The Retirement Counseling Session Process - PowerPoint PPT Presentation

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The Retirement Counseling Session Process

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The Retirement Counseling Session Process Presented By: Maria Benningfield Assisted By: Diane Didulo Purpose & Objective: Provide an informative and engaging ... – PowerPoint PPT presentation

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Title: The Retirement Counseling Session Process


1
The Retirement Counseling Session Process
  • Presented By Maria Benningfield
  • Assisted By Diane Didulo

2
Purpose Objective
  • Provide an informative and engaging presentation
    on the step-by-step process of preparing and
    conducting a service retirement counseling
    session

3
Scheduling and Preparing for an Appointment for
Service Retirement Counseling Session
  • Member makes an appointment and provides
  • possible date(s) to retire
  • Confirm required documents are on file
  • birth certificates
  • marriage certificate
  • divorce documents (if applicable)

4
Preparing/Reviewing a Members File for a
Counseling Session (continuation)
  • Determine the availability of additional service
    credit
  • Prior service credit
  • Unpaid medical leaves of absence
  • Unpaid military leaves of absence
  • Re-deposit of withdrawn contributions
  • Prior public service credit

5
Preparing/Reviewing a Members File for a
Counseling Session (continuation)
  • Review court filed divorce documents
  • Court Filed Joinder
  • Court Filed Judgment
  • Court Filed Domestic Relations Order
  • Prepare Estimate Calculation for different dates
    of retirement
  • Determine if reciprocity exists
  • Identify additional special pay items

6
Counseling Session
  • Checklist for Service Retirement Counseling
    Session (Exhibit A) and explain/discuss
  • Benefit payment options
  • Reciprocity
  • Service credit purchase
  • Temporary Annuity Option (TAO)
  • Divorce
  • Other topics
  • Note Member does not elect a payment option at
    the time of the counseling session

7
Calculation Summary Benefit Payment Options
  • Calculation Summary (Exhibit B)
  • Unmodified or Basic Retirement Payment
  • Option 1 lump sum
  • Option 2 100
  • Option 3 50
  • Option 4 multiple beneficiaries (Actuary)

8
Reciprocity
  • Inter-Agency form (Exhibit C)
  • Date of Retirement
  • Dates of highest consecutive 365 days (or three
    365 days) of compensation earnable in their
    system
  • Confirmation that the member is still credited
    with service
  • Analysis of Special Pays (Exhibit D)

9
Service Credit Purchases
  • Review employment history
  • Available service credit (Exhibit E)

10
Temporary Annuity Option (TAO)
  • Temporary Annuity Option is an advance on
    Social Security.
  • Annual Social Security Benefit Statement (Exhibit
    F) or an estimate of benefits (Exhibit G)
  • Temporary Annuity Option Waiver (Exhibit H)
  • FCERA applies an age based annuity factor
    (Exhibit I)

11
Divorce
  • Retirement benefits earned by either party during
    marriage or domestic partnership are community
    property.
  • Plan could be held financially responsible for
    amount paid in error where the plan has been
    joined in the divorce

12
Divorce (continuation)
  • Documents required before payments can begin
  • Court Filed Divorce Judgment
  • Joinder indicating plan has been joined
  • Filed Court Order document indicating the
    division of community property (Domestic
    Relations Order)

13
Other Topics
  • IRC Section 415 Benefit Limits
  • (Exhibit J K)
  • Replacement Benefit Program
  • Retired Employees of Fresno County (REFCO)
    address waiver form (Exhibit L)

14
Documents Signed During Counseling Session
  • Checklist for Service Retirement Counseling
    Session
  • Retirement Application (Exhibit M)
  • IRC 415
  • TAO Waiver
  • REFCO Waiver
  • Note Payment Option is not elected at this time

15
Process After Counseling Session
  • Option packet is prepared and delivered
  • Award letter
  • Election of Retirement Allowance
  • Withholding forms
  • Member elects payment option
  • Process elected benefit payment option through
    payroll

16
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