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2023-2024 Retirement Meeting

Added Dec 08, 2023 •

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okay good afternoon everybody in order to respect everyone's time I'm going to go ahead and get started cuz it's 4:30 in case you don't know I'm Brittany Clark I'm the benefits coordinator here at what city schools we also have with us this afternoon Dimitri Faulkner she's the HR coordinator for Bartlett city school she's going to talk to you about becoming a substitute when you retire if you're interested yeah we couldn't get you we couldn't get you away from at we also have with us this afternoon Mr Charles Gutierrez he's here with us from the state he works for Empower and tcrs so he's going to explain a little bit about the retirement plans and talk to you a little bit more about the apartment application and things like that he is also a retiree plant visor so he will have his contact information and a slide a little bit at the end so if you want to set up a virtual appointment with him to go over your specific retirement plan he can do that okay so one of the reasons why we started having this meeting ended was because we wanted you to start thinking about retirement now we want you to have plenty of time to make the best decision decision for you and your family and I know it may seem like you know we have a lot of time before the school years out really the deadlines to start submitting your information or going to come up sooner than you think so we're going to talk about those in a second to but we hope that you leave this meeting feeling a little bit better you know we hope that this puts your mind at ease about any questions that you have but please just know throughout the retirement process we're all going to be here for you I don't want you to think that you're going to hit submit on your application resume is notice and that's going to be the last you heard from us will be here to help walk you through the entire process and answer any questions that you have so first want to talk about the requirements to continue in the insurance when you retire so first of all you have to be eligible to retire through tcrs so for full retirement that means that you have 30 years of service or you're 60 years old with five years of service bested so that's the requirement for full retirement now if you want to retire before that there is an option for early retirement and Carlton will talk to you about the difference between the two plans and why that means in terms of call so early retirement their requirements are you have to be 55 years old with 5 years of service vested or have 25 to 29 years of service you also have to meet Bartlett City Schools qualifications which are you had to be hired during the merger so you had to be hard with Bartlett City Schools prior to August a 2014 you also have to have a combination of 15 years of experience either with Bartlett city schools and Shelby County so you know obviously Bartlett has it been around for 15 years so as long as you have a combined 15 years of service with Shelby County Schools and Bartlett City Schools you will meet you also must be enrolled in the medical plan at least one year before you retire so if you plan on retiring in May you would have had to start on the plan September 1st at the beginning of the school year you also have to actually retired and all your pension I know that sounds crazy but things that you can't quit and decide 5 years from now that you want to draw your pension you actually have to retire and draw your pension so what does that mean if you're not eligible to continue the benefits when you retire will you will continue on the benefits until August 31st like you normally would cuz that would be the end of that plan year you will also be offered COBRA insurance for you and anyone else that was cover on the plane with we offer Cobra for medical dental and vision insurance means that you could stay on the medical plan it just means that you would have to pay the employee and employer portion plus a small administrative fee it is usually more expensive we have had some people do that if you know say they had surgery and they want to continue on our planned so that I can continue seeing the same doctors you can do that you can do enough for a couple of months if you need to and it will you can actually have it up for a chill 18 months after you resign you will receive a letter in the mail about Cobra Insurance and I don't have the steps in there to take if you want to do like that so this is probably the most important part of the presentation and I know it's probably the thing on your mind what paperwork do you have to complete wait to actually retire and continue the benefits you'll see that there's some highlighted places on here we have made a couple of changes for next year I also wanted to point out another deadline so the first thing that you're I want to do is go on the employee portal and complete the resignation retirement that is that is going to change our notified me that you're actually that you're actually retiring I know that way not an intent form a source inside an ancient bomb every year but just know that that intent form will not take the place of the resignation I just you will still need to do this we do prefer that you submit that by spring break that is not only to help a jar of us actually to help you the next part of the process is going to be to actually complete your retirement application on the teacher as website we recommend that you complete that six 90 days before you retire if you don't do it 60 to 90 days before your tire is more than likely going to be a lie I can get your check to you on time I'm I saw that especially this past year we actually had some retirees that didn't start getting their 20s check till November so just keep that in mind definitely make sure that you submit your application on time you know 6 90 days before you retire so the next thing is new this year you know before if you will retire you wouldn't sit down with American Fidelity and go through open enrollment this year we've actually change that process to make it but easier for you so you will meet with American Fidelity when they come to your school and do open enrollment with you that's another reason why it's so important that you notify us to do the resignation notice at least that spring break because you probably remember we do open enrollment starting and in April so I need to change your profile and their Roman system to a retiree so I have to know that before you actually sit down and up if you decide after you done open enrollment that you're going to retire that's okay it just means that you will have to go through Rock and Roll It Again with Mike with American Fidelity also please keep in mind that if you decide to weigh the medical insurance when you retire then you can't be added back in the future keep that in mind that doesn't get that just goes for you to retire that doesn't go for your spouse you know you can add your spouse back to the plan during floss I need are you normally would but you the retiree have to stay on the medical plan in order to keep the benefits I'm also going to email you once you submit your resignation notice on explain the steps you again and I'm off can email you a life insurance beneficiary form it will be a paper form that I'll need back but it's something that I'll keep in your your retirement file forever so when something happens to you in at your family members give me a call I'm going to pull that beneficiary form and whoever is on that form is he's going to receive the life insurance policy payouts just keep that in mind so we can talk about the dental and vision insurance luckily