Ahhhh…. Retirement!

But which road to chose? 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 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 reduces your retirement benefit by 2.5 for life. 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 confirm intent to retire April 1.. (HR date stamp is essential) 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. You will not 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 In August, 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 2011; -start collecting PERA the following June District paid insurance runs through August 31, Requests are due to H.R. by June 15 th 2010 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 15 th to rescind or accept in writing.

The 110B year ( ) Salary will be 90% of your step. If applicable, you’re eligible for vertical and horizontal advancement. You will not 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. 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)

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 Add’l 2.5% PERA benefit for life 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, (March 2, 2010) Last PERA year. Request 110A by March 1 st, Retire in May, Return as 110-er. Collect PERA and your salary In August 2010, 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

With any of the options, you are still able to “sell back” your unused sick and discretionary leave at 35% of the sub pay. For 20+ years, all days are reimbursed. For less than 20 years in D6, you must have 45 days to receive the 35% payout. Request the pay out when you apply for or notify about retirement. Expect a separate check in August following your PERA year. Re-request for pay out of remaining days after your 110 year.

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

Over time, some people may be as well off with “PERA-All The Way” as they are with the 110A. However, many people find that “B” stands for “Best.”

Next Steps Look at your timeline and explore your options Pay close attention to the deadlines Meet with District representative from Finance and HR Meet with a PERA representative Consult with your financial advisor Make a decision and meet the deadlines Watch for the Jan. meetings with WCRSEA

Our retirement plans are part of the negotiated agreement between GEA and the District, and as such, subject to change. Legislation impacting PERA can also impact our agreement or your benefits. Please stay current on PERA political and financial issues.

Working after retirement PERA rules apply! Once you start collecting PERA, you must have 1 calendar month “break in service” before you can work for any PERA entity. - Don’t work for a PERA entity in the summer following retirement PERA limits you to 110 days per calendar year for any PERA entity (i.e. a school district) - If you choose one of the District’s 110 plans, those days count! - There is penalty if you exceed the allowed days District 6 currently hires some retirees at.47 (for half time) PERA allows 220 days per year at half-time or less Tell your principal you are available and contact HR NO BENEFITS; NO LEAVE Join GEA as part-time member if you choose You may be a substitute Do not exceed 110 days in a calendar year (retired substitutes receive $85.00/day compared to $80.00 regular sub pay) You may work for a NON-PERA entity without restriction

Other Details Get every document date-stamped in HR Retirement celebrations - Both the District and GEA celebrate your dedicated service to public education. - GEA members: TUESDAY, May 4 is the retirement banquet. WCRSEA dates Retirement seminars

For more information contact: GEA Office, Andi Lee President – or District 6 Human Resources Department Ben Martinez ( ) District 6 Finance Department - Robert Hepperle ( )

Available Resources Slide show: (white Options Handout (blue) Checklist (green) PERA Chart (pink) Intent to retire letter (sample-buff) Retirement membership (gold) Contract Language (Salmon) Government Pension Offset: Windfall Elimination Provision (lilac) Countdown to Retirement (cherry) Benefits/COBRA 401K’s; 403B’s and 457’s Contact Numbers: GEA: HR: Payroll: Benefits: WCRSEA (Glen Hanson) (Weld County Retired Employees Association)