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New Employee Orientation

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Tacoma Employees Retirement System New Employee Orientation – PowerPoint PPT presentation

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Title: New Employee Orientation


1
Tacoma Employees Retirement System
  • New Employee Orientation

2
What is the Tacoma Employees' Retirement System?
The Tacoma Employees' Retirement System is a
defined benefit plan funded by employee
contributions and employer contributions which
are tax deferred, as well as investment return.
Defined Benefit A defined benefit plan
guarantees a certain payout at retirement,
according to a fixed formula which usually
depends on the member's salary and the number of
membership years in the plan.
3
Who Is Eligible to Participate in the Tacoma
Employees' Retirement System?
All employees of the City of Tacoma and Member
Public Agencies shall become members of the
Retirement System, unless excluded by ordinance
or are active members of another retirement
system.
4
Plan Funding
  • Employer Contributions 9.72 of salary
    (effective 1/1/2010)
  • Employee Contributions 8.28 of salary
    (effective 1/1/2010)
  • Investment Earnings

5
Who are the members of the Board of
Administration?
Marilyn Strickland Mayor (Chairperson) Robert
Biles Director of Finance (Secretary) Rey
Arellano Designee of the City Manager Bill
Gaines Director of Public Utilities Alice
Phillips Employee Representative Sam
Benscoter Employee Representative Jim
Curley Employee Representative David
Peterson Retired Representative Chris
Webster Citizen Representative Wayne
Reed Alternate Board Member
Elected by Employees
Elected by Retirees
6
Service Retirement Eligibility
  • AGE 60, ANY NUMBER OF YEARS OF SERVICE
  • (full benefit 2 factor)
  • AGE 55 OR OLDER, 10 YEARS OF SERVICE
  • (reduced benefit see Table)
  • AGE 40 OR OLDER, 20 YEARS OF SERVICE
  • (reduced benefit see Table)
  • ANY AGE, 30 YEARS OF SERVICE
  • (full benefit 2 factor)
  • RULE OF 80 (AGE YEARS OF SERVICE 80)
  • (full benefit 2 factor)

7
Factor Table
8
Twice the Value
Effective on and after January 1, 1997, a
service pension shall not be less than the
actuarial equivalent of twice the value of the
individuals accumulated contributions
interest. Currently 40 of TERS retiree
pensions are provide a higher benefit based on
twice the value of each members total
contributions.
9
Termination of Employment
  • LUMP SUM EQUAL TO
  • REFUND OF CONTRIBUTIONS
  • PLUS INTEREST (less than 5 years)
  • or
  • LUMP SUM EQUAL TO
  • 150 OF CONTRIBUTIONS
  • PLUS INTEREST (5 years or more)
  • Both are taxable unless rolled directly to an
    Individual Retirement Account (IRA) or qualified
    plan.

9
10
Purchase of Time
  • Individuals may purchase up to 5 years of
    service, provided the member is vested (five or
    more years) and that no purchase shall exceed a
    total of 30 credited years.
  • Payments shall be made in a lump sum per the
    following
  • On an after-tax basis (personal check)
  • A direct trustee-to-trustee transfer from a
    qualified 457 or 403 (b) plan
  • A direct rollover from an Individual Retirement
    Account (IRA) qualified under Internal Revenue
    Code Section 408
  • Purchase of time must be made at the time of
    retirement or to become eligible for retirement.

10
11
Portability
  • SYSTEMS INCLUDED
  • TRS, PERS, SERS SCERS, WSPRS, LEOFF II,
    SEATTLE, SPOKANE TACOMA
  • SERVICE REQUIREMENT
  • Must be met for each system
  • AVERAGE FINAL SALARY
  • Highest base salary will be used for all
    calculations
  • RETIREMENT ELIGIBLITY
  • Years of service under portability may be used
    for purposes of eligibility and benefit formula

11
12
Pension Calculator
  • The pension calculator will allow you to
    calculate estimated retirement benefits,
    calculate purchase of time, and the cost to repay
    previously withdrawn contributions.
  • The Pension Calculator is located under Member
    Tools/Pension Calculator on the our website at
  • www.cityoftacoma.org/ters

12
13
Contact Information
  • OFFICE LOCATION
  • Tacoma Public Utilities
  • Administration Building North
  • 3628 South 35th Street, Ground Floor
  • Tacoma, WA 98409
  • Ph (253) 502-8200 Fax (253) 502-8660
  • Toll Free (888) 404-3787
  • Website http//www.cityoftacoma.org/ters

13
14
Additional Contact and Website Information
Other Public Retirement Systems WA State
Department of Retirement Systems Toll Free
1-800-547-6657 or (360) 664-7000 Website
http//www.drs.wa.gov Seattle City Employees
Retirement System Ph (206) 386-1293 Website
http//www.seattle.gov/retirement Spokane
Employees Retirement System Ph (509)
625-6330 Website http//www.spokanecity.org/depart
ments
14
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