the dental and vision insurance or easy it's the same plan that you're used to have it it said the same thing there's and you're going to pay the same amount that active employees pay it's the same coverage you can keep your spouse and dependence on it and now you're just out here at your dependents will age out at age 26 just like they do now but you and your spouse can say on the plan forever there's not an age requirement or you know you're not going to be anything like that I keep in mind that you do have to be enrolled in the medical plan in order to let dental and vision insurance you can have your spouse on the plan for dental and vision and them not elect Medical that's okay but some of the retiree has to be enrolled in the medical plan for y'all to be eligible for dental in dental and vision so now I'll talk about the price 65 medical plan so this is going to be anyone that 64 younger when you retire you're going to stay on what we call the pre 65 medical plan which is the same as what you're used to it's the madman plan it's the same rate that you pay now and that act as employees will continue to pay you will continue to have the same coverage so you can continue to use the clinic and use the pharmacy everything the only thing is is you will get a new insurance card so just be on the lookout for that in the mail that will go into effect September 1st again you can continue continue to keep your family members on the plan and it is a nationwide Network so even if you move outside of Tennessee you can continue to use the medmen insurance so for the Post 65 plan so this is free one that is 65 or older when you retire or whenever you become 65 years old we offer Medicare Advantage plan so what that means is you do have to enroll in Medicare part A and Part B and then when you enroll in Medicare part A and Part B then this will become your your primary insurance we offer Medicare Advantage plan so United Healthcare currently so what that means is that and Healthcare will be your primary insurance so when you go to the doctor you're going to provide your UnitedHealthcare card to your doctors and United Health Care is going to pay for all your fees up front and then they're going to get reimbursed through Medicare when you apply for Medicare you your Medicare start date is going to be based on when your insurance in with us so since your insurance is going to end August 30th you're going to want your Medicare to start September 1st they don't like for you to apply for that any sooner than two months prior to your insurance ending so just keep that in mind if you plan on retiring the end of the school year you won't want to apply for Medicare to lever the summer because again your insurance with us is not going to end till August 31st once you have apply for Medicare only thing that we're going to need to get you enrolled in that plane is a copy of your Medicare card I just need to see that you know you're enrolled in part A and Part B and I may need your Medicare number that goes for you and your spouse we talked about how United Healthcare works again it's an advantage plan so it pays primary to Medicare and gets reimbursed for Medicare we do not have to purchase the part D coverage because prescriptions are covered under this so the only thing that you're going to have to enroll in is Medicare part A and Part B and so what does it cost so again if you're on the pre-65 plan to 464 younger and your continued on the on the med Ben Insurance you're going to pay the same amount that you eat that current hey so unless we increase premiums next year you would pay the same amount that you're currently paying the den this is Bartlett's lamb I'm in dental and vision is works the same way so you're going to pay the same amount that you currently paid unless we increased the rates either way you're going to pay what active employees babe for the Post 65 plan that those rates are a little bit different day increase every January the new raid starting January 1st is going to be 200 $1.76 per member per month but the good thing about this plan is Bartlett's still continues to pay 72% of their premium so you're not going to pay $201 the current rate per member per month for the Medicare Advantage plan is $56.49 per member per month also if you are certified employees does your teacher or administrator then you are also going to receive a stipend from the state to help cover the cost of part of your Medicare part of the medical insurance when you're on the place to keep on playing as well so if you have 15 and 19 years of service you're going to receive $25 per month to go towards the cost of your plan do you have 20 to 29 years of service you're going to receive $37.50 and 30 years of service and more in a racing 50 so what that means is if you have 30 years of service your premium per month is only going to be $6.49 so pretty formidable just keep that in mind cuz I know that you know the closer you get to 65 you're going to start getting stuff in the mail I just wanted to break out the cost for you so you realize that you know where the money's coming from because I know when you say only cost $6 a month sometimes that sounds like well it's a cheap plan so it must be another sheet benefits and the reason why it's cheap is just because you're getting at three braids for being from our Health Trust cuz there's a lot of people enrolled in but then also Bartlett still paying part granted to and then also the state's going to pay the premiums to so how are you pay for benefits when you retire you he will get a hold of that show arrests yet so we only administer medical dental and vision so if you enroll in medical dental or Vision through us then we'll leave the payroll deduction from your teeth R Us check if your teacher rest check is not enough to cover your deductions you will receive an invoice every month and you can pay any way that you can want we we accept money order checks cash on we also have it on option as well keep in mind that you're only paying for premiums once a month vs bi-weekly so you know the the price will look a little different because of that you only get to see it one time versus twice Batman exactly Bartlett also continues to keep a life insurance policy on you that's why I was saying it's important for you to submit that life insurance beneficiary form back to me because we're going to continue to pay for that policy for you and never reduces and it never goes away so everyone in this room is going to pass away so everyone some point we'll have a beneficiary that will be able to collect it will pay one times your annual salary up to a maximum of $50,000 so if your teacher and when he retired $75,000 per year your life insurance policies going to be $50,000 because that's the maximum now if your teacher assistant and your annual salary was $32,000 when you're retired then your license policy will be 32,000 you can change your beneficiary at any time I will remind you in the summer here beneficiaries on file or whether or not you know if you don't have when I remind you to and you can always eat a submit the form to me again so the other benefits are offered currently will not administrative World season was like I said you can continue some of those American Fidelity will go over that with you when you sit down with them but just know that if you have optional life insurance through the Standard Group you need to contact them separately and roll that policy over to eat because we cannot take out of payroll deduction for you for that policy so you'll need a rolled over and and set up payment with them directly your name ain't with American Southern explain either process but from what I understand as long as you give them a call and tell me you want to continue that