oas retirement and pension fund
DESCRIPTION
1. 1. 1. Association of Pensioners of the OAS Retirement and Pension Fund (ASPEN). OAS Retirement and Pension Fund. 1. 1. 1. 1. 1. 1. 1. OAS Staff Association. Department of Human Resources of the OAS. 1. PRE-RETIREMENT LECTURE SERIES. 1. 1. 1. OAS Staff Federal - PowerPoint PPT PresentationTRANSCRIPT
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OASOASRetirementRetirement
and Pensionand PensionFundFund
AssociationAssociationof Retireesof Retireesof the OASof the OAS
(AROAS)(AROAS)
Department of Department of HumanHuman
ResourcesResourcesof the OASof the OAS
OAS Staff OAS Staff AssociationAssociation
OAS StaffOAS StaffFederalFederalCredit UnionCredit Union
Association of Association of Pensioners of Pensioners of the OAS the OAS Retirement and Retirement and Pension Fund Pension Fund (ASPEN)(ASPEN)
PRE-RETIREMENT LECTURE
SERIES
1
1
1
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1
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1 1
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Pre-Retirement Lecture Series:I. Retirement Benefit Options
Presents:
OAS Retirement and Pension Fund
and Association of Pensioners of the OAS Retirement and Pension Fund
November 9, 2006
Washington, DC
For participantsclose to retirement
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Retirement
¿Benefits?¿Beneficiarie
s?
¿Administration?
¿Life style?
Future Retiree
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80% - 100%of net income for a similar life style
RetirementSeparation5 yearsbefore
retirement
10 yearsbefore
retirement
Formulate some financial planning
AdjustmentMore serious planning
Medical examinationAssessment of retirement optionsAccumulation
PeriodDistribution
Period
Chronology:
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*To facilitate the lecture, throughout this presentation masculine and feminine terms will be alternated
Considerations
Only the future retiree knows what is the best for him* and her beneficiaries (if there are beneficiaries)
After retirement, the retiree will need a periodic source of income to sustain her during the rest of her life
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Considerations (continued)
Assets Desired life style Civil status Spouse retirement benefits (if she has...) Health (own and beneficiaries) Knowledge and will to manage assets Family expectations Be realistic with the assessment of the
situation Feel comfortable with the final decision
taken
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Retirement benefits have theRetirement benefits have theobjective to provide for a safe andobjective to provide for a safe andreliable source of income for the reliable source of income for the remainder of the retiree life andremainder of the retiree life andthat of his beneficiaries, whenthat of his beneficiaries, when
applicableapplicable
Starting point
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The retiree must compare the available financial resources under the different retirement options with the desired life style after retirement
Be open minded to carry out this process
Assessment of the participant situation
>=<
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Obtain the most complete possible image of your situation and that of your beneficiaries. Consult your:
Personal situation (and family situation):
LawyerFinancial analyst
Accountant Doctor
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Retirement Benefits
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Retirement Benefits:
The participant must perform a very careful analysis of the different benefit options for her retirement
Be careful, avoid external influences (even good natured ones). It is YOUR retirement. And each case is different!!
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R&P Fund Retirement Options
Payment of a Payment of a cash lump sumcash lump sum
DBDB
DCDC
A pension A pension determined by determined by
a Defined a Defined Benefit FormulaBenefit Formula
An annuity An annuity acquired with acquired with
the funds in the the funds in the participant’s participant’s
accountaccount
Participantretiring or separating
Participantretiring or separating
The proportion the participant can take in cash depends on the elected scheme.
If the participant decides to acquire an annuity, the annuity must respect certain minimums.
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R&P Fund Retirement Options:
A pension A pension determined by determined by
a Defined a Defined Benefit FormulaBenefit Formula
ParticipantRetiring or separating
ParticipantRetiring or separating
A participant that had a low income level, may opt to take an alternative minimum pension, if that is better for him. This benefit can be divided in up to 1/3 in cash and 2/3 in a pension
An alternative An alternative minimum minimum pension pension
determined by determined by the the
participant’s participant’s basic salarybasic salary
Alternative Alternative minimum minimum pension pension
reduced in reduced in proportion proportion to the cash to the cash
takentaken
Up to Up to 1/3 in 1/3 in cashcash
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Eligibility to take annuity or pension
15 years or 15 years or more of more of
participatioparticipation in the Plann in the Plan
55 years 55 years or more or more of ageof age
Participant qualifies for Pension or
Annuity
Less than 15 years of participatio
n
Less than 55 years of
age
Participant receives
benefit in cash
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What happens if you DO NOT qualify for Pension or Annuity?
