Retirement 101 Overview 110A 110B Immediate retirement

Which road to choose? 110 A 1 year advance planning 110 B 2 years advance planning PERA All The Way “Go when ready…”

What is a 110? PERA currently allows retired employees to work 110 days in a calendar year. The exception is a 140 day rule effective in District 6 will not participate at this time in the 140 option due to budget reductions. The fall semester is less than 110 days. The spring semester falls in the next calendar year, and is also less than 110 days. So, retired teachers may teach ONE school year while collecting their retirement benefit as well as their teaching salary. This is sometimes called “double dipping.” District 6 has two different 110 plans.

110 plans have pros and cons. You DO make a lot more money for one year But, the “110” year does not count toward your PERA service credit. This may reduce your retirement benefit. It’s important to understand the options to make the best decision for YOU.

Choosing the 110A Requests are due to H.R. by MARCH 1 st. Assuming your most recent evaluation was satisfactory, you may be accepted, and notification will be sent to you by March 15 th. You must rescind your intent to retire April 1. Officially retire at the end of this school year, Begin collecting PERA this June 30th. District insurance runs until August 31 st. Work next year as a “110-er” Starting in September, you may purchase COBRA insurance if you wish.

The 110A year ( ) Fulfill all the same responsibilities as you always have. Most Master Contract provisions apply. Continue GEA membership as an active employee - Retired membership does not cover 110-ers; (gold) Salary will be as if you had not retired. As of January 2011, you will have to pay the 8% contribution for PERA. –- However, the year will not count toward your PERA service. You will get the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish. You’ll have 10 days leave for any purpose (bereavement, discretionary, sick…) No access to Sick Leave Bank or Donated Days You may sell back unused days at 35% of sub pay You will receive your step advancement and may request Horizontal Advancement, contract permitting

110A PROS Start retirement off with a financial bang! Collect your PERA and your salary. Only 1 year’s advance notice required. Uncle Sam gets a big chunk! This year does NOT count for PERA service credit. No provision if you need more than 10 days leave or are unable to complete the year. 110A CONS

Choosing the 110B Requests are due to H.R. by June 15 th 2012 almost TWO YEARS before you plan to walk out the door. Assuming your most recent evaluation was satisfactory, you will be accepted. Notification will be sent to you by June 30 th. You have until July 15th to rescind in writing. In August 2012, work at the new teacher in-service and help new teachers throughout the year. You will be paid an additional 10% of your salary for this service. Continue teaching in as a regular PERA employee. Officially retire May 2013; -start collecting PERA the following June District paid insurance runs through August 31, 2013.

The 110B year ( ) Fulfill all the same responsibilities as you always have. Most contract provisions apply. Continue GEA membership as an active employee (Retired membership does not cover 110-ers) Salary will be 90% of your step. If applicable, you’re eligible for vertical and horizontal advancement. You will have to pay the 8% employee contribution for PERA. However, will not count toward your PERA service. You will receive the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish. 10 days leave for any purpose (bereavement, discretionary, sick…) No access to Sick Leave Bank or Donated Days. You may sell back unused days at 35% of sub pay.

110B PROS Earning an additional 10% by working with new teachers during your last regular PERA service year increases your H-A-S (the basis for your retirement). Start retirement off with a financial bang! Collect your PERA and your salary. Your decision must be made almost 2 years before you plan to walk out the door. Uncle Sam gets a big chunk. Your double-dip year does NOT count for PERA service credit. No provision if you need more than 10 days leave or are unable to complete the year. 110B CONS

PERA All the Way Pros Retire when ready. No early decision required + Cons No lump sum of money to start off retirement Work as a regular PERA employee until you leave the district. No district benefit. Notify PERA and District 6

Decide when you want to “walk out the door.” Then, explore the options or any year Regular PERA Service all the way. Retire in May Request 110B no later than June 15 th, Last PERA year. Request 110A by March 1 st, Retire in May, Return as 110-er. Collect PERA and your salary In August 2012, work the New Teacher in-service for 10% of your salary. Last PERA year. Retire in May, Return as 110-er. Collect PERA and 90% of your salary. 3 rd to last year2 nd to last yearLast year None 110A 110B Option

Which is best? There are many factors to consider: Timing Personal plans Investment habits Age Longevity Flex Plans

Next Steps Look at your timeline and explore your options Pay close attention to the deadlines Review the Master Agreement Meet with a PERA representative Consult with your financial advisor Make a decision and meet the deadlines

Questions/Contacts PERA or http:// Human Resources GEA (970) http://greeleyea.org/