policy they can set up at withdrawal with you as well and I can tell you for sure heard that the American Fidelity products you can continue this at the same rate that you're you're currently paying us short-term disability long term disability and for sure going to go away when you terminate because you're no longer anymore and you're not going to need those flexible spending account you can continue to use your funds until the end of August because that's when the plan is going to go away any deductions that you have coming out for valid Empower those will also and when you receive your last check so if you retire prior to 65 but then you know you turn 65 after the way that'll work then is you'll just notified me that you're turning 65 you will be off for the Medicare Advantage plan same goes for your spouse if your spouse is on the plane and heater here she turned 65 they will be for the Medicare Advantage plan as well it'll be the same process as it is if you were very tired and be 65 right off the bat you would just need to enroll in Medicare part A and Part B and send me a copy of your Medicare just keep in mind if you do decide that you don't want to keep that Medicare Advantage plan then you won't be able to get the dental and vision either cuz you do have to be enrolled in the Medicare medical plan so you we will receive a letter for me throughout the summer but please reach out to me if any of these situations happen so if you boo if you become Medicare eligible of course if you want to change your beneficiary beneficiary on your life insurance policy or if you have a life-changing event so you decide to get married or divorced anything like that let me know so that we can make changes to your plans I'm just trying to touch on this a little bit I will notify you every summer what you're currently enrolled in that's when I'll also notify you if you're if you're on the pre-65 playing that's when you'll find out whether or not the rights are getting Kris for the following year that's also your time to make changes that you're up you wanted. If you're on the Highway 65 plan we we follow the Medicare open enrollment. For that so you'll be notified in October of any rate changes I'm you can also make any changes up until the middle December and then any rate increases for the Post 65 plan will take effect January 1st there on the pre-65 plan any rate changes will take effect September 1st and these are just some additional questions that people normally ask so I wanted to go over those again please make sure that you if possible submit your resume status by spring break you also want to go ahead and start working on your tcrs application by that time as well I can promise you won't listen to me but if you start working on your retirement application around spring break between spring break in the end of the year the system just gets overwhelmed I've actually seen it completely shut down sometimes so just keep that in mind you don't want to wait till the last it's better to go ahead and start thinking about it walking through the application beforehand I'm some new things are going to need to know do you know if we're so are your direct deposit information for all things going to talk to you so about spells survivorship options that's going to be a really big decision for you to make so just keep in mind that they're all there are a lot of things that you probably want to go ahead and start thinking about and start looking at so when is your last checks if your 10-month teacher your last check will be the last payday in July if your 10 months classified employee your last check will be the last payday in do you have to re-enroll in benefits every year no so when you're retiring we do a passive enrollment is what we call it so unless you want to make changes you don't have to do anything and anything you liked it prior to the retirement will continue to roll over each year until you make changes that's another reason why it's so important for you to notify me if you have any life-changing events do you go through open enrollment with American Fidelity yes this year what you will do that we want you to have that one-on-one contact with them so that they can talk to you about your plans and about your American Deli products can you add bowels or can you add and remove spouse independence from your medical policy yes the qualifying events so if you're if you keep your kid on the planet and they turn 26 that's a life-changing event because their aging out will come the plan again marriage divorce anything like that the good news is as a retiree you did not have to submit the spousal affidavit every year you're off the hook on that one any questions about the benefits Gloria yes then you would have had to start it with Bartlett city schools during the murder now Miss Lady you work for Shelby County Schools prior to that so as long as you came over and started with us as an employee before August of 2014 then you would be 7 years ago so that video unfortunately now there will be some Chow that eventually once Bartlett has been a district for 15 years then there will be other requirements and there will be other options for insurance we don't know what those are you at cuz again or it hasn't been in 15 years yet but for now those are your two options you would either have to have been higher by August of 2014 or you'll have to wait until Marlon has been a school system for 15 years hard it August of 2014 if you came over during the murder then you're eligible there is an option if your teacher there is an option when you're 65 to continue insurance with the state walking directions to okay so there is an option to apply for insurance proposed 65 benefits through the state heel hurts and can give you information about that their information is on their website but those are all the requirements of work Julie to continue Bartlett's how many watts do I need to have her all our insurance so that's that's true that's kind of a loaded question if so you need to have to meet the requirements to add her to the plan so she would have to not be offered insurance with her current employer or meet one of those criteria that want to spell David as long as your spouse is on the plane by the time you retire then they can continue the benefits now if you're not able to add her when you retire but then she decides to retire and she's a longer offer benefits then she could add her to the plan then also I forgot to mention this but say you're 65 years old but your spouse is 63 or younger even though you're going to be on the Medicare change playing your spouse will continue to stay on the map in plan until they're 65 and then they'll be offered the post 65 playing as well miter saw with you ever opt out right exactly that's only for medical know so you can opt out of dental or vision during open enrollment and then add it back the next open enrollment time but yes if you opt out of medical then Gone Forever unfortunately any other questions about the benefits actually recording this presentation so we're going to blow the whole presentation any other questions okay well I will leave it to miss Dimitri Faulkner Gmail 7 alrighty the evening everybody I'm not going to hold you long just want to talk about something to teaching and it can go for anybody you don't have to be a classroom teacher to substitute teacher we have two types of substitute we having non-certified substitute and that person all they have to have is a high school diploma we will basically roll you over you won't miss a beat if you let me know you want a sub your roll onto the sub Ross of your informational be sent to you at the start of school in August and you're going to subbing so it's not like you have to reapply redo fingerprinting