1. Orientation Presentation Fresno County Employees’ Retirement Association Location: 1111 H Street Fresno, CA 93721 Phone: (559)457-0681 Stop Mail #: 40 Web Address: http://www.fcera.org Intranet Address: E-services  Department Sites  Retirement Association. Revised 11/4/10

3. Smith John 111-11-1111

4. 1111 H. Street Fresno CA 93721

5. 11/01/2005 Retirement Coordinator Retirement Association Smith John 111-11-1111 1111 H. Street Fresno CA 93721

6. 11/01/2005 Retirement Association Retirement Coordinator Smith John 111-11-1111 1111 H. Street Fresno CA 93721

7. What is reciprocity? Reciprocity is the relationship that exists between the n Public Employees Retirement System (PERS) n 20 County Retirement Systems in California governed by the County Employees Retirement Law of 1937. n State Teachers Retirement System (STRS). n Judges Retirement System. n Other Public agencies with a contracted agreement with PERS. Reciprocity is designed to protect your earned retirement benefits when you transfer from one public agency to another. It is intended to encourage career public service.

8. What are the requirements to establish reciprocity? n Terminate your employment covered by another retirement system that has a reciprocal relationship with FCERA. n Leave your contributions on deposit with the reciprocal agency. n Establish membership with FCERA within 6 months of your termination. n Notify FCERA that you wish to establish reciprocity. Reciprocity is available upon becoming a member of FCERA as well as when you are leaving Fresno County Employment and going to a reciprocal agency.

9. What benefits do I accrue from establishing reciprocity? n Your age for determining your retirement contribution rate will be the same as when you entered FCERA or if you are coming from another system, FCERA will use your age at the time you entered the previous system. n Your service credit under each system will be added together in order to determine eligibility for benefits under all systems for purposes of vesting, not for determining all benefits. n Upon death or retirement for service or disability, the final compensation used to determine your benefits from all reciprocal agencies will be the highest earned under any of the systems. n You must retire concurrently from all systems in order to receive the benefits of reciprocity.

10. 11/01/2005 Retirement Association Retirement Coordinator Smith John 111-11-1111 1111 H. Street Fresno CA 93721

11. 11/01/2005 Retirement Association Retirement Coordinator 03 01 1977 Smith John 111-11-1111 1111 H. Street Fresno CA 93721

12. 11/01/2005 Retirement Association Retirement Coordinator 03 01 1977 Smith John 111-11-1111 1111 H. Street Fresno CA 93721

15. Smith Mary

19. IRC 415 Notice n IRS code that limits the amount of benefits a Public Retirement Plan may pay an individual in one year. n ie: Age 62-65, maximum annual limit is $195,000 (general). n ie: Age 60-65, maximum annual limit is $195,000 (safety).

20. Membership n Mandatory if working 50% or more of full time. n If 60 years of age or older at the time you are hired you will contribute until you elect to not participate n Election is IRREVOCABLE. n Membership is optional for elected officials.

21. Types of Membership n SAFETY- Deputy Sheriffs Correctional Officers Criminologists Criminal Investigators District Attorney Investigators Firefighters. n GENERAL- Anyone who is not a Safety Member.

22. Type of Plan n Defined Benefit Life benefit – defined by laws adopted by the County and type of membership, age at retirement, years of service and final compensation.

23. Retirement Qualifications You are eligible for service retirement benefits if: n You terminate your employment. n Leave your contributions and interest with the retirement plan. n Have completed at least 10 years of service and are age 50 –You are a General Member with 30 years of service credit regardless of age. –You are a Safety Member with 20 years of service credit regardless of age. –You are age 70 regardless of years of service credit.

24. Contributions n Are deducted from your bi-weekly salary based on your salary and the age you enter the retirement system. Your contributions can change based on actuarial valuations, which may cause contribution rate changes, or salary changes. n Your age (for contribution calculations) does not change as long as you are continuously employed with the County of Fresno n Are deducted the 1st day of the pay period following your date of hire.