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Separation
If the employee participation is less than 7 years, her account will be liquidated as per the vesting scale.
Separation is not considered retirement.
Participation < 7 years
If the participation is between 7 and 15 years or if the age is less than 55 years (but the participants has more than 7 years of participation), his account will be liquidated with 100% of the vesting. However, this participant cannot retire because he does not comply with the minimum retirement requirements.
Participation < 15 years
Age < 55 years
o
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If the participant DOES qualify for Pension or Annuity there are
several options
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Pension through the 2% Formula (Defined Benefit)
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Benefits
Participation ≥ 15 yearsAge = 65 years
Compulsory Retirement
No actuarial reduction
Age + Participation ≥ 85
Participation ≥ 15 years65 > Age ≥ 55 years
Voluntary RetirementNo actuarial reduction
Age + Participation < 85
Participation ≥ 15 years65 > Age ≥ 55 years
Early RetirementActuarial reduction
Defined Benefit: depending on the situation it can be pension, cash or
combination
Retirement benefits begin at age 65
Participation ≥ 15 years65 > Age ≥ 55 years
Deferred Retirement
No actuarial reduction
Age: End of participation
Retirement Age
Retirement Age
Retirement Age
Retirement Age = 65 years
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Benefits Defined Benefit: depending on the situation it can be pension, cash or
combination
No. of years of
Participation in the Plan
Average Pensionable
Remuneration (best 3 of last 5 years)
Annual Pension
Actuarial Tables
Life actuarial value of a pension
2/3 or more dedicated to a pension
Up to 1/3 can be taken in cash
Defined Benefit Formula
Age
Actuarial Reduction?
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BenefitsDefined Benefit: Computation of a Pension under the 2% Formula
It is a life pension with automatic spouse survivorship benefit (50%)
Based on number of years of participation Considers the Average Pensionable Remuneration
(ξ) during the best 36 consecutive months within the last 5 years of participation
It is 2% of ξ times the number of years of participation up to a maximum of 30 years. If employee participated more than 30 years, adds 1⅔% of ξ for each additional year during the next 10, up to a total of 40 years (years 31 to 40)
A participant with 40 or more years of participation will receive a maximum pension of 76.67% of ξ
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Benefits Defined Benefit: Example of
computation of pension under the 2% Formula
year 31 year 32 year 33 year 34 year 353500 3600 3900 4200 38003500 3600 3900 4200 38003500 3600 3900 4200 38003500 3600 3900 4200 38003500 3600 3900 4200 38003500 3600 3900 4200 38003600 3900 4000 4200 35003600 3900 4000 4200 35003600 3900 4000 4200 35003600 3900 4000 4200 35003600 3900 4000 4200 35003600 3900 4000 4200 3500
ξ = (3900*12+4000*6+4200*12+3800*6)/36 = 4000
Pension = 4000*0.02*30 + 4000*0.0166667*5 = 2733.33
Actuarial reduction factors will be applied in case of age below 65 or non compliance with rule of 85
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Annuity (Defined Contribution)
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BenefitsDefined Contribution: depending on the
situation it can be pension, cash or combination
Can betaken part inan Annuity,part in Cash
Can be totally dedicated to acquire an
annuity
Can be taken as a cash lump sum
Funds in Participant’s
Account
Acquisition is offered to participants that entered the Plan before January 1st, 1982 and under certain conditions to participants that entered the Plan after that date
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Benefits Defined Contribution:
Determination of Annuity
Funds taken in Cash
Funds in Participant’s
Account
Level of Spouse’s
protection (0, 50, 100%)
Actuarial Tables
Spouse’s Age (if married)
Participant’s Age
Funds to acquire Annuity