or going through the hiring process for our teachers now I'm not going to lie to you I need you on a lot of time what people don't realize is that we have a lot of Venom and I'm moving puzzle pieces I'm robbing Peter to pay Paul to make sure people have cut I'm being honest because at the end of the day my job is to make sure every child in this district has a qualified teacher in the classroom as a parent it's all in your and I discussed issue at one of the school and he was like why do you see is taking this benefit not getting a grade or nothing like that and I said but when I was in 7th grade I can remember I did 45 days of Apple you to back me and I'm dating myself 45 45 days of PE and those 45 days of Spanish introduce me and let me know how this is something I might I want to take and so those students are being exposed to something that they're going to need in high school which is a foreign language it's a requirement to graduate so we made sure that there was a certified person in the classroom if a parent is my kids started getting this service once the teacher left when I'm leaving or resign I still want my kid to get it right no but we got to retire one we got a retired fantasy sit in the classroom and they're learning conversational Spanish now but as a parent would you not want that to continue for your child so I'm just telling you the benefit of you guys subbing for us it is important people don't think it is I had one former teacher I think she was from buying land in Yangon say her name but I would just do out of that one every spell assignments that I needed her for y'all this woman did it and she had her own challenges right but she did it for those children she really didn't do it for me because she has a heart for children and so it is so vital. in fortnite you guys do it if you're not certified it's 120 a day if you are certified is 155 a day and if you take an interim position send a diesel board are certified so I just wanted to put that out there make sure everyone is aware I have flyers I have some down the road any questions for me about southern and remember you said your schedule I don't unless you take an interim position you sub the days you want you said the school's you want a sub that you can talk to the financial Secretary of the principal make arrangement a lot of people get mad at me they're like I'm looking for a job I can't find a job today and Bob like I said I don't control what happens when they selected a wanted her building and that's important what is L of a building they need to know that they have people they can trust in their building to do what's necessary for those students no question for me how Christ Happy Birthday song okay so last but certainly not least we have Miss turkey cheers I'm Charlton Gutierrez I'm going to try ready Tennessee microphone plays as nice so I'll try to make this not too loud in here real quick benefits administration number so anybody that was not going to be eligible for the insurance questions that is not at all but the number that you can call for that it's going to be 800 253-998-1253 9981 Hutchinson State of Tennessee continue insurance so again not my forte I'm always real honest if I don't know the answer to something I'm not going to make something up and I will point you in the right direction so now what I do essentially so I am time to plant advisor with retire ready Tennessee is a really my job is to provide education when it comes to retirement so that's really what I do on a day-to-day basis so a couple things to get kind of confusing. I'd like to point out retire ready Tennessee a lot of people don't know what that is or who I work for what I do I so think of court I ready Tennessee a Centrist being a partnership between GTRs and empower tcrs Tennessee Consolidated retirement system that's going to be the treasury side of things that's going to the ones that actually do control the the pension and power is going to be the 401K side of things which if you're not hybrid probably don't have one but if you are hybrid and you do I saw us who I work for is Empower but I am one of 16 people that actually authorized by the state to give education the pension so don't think I'm here just making stuff up as it goes for now I don't receive any sales commissions I'm a salaried employee so I really not here trying to sell you anything but I do is just education so couple things that go through and kind of before I jump in going to ask if you have plans out there I don't think anybody here is hybrid be anybody here started working, working teaching after July 1st of 2014 okay the one I will go that plan broke for you and then we can talk more in detail never there are two plans out there to point that out to teachers anybody in particular because I know people talk with colleagues and you know you might hear one thing and think that you're good to go after 30 years I mean not necessarily the case so just want to point that out there so couple things with a tcrs side of things so number one that he's going to be a monthly paycheck you're going to get the rest of your life that you cannot live so it's a super good benefit to have I'm super jealous I wish I had a pension doing away with them in the private sector so you guys are super lucky to have them just so you know I'm sure you're aware of this by now you do tribute money into the spansion you don't bear any investment risk on that side of the thing that's on the state is made of the other ones that are the investment rest of that money and you have been contributing I'll get more detail into it at the moment but it doesn't really matter that would actually have extra pension but there's no you haven't contributed to it but there is no investment risk on your side of things so couple of things like I mentioned you guys are all eligible there are a couple of plans now Within two plans I'm going to skip over this slide here there are a couple things to do and I go hand-in-hand with both plans to do affect your benefit so under both plans the main things one of the main factors that goes into taco your benefit is going to be that average final compensation I really prefer to call it your type 5 this easier for what it is and that's going to be the average of your highest five consecutive years of salary if you want to get really Pinnacle is the average of your highest consecutive 60 months so you don't know if they have to work a full school year old fiscal year is she going to be highest a second or 60 months that is generally we almost always going to be your last five but it doesn't have to be as a common misconception so rare instance of feeding schools actually like somebody was a principal for a little while decided to step down the last couple of years and go back in the classroom that person's high five a company more times than not it's going to be your last five but it doesn't have to be the next factor that does go into calculating your pension is going to be the biggest one is going to be how long you were with any pension the longer you work the bigger the benefits going to be so I keep that in mind and the last thing your age at retirement the rules for that depends on the plans I'll jump in that moment that will affect what and if it's going to be one of the thing I do like that I forgot to point out about the average Mama compensation for ticket to the teachers I could lot of questions about this if you do teach summer school anything like that that's extra that does count towards your high 5 so good way to finagle that if you can stomach it is to teach summer school in years but that is a good way to raise that up so just keep that in mind now as I mentioned there are two plans out there so most of you all are going to be on the legacy