1. Pre-Retirement Seminars

3. Agenda Team Introductions and Overview Teachers Retirement System
When Can I Retire and what will my Benefit be?
What happens to my accumulated leave?
What about my other benefits?
What do I need to do now?
Post Retirement
Q&A

4. Introductions

5. Retirement Services Staff
Greta Tinaglia, Executive Director
Ersula May-Coordinator
Bernadette Vanterpool, Financial Analyst
Vacant, Financial Analyst
Fredrica Jones, Retirement Specialist
Maurice Roebuck, Retirement Specialist
Rhea Austin, Professional Assistant

6. Other Introductions Brenda Sheffield, Benefit Specialist
John White, Lincoln Financial
Britt Brewer, Teacher Retirement System
Tax Sheltered Investments
Valic
Lincoln
TIAA Creff
Met Life*

7. Overview

8. FCS Retirement Plans Fulton County Schools Employee Pension Fund
(FCSEPF)
Teachers Retirement System (TRS)
Tax Sheltered Investments(TSI)

9. Safety Net Participant
Employed Prior to 1988
FCSEPF
TRS covered position
TRS
Membership in Both Plans

10. When Can I retire and How much will my benefit be?

11. When Can I Retire from FCSEPF
30 Years Service age 55
25 Years Service and age 60
25 Years Service age 55 (2% Penalty per year ↓60)
10 Years Service age 65

12. What does it mean to Vest?
10 years of service
Terminate employment prior to age eligibility
Draw Benefit at eligible age

13. Example Mary has 30 years of service and is 52 years old
Mary may retire and draw her TRS Benefit for 3 years
Once Mary turns 55 she will be eligible to draw her safety net benefit

14. Safety Net Benefit 3 Year Salary Years of Service 2% TRS Offset
Monthly Benefit
Safety Net Benefit

15. Example Teacher 3 year Highest Annual Salary Sick Leave 40 day
$70,000 $69,000 and $68,000
Sick Leave 40 day
30 Years Service
55 years old
TRS Max Plan A = $3,500

16. Example Teacher Continued
Year 1 $68,000
Year 2 $69,000
Year 3 $70,000
Sick Pay $11,666.67
Final Average Earnings $ /36 = $6,074.07
Final
Average Earnings * Years of Service * 2.0% - TRS MAX Plan A = Monthly FCS Pension Benefit
$6, *30*2.0%-$3, = $144.44

17. FCEPF Beneficiary Coverage
6.6% of Pay
Beneficiary receives 70% of benefit
Spouse or minor child
Election to purchase while still employed
Contact Retirement Services

18. What do I need to do Now?

19. I am ready to retire this year, what process do I need to follow?

20. Process Timeline Aug Oct Dec 2017 Apr Jun Aug FCS Application
4/30/2017
Intent to Retire
TRS Check
2/28/2017
6/15/2017
Aug
Oct
Dec
2017
Apr
Jun
Aug
School Year Starts
School Year Ends
FCS Check
8/8/2016
5/25/2017
8/31/2017
TRS Application
3/31/2017

21. Online Intent to Retire

27. FCS Application Application for Retirement
(Preparing for Retirement Section)
Withholding Forms
Direct Deposit
Beneficiary Designations

29. Sick Leave and Retirement Certification
Submit via TRS Portal online

30. Sick Leave and Retirement Certification
Retirement Services will submit to TRS AFTER receipt of final paycheck from District
July and August delay

31. First TRS Check
First Check mailed on the 15th of the month of retirement

32. First FCS Check
AFTER you have begun TRS and received final Paycheck from District
Adjustment to safety net benefit once sick leave certification filed with TRS
Payroll last business day of the month
SEI Bank

33. Two Northside Drive, Ste 100, Atlanta, GA 30318
TRS Counseling
Offered year-round
Onsite and offsite
TRS
Two Northside Drive, Ste 100, Atlanta, GA 30318

34. FCS Retirement Services
FCS Counseling
Offered year round
On Site, Phone and , Seminars
FCS Retirement Services
6201 Powers Ferry Rd NW
Atlanta, GA 30339

35. Retirement Planning Things to Consider When will I be eligible?
How long do I want to work?
Do I have other income sources?
What will my TRS and FCS benefit be?

36. What Happens to my accumulated leave when I retire?

37. Sick Leave Service Credit
TRS grants 1.25 days per month worked
After 10 years, Fulton awards additional sick leave
Service Credit Purposes
Only TRS awarded leave may be counted

38. Name
John Think
SS#
xxx-xx-xxxx
CONTRACT DAYS
190
EARBED FCS
EARNED TRS
START
TAKEN FCS
TAKEN TRS
BALANCE FCS
BALANCE TRS
87-88
11.25
10/10/1987 5
6.25
88-89
12.50 3
15.75
89-90
25.25
90-91
1.5
36.25
91-92 11
37.75
92-93
8.38
41.87
93-94 2
52.37
94-95
62.87
95-96
8.5
66.87
96-97
70.87
97-98
17.50
11th Year 12
76.37
71.37
98-99
20.00 20
63.87
99-00 4
92.37
72.37
00-01
108.37
80.87
01-02
120.00
89.37
02-03 8
93.87
03-04
102.37
04-05
7.5
107.37
05-06 40
100.00
79.87
06-07
6.5
113.50
85.87
07-08 7
91.37
08-09
97.37
09-10
107.87
10-11
117.37
11-12
5.88
123.99
12-13
6.1
130.39
13-14
4.5
138.39
14-15
148.89
15-16
156.39
TOTAL
501.25
361.25
204.86

39. Sick Leave Service Credit
days
40 day payout
– 40 =
= 6 months of TRS Service

40. Sick Leave Cash Payout for ½ of unused Sick days Maximum of 40
80 day = paid out for 40
60 days = paid out for 30

41. Example Teacher earning $70,000 per year
Cash Payout 40 days =$11,666.67
May wish to shelter in TSI

42. Vacation Leave Cash Payout for 20 Days Vacation
May wish to shelter this payout from taxes in TSI

43. Tax Sheltered Investments

44. What about my insurance and other benefits?

45. Health Insurance Must have insurance at time of Retirement
Retiree Option Change Period
If you drop insurance during retirement, NO reenrollment
Automatic Transfer when TRS retiree

46. Medicare
Retirees age 65 + will want to enroll in a Medicare Advantage Plan
Retirees not enrolling in Medicare will be charged full premium for selected plan
Retiree must be enrolled in Medicare Part B to qualify for MA

47. Dental Insurance Delta Dental Insurance-effective 01/01/2015
Two coverage tiers available: Single, Family
No Open Enrollment Period
If you drop insurance during retirement, NO reenrollment

48. Vision Davis NO Open Enrollment Periods Three Coverage Tiers
Single, Employee + 1, Family
If you drop insurance during retirement, NO reenrollment

49. Life Insurance
$20,000 of Group Term Life with Unum Life Insurance Company
Rates will vary depending on age at retirement
Rate changes effective July 1 every year
Additional Life Insurance carried as an active employee will not automatically transfer into retirement
Arrangements with the company if you wish to continue the policy into retirement
Deductions for these cannot be made from your retirement check
If you drop insurance during retirement, NO reenrollment

50. Post Retirement
Working After Retirement
Retirement Services

51. Where can I get a copy? Today’s presentation will be posted
Preparing for Retirement Section

52. Q & A