1. 1 The Retirement Counseling Session Process Presented By: Maria Benningfield Assisted By: Diane Didulo

2. 2 Purpose & Objective: Provide an informative and engaging presentation on the step-by-step process of preparing and conducting a service retirement counseling session

3. 3 Scheduling and Preparing for an Appointment for Service Retirement Counseling Session Member makes an appointment and provides possible date(s) to retire Confirm required documents are on file birth certificates marriage certificate divorce documents (if applicable)

4. 4 Preparing/Reviewing a Member’s File for a Counseling Session (continuation) Determine the availability of additional service credit Prior service credit Unpaid medical leaves of absence Unpaid military leaves of absence Re-deposit of withdrawn contributions Prior public service credit

5. 5 Preparing/Reviewing a Member’s File for a Counseling Session (continuation) Review court filed divorce documents Court Filed Joinder Court Filed Judgment Court Filed Domestic Relations Order Prepare Estimate Calculation for different dates of retirement Determine if reciprocity exists Identify additional special pay items

6. 6 Counseling Session Checklist for Service Retirement Counseling Session (Exhibit A) and explain/discuss Benefit payment options Reciprocity Service credit purchase Temporary Annuity Option (TAO) Divorce Other topics Note: Member does not elect a payment option at the time of the counseling session

7. 7 Calculation Summary – Benefit Payment Options Calculation Summary (Exhibit B): Unmodified or Basic Retirement Payment Option 1 – lump sum Option 2 – 100% Option 3 – 50% Option 4 – multiple beneficiaries (Actuary)

8. 8 Reciprocity Inter-Agency form (Exhibit C) Date of Retirement Dates of highest consecutive 365 days (or three 365 days) of compensation earnable in their system Confirmation that the member is still credited with service Analysis of Special Pays (Exhibit D)

9. 9 Service Credit Purchases Review employment history Available service credit (Exhibit E)

10. 10 Temporary Annuity Option (TAO) Temporary Annuity Option is an “advance” on Social Security. Annual Social Security Benefit Statement (Exhibit F) or an estimate of benefits (Exhibit G) Temporary Annuity Option Waiver (Exhibit H) FCERA applies an age based annuity factor (Exhibit I)

11. 11 Divorce Retirement benefits earned by either party during marriage or domestic partnership are community property. Plan could be held financially responsible for amount paid in error where the plan has been joined in the divorce

12. 12 Divorce (continuation) Documents required before payments can begin: Court Filed Divorce Judgment Joinder indicating plan has been joined Filed Court Order document indicating the division of community property (Domestic Relations Order)

13. 13 Other Topics IRC Section 415 Benefit Limits (Exhibit J & K) Replacement Benefit Program Retired Employees of Fresno County (REFCO) address waiver form (Exhibit L)

14. 14 Documents Signed During Counseling Session Checklist for Service Retirement Counseling Session Retirement Application (Exhibit M) IRC 415 TAO Waiver REFCO Waiver Note: Payment Option is not elected at this time

15. 15 Process After Counseling Session Option packet is prepared and delivered Award letter Election of Retirement Allowance Withholding forms Member elects payment option Process elected benefit payment option through payroll

16. 16 Questions?