plan and that means that you started teaching that work for the district prior to July 1st at 2 I'm 14 so legacy plan a couple of things that Britney already touched on you do have to teach your work at least five years once you have worked five years you are considered vested on there for you by the pension secondly the two numbers that you're going to have to remember when it comes to retirement eligibility is either going to be 30 or 60 so if you hit 30 years of service you are eligible to retire to retire regardless of age once you are vested many you work 5 years and you hit 60 at that point you're on your own time line to retire 30 years does not matter so is it to number to kind of app to work I want it comes to that now there are options to retire early under the plan not always going to be in your best benefit though I will just want that out so she can retire early number one you have to have it either be age 55 or have 25 years of service technically you don't have to be 55 to give 25 years of service and your 53 you can retire but you get hit up with two directions and is usually really really expensive so try to avoid that if you can if you are 55 and you're looking to go early the way they calculated to Dakshin is essentially .4% for everybody but you're going to be shy on a 30 years of service or age 60 depended on your scenario so just common example somebody who's 55 there 5 years short of service is going to be 24% deduction which is going to be pretty expensive that is a permanent deduction so I always encourage people try to avoid that the other thing just surrounding that also Eddins another common misconception just could you leave does not mean actually have to turn on your tcrs pension so I think most you guys are probably closer to at 30 years but people that I may be in the halfway through can't finish it out you should make sense to the way you can wait till 6 to turn it on so you don't have to turn it on that right away so common misconception there another thing like I mentioned you guys do contribute so regardless of playing with your hybrid of Legacy you do contribute 5% I get at all the time we can I change that to be more difficult to be less you can't change it there's no reason to change it it doesn't really affect your benefits so that's kind of an overview of that plan now again I kind of jumped the gun on the slide here but these are the kind of the algebra is that just going over as far as Retirement goes against olander going to remember 30 years of service or 60 and then again I'm glad the doctor go over the insurance questions I do get asked us a lot because cuz you guys are going to be able to retire in your 50s or 60s O Insurance is a big question so definitely don't forget about that because you do have to cover that something to think about there now that formula to calculate your benefits right here so essentially what they do the main number that you going to look at that multiplier which is set at 1.575% basically the some of that form easiest way to think about it I'll break it down think of it every year as being worth 1.575% of the I5 so simple examples I do it everyday if you did work 30 years you take 30 multiply that by 1.575% that comes out to be 47.25% which means your attention is going to roughly replace 47.25% of that I thought so if you're thinking a how many years have been teaching just take 1.575 * however long you been teaching and that'll give you a rough idea percentage-wise of your income that you'll be replacing on that side of things same thing goes when should you hit 30 YouTube service is certainly can't keep working you don't have to leave nobody going to kick you out of the door. Probably actually want you to stay the the benefit does continue to grow so I have seen people that have somehow made it 40 somebody their benefit is huge so don't think that the benefits going to stop once you had Thirty Years it'll continue to grow all that by 5:10 to get a bigger but essentially what they do is they take that approval after 1.575% and then multiply that by your I-5 and then multiply that by your years of service and that's what comes out to be your annual benefit again that gets confusing so I just think every year that I've work work 1.575% is there any questions yes yeah keep going so I don't keep getting bigger in that scenario is that an option when they send me the estimate yeah so once you hit like you if you're 59 you're talking about point for I don't have a ton of a calculator are you talking about whatever point for is size 12 in Atlanta that big of a deduction if that's okay yeah yeah whatever the number they gave you that is going to be in bed to Dakshin will be included in that estimate so you you get there I will jump into that just a moment I will drop them that so just to give you just a quick idea of kind of what the benefit can look like this is assuming somebody has an AFC of $30,000 just in example they're the main thing that's how do you adjust the longer you work the bigger the benefits going to awesome again just a simple example I'm out talk to you much about that mention you're going to see is that somebody who works obviously 30 years to make a lot more than somebody who works 10 years so just something to think about it now one thing that you were asking about go ahead and jump into it before I jump in the hybrid time is going to be the sick time so I do get that asked that question a lot so what they do your unused sick time at the time of retirement of a tack it on as extra days months years of service so let's just say for example somebody has six months of sick time they retire with years of service they're going to pay that benefit as if they Works 30 years and 6 months couple that some people just ran to get out I have talked to some teachers to have a year of time look up so technically that person can retire at 29 years of service and you said sick time to hit 30 years you can do that on Sunday cannot do that the best you have to actually work five years of best but Pacific time that since added on his extra time generally a 20 days as a two-month generally if you're going to get reported that I'm jump to Bar Louie. General in 20 days adds up to come on another question I gave her what if I have in days just go to the waste no they don't get paid for like half a bottle or something like that. So every unused sick day not you will get for so if you have a lot of them bagged up I'm not saying don't use them but they can be pretty valuable when it comes to this retirement plan any questions as it pertains to that yes that just so you can buy back time so let's say somebody were two years in Mississippi for example are you certainly have the option to buy that time back now they're certain stipulations for that so really the only time they want you buying that time back is to meet a requirement so let's say that you had 28 years in Tennessee in 22 years and then miss and that scenario you could buy those two years hit 30 so they form look for that paperwork but it's going to be 5% of your salary for each year plus about 6 .75% accrued interest so he's kind of costly if that's something that you were interested in you get paid to work and I'll send it to you but yeah that  at all that looks so then there was one hybrid employee in here some to jump through this is really quickly so hybrid playing going to be a little bit different so you still have a tcrs pension obviously hybrid mix with more than one so you do have a 401k and whether you know it or not main thing this light is important for teachers is confusing where your money is going so like Legacy teachers you do pay 5% into the tcrs the district Peyton 4% however in the 401K for hybrid you get what's called a non-matching 