur uring t the he first mont month

• f retirement

nt, all ins nsur uranc nce f for

• rms a

and nd r requi uired d doc

• cume

uments mus must be be filed with K h KRS the he mont month b h befor

• re the

he f first mont monthl hly bene nefit is issue ued Reempl ploymen ent A After R er Retirem emen ent:

• Go

Go to

• kyret.ky.gov
• v f

for

• r t

the he latest inf nfor

• rmation r
• n regarding R

Reemp mploy

• yment after

Retireme ment nt

Leg Legal N Not

• tice

If you have any questions about the material in this presentation please contact KRS at 1-800-928-4646. This presentation is intended merely as a general information reference for members of the KRS. This presentation is not intended as a substitute for applicable Federal or state law, nor will its interpretation prevail should a conflict arise between its contents and applicable Federal or state law. Before making decisions about your retirement, you should contact Kentucky Retirement Systems.

Questions?