Annuity
These are Life Annuities adjusted by Cost of Living
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BenefitsDefined Contribution: Example of
Annuity Determination
Cash: $400,000
Funds: $1,000,000
Level of Protection:
50%
Actuarial Factor: 14.159
Spouse’s Age:65 Female
Participant’s Age: 65 Male
For Annuity: $600,000
Annuity*:$42,376 per
year
$3,531 per month
These are Life Annuities adjusted by Cost of Living
*The value of the annuity at the OAS Retirement and Pension Fund is obtained using the actuarial factors in force as of November 9, 2006
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BenefitsDefined Contribution: Acquisition
of Annuity
The Office of the Retirement and Pension Fund will calculate if this option is better than taking a pension through the 2% formula
Generally, this option will be more convenient for participants that: Are not married (do not have to set aside funds
for protection of spouse) Whose accounts are larger than the actuarial
value of the pensions calculated through the 2% formula
Whose spouses have a good pension This option can combine cash distribution
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Advantages shared by Pensions and Annuities
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BenefitsPensions and Annuities: Pros,
cons and considerations
Legal protection
Life pensions and life annuities
No worries!on financial and market risks
Cost of living adjustments
Premature death
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Priority claim
Representation in the Committee
Provides diversification
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Cash Lump Sum
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It is a unique payment in cashIt is a unique payment in cashFor the amount on the accountFor the amount on the account
Of the future retiree at theOf the future retiree at theMoment of retirement.Moment of retirement.
All these decisions are irreversibleAll these decisions are irreversible
Cash Lump Sum
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Benefits Cash Lump Sum: Considerations
Once retired, the retiree will have to invest her assets to generate income
The retiree will have to make this option as comparable as possible to a pension or annuity: Identify investment instruments that provide a level of
safety as close as possible to security of a pension Identify the kind of asset diversification that will provide the
same level of income as a pension (beware of risks!)
The retiree has to design an investment policy that allows for capital preservation and provides an adequate return for the risk taken
The retiree should consider his beneficiaries: Capital should last enough to provide benefits for
beneficiaries (ex. as the survivorship protection of a pension)
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BenefitsCash Lump Sum: Pros, cons and
considerations
Premature death
Legacy to family (even before death)
Make a large investment (second home)
Pay debts (including mortgage)
No legal protection
Possible lost of initial capital
Financial and market risks
Long life without resources
Spouse’s retirement benefits
Health of retiree and spouse
Knowledge, will and character to manage assets
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Combination of Annuity or Pension and Cash Distribution
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Combination of annuity/pension & cash
Hybrid option combining the advantages of previous options
Provides safe base of monthly income through a reduced pension or annuity
Provides the possibility to make a major expense: Pay out a mortgage Buy a second house Leave a legacy to children or other beneficiaries
Pension or annuity received in this way will be reduced proportionally according to the cash taken
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Comparing benefits offered by the Fund and those obtained in
the market
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Financial comparison
Compare income with responsibilities to be covered
Discriminate between the cost of living and the desired life style.