5% so what that means is no matter what you contribute they're always in a 5% on your behalf so if you're contributing 0% so don't recommend it but you can just look interview 5% you contribute 100% they're going to contribute 5% so I'm the hybrids and a lot of people don't know where the money's going and I run people that didn't have no idea that a 401k open do have a 401k open other districts should be putting in 5% on your behalf and you're automatically enrolled at contributing 2% to that can be changed out whenever you want couple of the nuances with the hybrid plants in a little bit different retirement age if I would say what I'm doing this with multiple people don't shoot the messenger I didn't come up with this but your retirement age is going to be loyal to the difference so two numbers that you have to remember it's going to be 65 or 9 so first no you don't have to work to your 90 about that 65 is going to be like 60 and that if you're vested 5 years of service and you're 65 you're on your own time most people on the hybrid plan eligible by meeting was called the rule of 90 so rule of 90 kind of complex and confusing but think of it as being your retirement age plus years of service add up to 90 so simple example you started teaching when you were 30 your work until you're 16 or 30 years in your 60 60 plus 30 as of so generally on the hybrid side of things if you started teaching anywhere in your twenties you're going to be that rule of 90 Wella 465 that one gets super complex if you want to know exactly when am I going to beat that roll of 90 with me I can get it for you pretty quickly a little confusing other difference on that the Icarus factor is only 1% said it 1.575% so the one that collected the form is exactly the same but every year is worth 1% so somebody who teaches 30 years they're going to get started percent of their salary on that side of things sometimes it will get mad about that but don't forget that you're getting 5% contribute to your 401k what you have control over how that some did ISO usually end up working out pretty good either scenario so just throwing that out there and then again he's apply to both things so we already talked about the sick leave you guys do it 5 days goodbye hours generally 7.5 hours adds up to one day again. Our disability retirement options that is absolutely not mine for today so if you're available. I'm not the person to call you know it's pretty stringent to meet that that disability is kind of like Social Security have to be rendered incapable of doing any type of work but if you are just do you do have that disability benefit I'm in there also are death benefits associated with in a couple of things this can also get super nuanced so I don't like to get too far in the Weeds on it but just know that if something happens to you there is something to give away whether it's a lump sum of what you've contributed whether it's going to be a monthly paycheck really depends on the whole situation so I'm not going to get too far into that but there are dead benefits and speaking of which we've already talked about this little bit tonight but you do you want to make sure you have your beneficiaries uploaded a lot of people that meet with have never logged in the tcrs you've never done that or you haven't in a long time you may want to log in and double-check your beneficiary is up-to-date they're sweet had some money go to X-Files says before thanks of that ain't sure she'll definitely want to make sure that we were doing that so anytime you do want to go to your tea ARS account for me the quickest way to get there as just go to retire ready TN des.gov I think that works but I always go to. Cam retired atm.com will take you to this page and you'll see log into your 401k login tcrs self service  kind of how you can access those sad things that is where you go to submit that where that retirement application so definitely want to know a catalog in there if you are kind of lazy and you don't want to the write that down just shoot me an email and I'll send you the link is not that big of a deal then a couple of other things I'll get into some more with that a moment so patient going to be 41 kakav I'm honestly not going to go through it cuz I don't think it's super pertinent but just know that I am a licensed financial advisor investment advisor so if you ever do have some investing side of things where they have an empowered counter for 3B account to an IRA or anything like that you have access to me to look at that so and that's going to cost you anything so I am licensed to do that stuff but not going to go through it today the main thing that you are going to want to think about a couple of things when it comes to retirement most you all are going to be pretty an eligible to retire fairly young and your 50s or 60s our last six to the latest but you kind of have to think about is you can't turn social Security on until 62 at the earliest and we already talked about it she wants 30 years your paycheck going to replace about 47.25% of your income so what do you do between 60 and 62 or 57 62 that's kind of something you have to think about that's why you do want to hopefully have some sort of saving account open whether it's a 401k 403 b something like that that is something think about because know that 401k is not going to be your heavy on your retirement plan meeting somebody Google that right now and see what you need to retire you need to point some odd million before 18 tire that's not for people to have a penchant for people on this plan your 401k is really designed to bridge the gap between when you actually retire and when did turn on social security so just something to think out there again if you have questions surrounding what was that looks like again I can talk to you about that that's kind of what I do with my individual meetings so going to skip it this year cuz I don't think it really matters today and there's a couple of things I do want to talk about so I want to talk about what you need to do on your side of things so number one within three years of retirement some of you might be within a couple of months so I'm say this you do and we got her y'all were just asking about it you do want to request was called a benefit estimate so that number right there that 800-922-7772 that's the retire ready Tennessee hotline generally when you call that number it's going to ask you to call me like your tcrs account if you are to say yes it'll take you over to tcrs side but the main reason that you're going to want to do that when you're within three years of retirement you do want to request their benefit as to men what that is exactly what it sounds like it's an estimate you're going to say hey I'm thinking about retiring Reno June of next year whatever the date is they're going to run the numbers for you to give me an idea exactly of what your monthly benefits going to look like I can give you a kind of a rusted rough estimate your statements did you get into your give you a rough estimate but it still always a good idea to request that they can include sick days if you ask him to but you have to ask him holiday that's today told me they would some yeah they've they've told me they would so thank you for that cuz I don't call that number but I heard they would but if not don't worry about it I can kind of rug one brother that with you until you talk to now main reason that benefit estimate does if you're going to want to run through want to get it is cuz you do have survivorship options I'm going a detail that a moment but they see what a survivorship option is going to be as dead if you pass away of benefit carry your spouse Weber and have to beat can continue to receive a paycheck those survivorship options you do get