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The Retirement Counseling Session Process

Presented By: Maria Benningfield

Assisted By: Diane Didulo

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Purpose & Objective:

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

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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)

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Preparing/Reviewing a Member’s 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service credit Prior service credit Unpaid medical leaves of absence Unpaid military leaves of absence Re-deposit of withdrawn contributions Prior public service credit

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Preparing/Reviewing a Member’s 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

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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

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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)

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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)

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Service Credit Purchases

Review employment history

Available service credit (Exhibit E)

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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)

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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

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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)

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Other Topics

IRC Section 415 Benefit Limits

(Exhibit J & K)

Replacement Benefit Program

Retired Employees of Fresno County (REFCO) address waiver form (Exhibit L)

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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

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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

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Questions?