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Comparison between the Fund’s annuity and that purchased
from an external bank
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Annuities, R&P Fund vs. Banks
The following text was extracted from an article that appeared on October 31, 2006 in the Business section of the Washington Post, by Allan Sloan and entitled: Cost-of-Living Increases Don’t Come Cheap,
“…Vanguard and AIG,…last year began offering lifetime income protection annuities that let you buy an inflation adjustment similar to Social Security’s…” “…Here’s a for-instance. Take $100,000. Seems like a lot. But if you’re a single male born in 1941 … it will produce only $703 of lifetime monthly income from Vanguard/AIG. Buy the inflation-adjusted version, and you get only $501 to start”
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Annuities, R&P Fund vs. Banks (continued)
“…Here’s a for-instance. Take $100,000. Seems like a lot. But if you’re a single male born in 1941 … it will produce only $703 of lifetime monthly income from Vanguard/AIG. Buy the inflation-adjusted version, and you get only $501 to start”
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Comparing an Annuity at the Fund and Investing in the
Market
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Scenario: Man 65 years old, Wife 65 years oldInvesting $1,000,000 to purchase annuity with 100% survivorshipActuarial factor: 15.985 Color code:Inflation: 3.00% No more funds available
COLA: 3.50% Funds available are below $1,000,000
Management Fee: 100bps Funds available are below the future value of $1,000,000
Annualized return during the last 10 years Funds available are above the future value of $1,000,000
Tbills 3months 3.57% Future value of Fund's accumulated annuity below the future value of $1,000,000
LB Aggregate Index 6.22% Future value of Fund's accumulated annuity above the future value of $1,000,000
LB Long Term Index 7.57%Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Future Value of Future Value of
Inviests $1,000,000 Invests $1,000,000 Invests $1,000,000 Invests $1,000,000 Invests $1,000,000 $1,000,000 AccumulatedAnnuity Accumulated at 3.57% at 5% at 6.22% at 7.57% at 9% assuming 3% Annuity of the
Year Age Value per year Annuity Same Annuity Same Annuity Same Annuity Same Annuity Same Annuity annual inflation Fund1 65 $62,558.65 $62,558.65 $963,141.35 $977,441.35 $989,641.35 $1,003,141.35 $1,017,441.35 $1,000,000.00 $62,558.652 66 $64,748.20 $127,306.85 $923,145.88 $951,790.80 $976,552.43 $1,004,299.54 $1,034,088.46 $1,030,000.00 $129,183.613 67 $67,014.39 $194,321.24 $879,856.34 $922,848.05 $960,514.08 $1,003,267.63 $1,049,801.15 $1,060,900.00 $200,073.514 68 $69,359.89 $263,681.13 $833,108.76 $890,402.08 $941,293.02 $999,822.42 $1,064,425.35 $1,092,727.00 $275,435.605 69 $71,787.49 $335,468.62 $782,732.17 $854,230.67 $918,641.03 $993,723.26 $1,077,791.89 $1,125,508.81 $355,486.166 70 $74,300.05 $409,768.67 $728,548.33 $814,099.85 $892,294.04 $984,710.83 $1,089,715.19 $1,159,274.07 $440,450.807 71 $76,900.55 $486,669.22 $670,371.47 $769,763.29 $861,971.23 $972,505.78 $1,099,991.85 $1,194,052.30 $530,564.878 72 $79,592.07 $566,261.29 $608,007.95 $720,961.75 $827,374.06 $956,807.34 $1,108,399.12 $1,229,873.87 $626,073.899 73 $82,377.79 $648,639.09 $541,255.96 $667,422.43 $788,185.19 $937,291.79 $1,114,693.26 $1,266,770.08 $727,233.90