a reduced rate that rate is entirely dependent on the person you're trying to make your Betta fish eat their eggs a whole lot goes into it instead of simple math so that benefit estimate is where you get those price points or that so that is the main reason you want to get that benefit is an idea what that survivors option is going to look like and I'll talk about that in a moment deductions just to give you an idea could be anywhere from 10 to 30% if it's a kid and maybe more than that but that is where you're going to want to get that that's the only way to get those price points is on that benefit estimate if you are retiring at the end of the school year you need to call tomorrow because it does take like 90 days to get it or we can even take longer so I would call as soon as possible if you wanted to do that now I can look at those probably quicker than you're going to get them so it would you request one and you want me to get a better look out the windows going to be ready shoot me an e-mail I'll have your information I look periodically cuz I really sure I can see her then you guys can so that's just one thing to talk about their other than you're probably going to want to do what you want to schedule a meeting with me again what I do in my meetings I give you an idea what your pants is going to look like if you have any other retirement accounts how that's going to function when you can use that and then how does it look like a social security sign even idea roughly can I comfortably live off of in retirement River time is going to look like what do you need to do that's necessarily what I do now I'm going to go into the little bit detailing survivorship option so you kinda can understand what those are so awesome almost that formula that I gave you if you calculated on yourself let's just say that you said I'll count again $2,000 a month that is going to be What's called the maximum benefit a so what that means is that is just covering your life so that is the maximum benefit obviously once you pass away the minute that goes away generally speaking it does make sense to take a survivorship option not I do expect you to read that I just put that up there so I could remember to go over it so there are four options basically one and two are the same three and four are the same so I'll give you Option 1 startup West so what option one is is you are going to draw at a reduced rate and again that reduced rate is going to be entirely dependent upon the person that you listed who you want to be the Survivor can Lyft multiple people so again if you would most people do generally just cover a spouse's life that's just the general what general what I see so optionone what that means is she going to say hey I'm going to draw out this reduced that's it and if I pass away my spouse is going to keep receiving a paycheck until they pass us a reason to get a reduced benefits because you're increasing the likelihood that paychecks going to continue to pay option to is essentially the same only difference is you're there beneficial would receive half the benefit our most able to choose option to but that's what it is is essentially option two is going to say if I'm drawing $2,000 not fast my beneficiaries going to receive $1,000 three and four did a little bit more confusing cuz they have what's called a top up so I will say option 3 then option four I generally going to make a lot of sense a lot of sense for women just because theoretically it again if you have a spouse you're going to help make them men don't live as long as women so this is kind of the fax there Outback and you'll see why in a moment why it would make sense to really popular for women so well option three is going to be really similar to option one and that you're going to start drawing at a reduced rate was said that reduce play the $2,000 if you pass away your spouse is going to keep receiving $2,000 however if you are beneficiary predeceases you and you pop up to 100% of what you would have been receiving so that's what that pop up means that's why I say is popular for women so again that option three is also super popular it's also the most expensive as far as deductions go but again just explain that one more time I go draw at it let's say that your maximum benefit is 2200 and your reduce benefit is $2,000 so if you're going to start receiving $2,000 you pass away your spouse is going to I need $2,000 your spouse passes away before you then you're not pop up that 2200 so that's kind of how that works option for exact same idea again but if you pass away your beneficiary she's going to run 50% of the benefits. So that's an option to an option for distinct advantage of your beneficiaries even half of it again it doesn't have to be as fast it can be a kid human being Mayweather wants but that deduction is going to be depended on that person's age so just keep that in mind if you're going to do a kid that would be pretty expensive yes in not that I know of I have not heard that before be 18 this is just because we have to give them a paycheck but now I don't think that if somebody is 20 we wouldn't cover their life but if you're going to come at a pretty hefty deduction generally if you are considering doing a child's life it does sometimes makes sense to put two beneficiaries on their so child and then somebody closer to your age that the Ducks is going to be a little smaller when you do call and get the benefit estimate if you wanted to compare a what is the beneficiary look like with this person and this person you can get to two of those ran that scenario. But the main thing is to get those price point you do have to get that big an estimate that is the only way to to get that and like I said it does take 90 days to get it up because small thing they kind of calculate sitting there all the time and you do when you fill out that application do have to select that option so some people if they're in a crunch and there's no they're going to take it they just blindly take it not knowing exactly what they're going to get. But if you can't avoid it I think it makes sense to get that benefit estimate about that benefit estimate it's nothing official so once a day if you are two or three years out and you go ahead and call and say I'm a retired I'm thinking of retiring 25 will 25 rolls right. Retire nobody's going to come to you. estimate it's just an estimate so I always say do it as quick as possible other things you need to do Brittany already touched on it once you are officially you know ready you do need to submit that retirement application online I always say within three months of retirement that's just the processing time because we want your paycheck ready to go in your first month to retire let's just say I kind of what Brittany talked about something happens when you don't get your first paycheck till November if that were the case you would receive back pay so you're going to get made whole but you might be kind of tight for a little while so three months of retirement that's when you want to log on to that tcrs website and do that I do have a PDF document that watch you step by step on how to do that if you want a copy of that that's like 60 pages so I don't I did you want a copy that would get my email but shoot me an email and I'll send it to you real quick but this is honestly super self-explanatory main things that you're going to have to do you need your banking information is going to need to know what the options are going to want to select and then is Che a couple times so I may maybe not exactly right but you do have to select something to do with taxes I think right now the form is going to say basically how you file your taxes so I can file married filing filing jointly that's what you it is a