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Helping You Plan For Your Retirement Retirement Plan for the Employees of the Christian Brothers University
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Concept Retirement Planning Concepts S ERPERP SavingsSavings
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Employee Retirement Plan (defined benefit plan) Helping You Plan For Your Retirement
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Eligibility Must work a minimum of 20 hours per week.
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Vesting (defined benefit plan) Must complete 4 years and 9 months of continuous service to become vested. Termination of employment prior to achieving vesting status results in no benefit.
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Future Service Benefit Calculate your benefits Assume an average salary of $40,000 over 20 years of service, with a final pay of $60,000 $21,120 Average Salary:$40,000 Years of Service: 20 Benefit Formula: 2.64% $21,120 * * Per year in retirement - 35% of final pay
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Disability Supplement An employee who becomes totally disabled and qualifies for social security disability will continue to accrue a benefit until the earlier of normal retirement age or the date they no longer qualify for disability.
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Pre-Retirement Death Benefit Death Benefits For Active Employees: If a married and vested active employee dies before retirement, the surviving spouse will receive a 50% pension for life starting immediately (minimum age 40). If a single and vested active employee dies before retirement, the designated beneficiary will receive a lump sum payment of up to $10,000.
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Retirement Ages Retirement Age: Early retirement at reduced benefits – Age 55 Normal retirement: Participants before July 1, 2012 – Age 65 Participants on or after July 1, 2012 – Normal Retirement Age under Social Security
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Golden Rule of 90 (only applicable to participants prior to July 1, 2012) Add your age + the number of years worked When it totals 90 you can retire with full benefits after age 55! Age + Years Worked = 90 Golden Rule of 90
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Forms of Benefit at Retirement Normal Form of Payment: Single Employee: Life only (monthly benefit for life) Married Employee: Joint and 50% to survivor annuity
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Forms of Benefit at Retirement Optional Forms of Payment: Single Employee: 50% or 100% of reduced benefit to surviving joint pensioner. Election must be made prior to actual retirement date. Married Employee: Life only (monthly benefit for life), or 50% or 100% of reduced benefit to surviving spouse. Election must be made prior to actual retirement date. All Employees: 10 Year Certain & Life, a reduced benefit is guaranteed payable for 120 months. Election must be made prior to actual retirement date.
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Secure Retirement – PRICELESS!
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© 2012 Christian Brothers Services, Romeoville, IL. All Rights Reserved. No part of this presentation may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of Christian Brothers Services. © 2012 Christian Brothers Services, Romeoville, IL. All Rights Reserved. No part of this presentation may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of Christian Brothers Services. We appreciate the opportunity to serve Christian Brothers University CHRISTIAN BROTHERS RETIREMENT SERVICES
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