10 74 $85,261.02 $733,900.10 $469,905.22 $608,858.31 $744,067.44 $913,610.84 $1,118,607.70 $1,304,773.18 $834,311.9311 75 $88,245.15 $822,145.26 $393,736.63 $544,967.49 $694,662.61 $885,389.92 $1,119,851.17 $1,343,916.38 $947,586.4412 76 $91,333.73 $913,478.99 $312,521.93 $475,432.45 $639,590.27 $852,226.31 $1,118,105.53 $1,384,233.87 $1,067,347.7713 77 $94,530.41 $1,008,009.40 $226,023.33 $399,919.34 $578,446.47 $813,687.16 $1,113,023.56 $1,425,760.89 $1,193,898.6214 78 $97,838.98 $1,105,848.38 $133,993.15 $318,077.13 $510,802.39 $769,307.43 $1,104,226.47 $1,468,533.71 $1,327,554.5515 79 $101,263.34 $1,207,111.72 $36,173.43 $229,536.88 $436,202.94 $718,587.59 $1,091,301.24 $1,512,589.72 $1,468,644.5316 80 $104,807.56 $1,311,919.28 -$67,704.47 $133,910.79 $354,165.17 $660,991.23 $1,073,797.78 $1,557,967.42 $1,617,511.4317 81 $108,475.82 $1,420,395.10 -$177,920.30 $30,791.40 $264,176.77 $595,942.53 $1,051,225.78 $1,604,706.44 $1,774,512.5918 82 $112,272.48 $1,532,667.58 -$294,765.33 -$80,249.42 $165,694.32 $522,823.48 $1,023,051.36 $1,652,847.63 $1,940,020.4519 83 $116,202.01 $1,648,869.60 -$418,542.81 -$199,661.41 $58,141.55 $440,970.97 $988,693.46 $1,702,433.06 $2,114,423.0820 84 $120,269.08 $1,769,138.68 -$549,568.44 -$327,916.95 -$59,092.55 $349,673.67 $947,519.85 $1,753,506.05 $2,298,124.8521 85 $124,478.50 $1,893,617.18 -$688,170.85 -$465,512.13 -$186,655.68 $248,168.73 $898,842.94 $1,806,111.23 $2,491,547.1022 86 $128,835.25 $2,022,452.43 -$834,692.10 -$612,967.87 -$325,234.36 $135,638.17 $841,915.12 $1,860,294.57 $2,695,128.7623 87 $133,344.48 $2,155,796.92 -$989,488.17 -$770,831.07 -$475,556.07 $11,205.11 $775,923.85 $1,916,103.41 $2,909,327.1124 88 $138,011.54 $2,293,808.46 -$1,152,929.55 -$939,675.85 -$638,391.64 -$126,070.25 $699,986.21 $1,973,586.51 $3,134,618.4625 89 $142,841.94 $2,436,650.40 -$1,325,401.79 -$1,120,104.83 -$814,557.63 -$277,195.01 $613,143.17 $2,032,794.11 $3,371,498.9626 90 $147,841.41 $2,584,491.82 -$1,507,306.03 -$1,312,750.43 -$1,004,918.95 -$443,248.14 $514,353.21 $2,093,777.93 $3,620,485.3427 91 $153,015.86 $2,737,507.68 -$1,699,059.65 -$1,518,276.31 -$1,210,391.58 -$625,385.40 $402,485.60 $2,156,591.27 $3,882,115.7728 92 $158,371.42 $2,895,879.10 -$1,901,096.90 -$1,737,378.78 -$1,431,945.44 -$824,844.64 $276,313.03 $2,221,289.01 $4,156,950.6629 93 $163,914.42 $3,059,793.51 -$2,113,869.51 -$1,970,788.35 -$1,670,607.41 -$1,042,951.35 $134,503.66 $2,287,927.68 $4,445,573.5930 94 $169,651.42 $3,229,444.93 -$2,337,847.38 -$2,219,271.31 -$1,927,464.54 -$1,281,124.68 -$24,387.47 $2,356,565.51 $4,748,592.2231 95 $175,589.22 $3,405,034.16 -$2,573,519.28 -$2,483,631.38 -$2,203,667.41 -$1,540,883.79 -$201,927.69 $2,427,262.47 $5,066,639.2132 96 $181,734.84 $3,586,769.00 -$2,821,393.57 -$2,764,711.48 -$2,500,433.69 -$1,823,854.70 -$399,816.75 $2,500,080.35 $5,400,373.2333 97 $188,095.56 $3,774,864.56 -$3,081,998.95 -$3,063,395.50 -$2,819,051.90 -$2,131,777.52 -$619,897.65 $2,575,082.76 $5,750,479.9934 98 $194,678.91 $3,969,543.47 -$3,355,885.23 -$3,380,610.23 -$3,160,885.31 -$2,466,514.21 -$864,168.37 $2,652,335.24 $6,117,673.3035 99 $201,492.67 $4,171,036.14 -$3,643,624.15 -$3,717,327.31 -$3,527,376.20 -$2,830,056.86 -$1,134,794.51 $2,731,905.30 $6,502,696.1736 100 $208,544.91 $4,379,581.06 -$3,945,810.20 -$4,074,565.32 -$3,920,050.15 -$3,224,536.51 -$1,434,122.99 $2,813,862.45 $6,906,321.97
each50%prob.surv.
one25%prob.surv.
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No Financial Aspects
Health Legal aspects
Character Miscellaneous
Assessment of these aspects together with the financial ones and feeling comfortable with the
final decision can make a big difference
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Questions and Comments?
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Presentation of Experiences:By Manuel Metz and Pedro
Turina