taxable and afraid to mention that your benefits taxable so most people do want taxes taken out of it you can select a not too but don't usually suggest doing that. But that's what you're going to do you want that on that side of things for the 90 days when you want to do that I've also been asked that question what happens if I submitted 90 days and I changed my mind it is reversible you can back out of it, I'm not really sure the process but I know you can't back out of this if you if you wanted to and then other things cost of living adjustment so you are eligible for a cost-of-living adjustment on a pension what that means is that your pinch can increase up to 3% year depending on the CPI or rate of inflation to be eligible for that patient in this may is the Nuance thing that it's important have to be retired by July 1st of the previous year to be eligible to receive that Cola so if you are thinking don't want to go to June or don't want to go July if you want that color you should make it time and date June 30th so just use this scenario coming up let's say that I retired June 30th of 24 then I would be eligible for that cost of living adjustment in July 45 if I retire July 2nd 24 I would not be eligible for that Cola tool July of 26 so not something to necessarily really worried about if you're thinking about a teacher. the matter cuz you aren't thinking about you in July I don't know how your contract works if you're going to get paid for July or not I sometimes you just have to think hey is that paycheck again not a few do you know you're going to be eligible for adventure Lee but I try to let everybody know as much as information as possible so they don't come to me and say I didn't know this so we can just something to think about when it comes to that kind of talk about working after retirement a little bit he so once you are drawing your tcrs pension there are some limitations to working for a tcrs Affiliated Boyer so I'm easy one out of the way if you go work in the private sector I doesn't matter you can make as much money as you want to I want affect your tcrs benefit besides income tax that's what they did is going to affect but if you did want to be a substitute teacher thinks of that nature are you are limited to 120 day contract within a 12-month. So what that means is you going to work 120 days I do say it that is what you're going to do if you're going to go do something with a tcrs affiliate employer talked to TT RS talk to your employer and make sure they I'm doing it once doing things right on the same page cuz the last thing that we want is for you to mess something up and you have to write tcrs a check because you didn't do something right so just double-check that the general rule of thumb if your substitute teacher did you eat out of 20 days you may not want your space with a full school year but if you think about it you have some that some teachers about retired teachers back to work their job at UCR extension right now you can do that but a lot of you if you're currently working and you wanted to do that you might want to keep working keep racking up the years of service I've talked to people that said they wanted to retire and keep full-time that doesn't make a lot of sense but that is an option technically again 62 is when you can turn it on and early to be reduced if you ever wanted to get an idea of what Social Security got to look like you can go to ssa.gov I just didn't put your information in credit account and ID okay with what's my monthly paycheck out to look at 62 and it's not like anything else I'll show you a k60 to switch your paycheck going to be you turn on Surly is 6270 is the latest you can wait to turn it on each year between it does get bigger run about 67 going to be considered your full retirement age just if you do draw 62 is going to be at a reduced rate but if you wanted to get an idea of what that looks like ssa.gov is where you go to get that information and again some of the resources you have available to you again I would have gave that that number really you if you guys do have access to to me I am the retirement planning visor for Bartlett's up again what I do with things like this answer questions provided guidance so really my one-on-one meetings if you did want an idea when it was that look like number one if your schedule with me is going to say a block off an hour it doesn't take an hour it really takes I can get it done in 15 minutes if you really like a teacher time. Sometimes you won't do what you're planning. That's not an hour and that deter people from signing up during that time I can make it work very quickly but that would say count in 30 minutes to really what I do in those meetings I walk you through what's your tcrs pensions going to look like look at your beneficiary make sure you understand okay what you going to have to do another thing that bring a kind of talking about to sometimes put it bluntly there are humans that import this data and sometimes there are reporting errors on how long you been working so run into it couple times a week for somebody's didn't get a month of credits back in 2014 when a lot of teacher has the marker so I do look for that not really a way for you guys think you can kind of see it on tcrs I'm not a hundred percent sure your side of things but I'll double-check your service history and if there's an issue I'll tell you how to fix it that's one that's another thing you may want to look at it again I'll kind of show you how's your pension works with Social Security any other kind of investment option you have and show you okay this is what you're going to be able to live off comfortably in retirement and really my whole goal is to provide you with the information you need to make a sound decision financially obviously but also with your well-being in mind more times than I run into people that think they need to work at 65 and I can leave at 62 so using my name is a pretty good but I cannot pretty good at spinning in the positive direction other than that that's really my house feel that is my information they want to swap picture on here I would think it's weird being in the room with my picture on it saying but my number is there that's 901-623-6917 had cards over here to have my information on if you'd rather do it that way I will say though from iPhone standpoint if you call me I just bear with me I'll get back to you I was Charlie and meetings pretty much all day long so give me the 24 hours I've had people get frustrated with me I don't answer right away I'm not ignoring you I'm just probably with somebody else I put that out there but also my email is up there that's going to be this method of communication for me so anytime you have a question don't hesitate to reach out that QR code also does pull up my calendar 2 if you wanted to schedule a meeting I need to get if you'd rather just get a card for that formation on I have one up here as well but again I'm Charlton tyranny Tennessee it every questions. I said to reach out any other questions computer class repeat the question one more time okay I do not know the answer to that you do other questions yes does having a pension at all listen to bang you up against your taxable income but you should your pinch is not going to do a whole lot to affect your Social Security 47.25% but you're making so it shouldn't affect your Social Security against going to taxable income for that year on your life. they they're not going to that one I'm not going to reduce your pension unless you haven't been paying into Social Security that does come in here in Shelby County but yeah and that's correct. it won't affect anything just taxes that's all I would be okay. No problem.

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