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Path to Retirement Workshop (early/mid career)

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Transcript of Path to Retirement Workshop (early/mid career)

Age
When we calculate your allowance we convert your age to a factor (2%).
Factor increases every quarter year of age until it reaches the maximum for your tier.
County Tier 3 factors increase until age 63
City Tier 1 factors increase until age 55
Final Average
Compensation
Highest consecutive 12 or 36 month
period of compensation earnable
Compensation earnable does not include:
Overtime (unless FLSA)
Standby, call back, or admin. response pay (after 1/1/13)
Cash paid in lieu of benefits
(in-kind conversions, paid unused fringe) (after 1/1/13)
Factor for age 55 (2%) 0.02000

Years of service x 20

Highest avg. comp. x $50,000

Annual retirement benefit $20,000
Sample Benefit Calculation
You must...
Welcome
Overview of the
Path to Retirement
MCERA Benefits
Leaving before Retirement
More than 5 years of service?
You're vested! You can retire when you're eligible (or withdraw at any time).
Less than 5 years of service?
Leave your funds on deposit and retire at age 70 (or withdraw at any time).
Refund of contributions
Withdraw at any time after termination (no longer eligible for future monthly benefit).
Establish reciprocity
Leave your funds on deposit and join another public retirement system within 180 days.
Divorce/Domestic Partnership Dissolution
Tools and Resources
www.MCERA.org
Handbooks, brochures, fact sheets
Retirement Benefit Estimator
Board information
Policies
FUNDamentals newsletter
Annual benefit statements
MCERA staff
Service retirement: Lifetime monthly benefit with a continuance to your beneficiary.
Disability retirement: If you become permanently incapable of performing your essential job duties.
Death benefits: Various options are available during and after your employment.
Vesting: After 5 years of MCERA service credit
(plus reciprocal service) promised a monthly, lifetime benefit.
Eligibility to retire:
General: Age 50 or 55 with 10 years of service, 30 years of service at any age.
Safety: Age 50 with 10 years of service,
20 years of service credit at any age.
30 years of service: Member contributions cease.
Milestones
Understanding Your Plan
Not have overlapping service
Not have a break in service of over 180 days
Leave your contributions on deposit at the prior system
Retire from all systems with the same retirement date
Annual benefit statement
Compensation percentage tables
Online retirement benefit estimator
Custom estimate from MCERA staff
Estimate Your Benefit
Retirement benefits are a community property asset
Submit necessary paperwork:
Judgment of dissolution/property settlement agreement
Domestic relations order (DRO)
Change your beneficiary
MCERA is a defined benefit pension plan under County Employees' Retirement Law of 1937.
More than $1.5 billion in assets from:
Investment earnings.
Employee and employer contributions.
Assets held in trust for members and beneficiaries.
Members fall into 1 of 30+ tiers.
Ways to Increase
Your Benefit
Work longer
Get older
Earn more
Service purchase
Redeposit contributions
County of Marin
Tier 3 General
55 at retirement
20 years of service
$50,000 highest
average comp.
Earned each pay period of employment during membership.
Includes completed service purchases
Does not include:
Leave without pay
Part time <75%
Converted sick leave accruals are added at the time you retire.
3
Leave one public employee retirement system and join another within 6 months.
May be established with other 1937 Act systems, CalPERS, most agencies with reciprocity with CalPERS, or CalSTRS
(no UC reciprocity).
4 principal advantages:
Reciprocity
Calculating Your Benefit
Formula based on your retirement tier (2% at 55)
Considers:
Age
Service credit
Final average compensation
6
2
4
5
Next
Steps
2
Stay
informed
3
Keep your
records
updated
4
Estimate
your benefit
5
Attend a Planning to Retire workshop within 5 years of retiring
6
Ask us
questions
1
Consider other sources of income
1
Service Purchase
Purchase (buy back) your:
(a) extra hire time prior to
membership
(b) part time service <75%
(c) medical leave without pay
Counts toward vesting
and eligibility
Purchase any or all
service
1. Age for contributions
2. Service credit counts toward
eligibility
3. Final average compensation
4. Classic tier vs. PEPRA tier
Service Credit
What does 2% at 55 mean?
Redeposit your previously withdrawn contributions
Counts toward vesting
and eligibility
Must repay all or nothing
Redeposit
Payments must be completed prior to retirement
Limited to 5 years maximum to complete purchase regardless of amount of time you're buying
Interest applied to purchase costs every six months - the longer you wait the higher the cost
Notes on Service
Purchases
Lump sum check
Rollover from qualified plan
Payroll deductions
Combination
Ways
to Pay
General Age Factors
Safety Age Factors
Full transcript