25. Contributions (continued) n Tax deferred. n County of Fresno contributes to the retirement system on your behalf. n Interest is credited to your account twice per year on June 30 & December 31.

26. Withdrawal of Contributions n You may not borrow your contributions for any reason. As long as you are employed, including extra help, you cannot withdraw any of your contributions. n If you terminate employment, you need to file a Disposition of Member Retirement Contribution form with our office, indicating your election for the disposition of your funds.

27. Withdrawal of Contributions (continued) n You only receive your contributions and the interest on them. n You do not receive the contributions made by the County. n You will only receive the County portion if you stay long enough to draw a monthly retirement benefit. n If you choose to withdraw your contributions, when you terminate your employment, there will be a MANDATORY 20% Federal withholding taken from your check.

28. Withdrawal of Contributions (continued) n If you Roll Over your contributions to another tax deferred account, there would not be a 20% withholding.

29. Deferred Member n To be eligible to defer your retirement benefits to a later date, you must have at least 5 years of service (Vested). n If you do not have 5 years of service, you may leave your funds with FCERA in an interest bearing account until you are ready to withdraw your funds.

30. Death Benefits Before Retirement n A death benefit is payable to your beneficiary upon your death before retirement. n The basic death benefit consists of: n If you have completed at least 5 years of service, your surviving spouse or dependent children may elect to receive, in lieu of the basic death benefits, a continuing benefit. Your accumulated contributions Interest + + Your final compensation x Your completed years of service( not to exceed 6 months pay) ()

31. Buy Back of Fresno County Service n You may purchase any extra help/part time (less than 50% of full time) you worked as a county employee. n You may purchase the period of time between your hire date and the date you become a member of FCERA. n Redeposit previously withdrawn contributions. n Unpaid medical leave-can purchase up to one year of continuous leave. n Unpaid military leave-can purchase all time served while a County employee. n You must complete a Request for Service Credit Calculation form. n Must be purchased before your date of termination/retirement (deferral).

32. Buy Back of Public Service n You must complete and return to FCERA the “Application To Purchase Prior Public Service Agency Service” within 3 months from your date of membership in FCERA. If you do not apply within the 3 months you can not purchase in the future. n Can purchase up to 4 years of time worked with a public agency prior to being a county employee. n Public Agency examples: –Any county or city agency in California –State employee –Federal government –Time served in the military prior to being a county employee in which you will not be receiving a retirement benefit. –You can not purchase time back from another agency with which you have established reciprocity. n Public service time does not add to your eligibility time..

33. Level of Membership n Tier 1 (1 year Final Compensation Average) –General * - offers 2.5% @ 55 (GCS 31676.14 + 31627) maximum of 3.2733% @ 60 –Safety - offers 2.5% @ 50 (GCS 31664 + 31627) maximum of 3.2748% @ 55 n Tier 2 (1 year Final Compensation Average) –General - offers 2.0% @ 55 (GCS 31676.16) maximum of 2.4180% @ 63 –Safety - offers 2.2902% @ 50 (GCS 31664.2) maximum of 3.0% @ 55 * Mandatory Tier 1 membership for Court Employees

34. Level of Membership (continued) n Tier 3 (3 year Final Compensation Average) –General - offers 2.0% @ 55 (GCS 31676.15) maximum of 3.1336% @ 65 –Safety – Not offered

35. Level of Membership (continued) n Tier 1, you generally contribute at a higher rate and receive a higher benefit. n Tier 1 and Tier 2, a 1 year final compensation average is used at retirement. n Tier 3, a 3 year final compensation average is used at retirement. n The County of Fresno will provide you with the contribution rates for all Tiers effective for this fiscal year and the Retirement Election Form. n Contribution may change annually. n FCERA’s web site has a benefit calculator http://www.fcera.org (internet) or E-services  Department Sites  Retirement Association (intranet)

36. Required Documents Prior to Retirement n Birth Certificates –Member –Beneficiary n Marriage Certificate n Divorce Documents Reminder: Change of Beneficiary If you need to change your beneficiary for any reason, you must complete a FCERA Beneficiary Form.

37. Any Questions?