FCS Pre-Retirement Seminars for TRS Members
Explore the comprehensive retirement services offered exclusively for TRS members, including valuable information on benefits, leave policies, and post-retirement planning. Meet the expert team behind these services and gain insights from guest speakers. Dive into details about retirement plans, safety net benefits, and get ready for a smooth transition into retirement.
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FCS Pre-Retirement Seminars FCS Retirement Services For TRS Members only
Agenda Team Introductions and Overview Teachers Retirement System of Georgia What happens to my accumulated leave from FCS? What about my other benefits? What do I need to do now? Post Retirement Q&A
Our Brand Who we are? Deputy Chief Financial Officer Greta Tinaglia Retirement Coordinator Charles Robinson Payroll Fulton Retirement Specialist TRS Retirement Specialist Benefits Specialist Financial Analyst Financial Analyst Specialist Litesha Forbes Natika Watson Maurice Roebuck Fredrica Jones Kendall Cherry Chunika Green What we do? To provide efficient and quality retirement services to our members and their families.
Guest Speaker Teachers Retirement System of Georgia Shaleste Miller, Outreach Counselor
FCS Retirement Plans Fulton County Schools Employees Pension Fund (FCSEPF) Teacher s Retirement System of Georgia (TRS) Tax Sheltered Investments(TSI)
Safety Net Participant Employed Prior to 1988 FCSEPF TRS covered position TRS Membership in Both Plans
TRS Pre-Retirement Workshop StartThinkingAboutRetirement Welcome to the TRS Pre-Retirement Workshop! Host: Shaleste Miller Shaleste Miller Presenting on behalf of TRS and altering the information contained in this document, in whole or in part, is strictly prohibited without the express written consent of the Teachers Retirement System of Georgia.
Safety Net Benefit 3 Year Salary Years of Service Monthly Benefit 2% TRS Offset
Example Teacher 3 year Highest Annual Salary $70,000 $69,000 and $68,000 Sick Leave 40 day 30 Years Service 55 years old TRS Max Plan A = $3,500
Example Teacher Continued Year 1 Year 2 Year 3 Sick Pay Final Average Earnings $68,000 $69,000 $70,000 $11,666.67 $218.666.67/36 = $6,074.07 Final Average Earnings * Years of Service * 2.0% - TRS MAX Plan A = Monthly FCS Pension Benefit $6,074.07 * 30 * 2.0% = $3,644.44 - $3,500.00= $144.44
WHAT HAPPENS TO MY ACCUMULATED LEAVE WHEN I RETIRE?
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
John Think xxx-xx-xxxx 190 Name SS# CONTRACT DAYS EARNED FCS 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 20.00 20.00 20.00 20.00 20.00 20.00 20.00 277.50 EARNED TRS 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 225.00 START 8/8/2005 SICK TAKEN BALANCE FCS 12.50 25.00 37.50 50.00 62.50 75.00 87.50 100.00 112.50 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 120.00 BALANCE TRS 12.50 25.00 37.50 50.00 62.50 75.00 87.50 100.00 112.50 125.00 137.50 150.00 162.50 175.00 187.50 200.00 212.50 225.00 225.00 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 TOTAL 0
Sick Leave Calculation Request Kendall Cherry CherryK1@fultonschools.org 1 request per Fiscal Year
Sick Leave Service Credit 156.39 days 40 day payout 156.39 40 = 116.39 = 6 months of TRS Service
Sick Leave Cash Payout for of unused Sick days Maximum of 40 80 day = paid out for 40 60 days = paid out for 30 Employee must request payout from Payroll by filling out a Payroll Sick Leave Waiver form.
Example Teacher earning $70,000 per year Cash Payout 40 days =$11,666.67 May wish to shelter in TSI
Vacation Leave Cash Payout for 20 Days Vacation May wish to shelter this payout from taxes in TSI www.myfultonbenefits.com
Tax Sheltered Investments Vendor Administered Benefits of TSI Optional Supplement 403b and 457b Pre-Tax Basis Investment Vehicle of Your Choice $$$ Grows Tax-Deferred Enroll or Stop Payroll Deductions at any time Four District Approved Vendors Valic Lincoln Tiaa-Cref Metlife/Brighthouse (Closed)
Process Timeline Intent to Retire 2/28/2023 TRS Check 6/15/2023 Aug Oct Dec Feb Apr Jun Aug School Year Starts 8/7/2022 School Year Ends 5/26/2023 TRS Application 3/31/2023
Sick Leave and Retirement Certification Requirement for all TRS retirees Must submit via TRS Portal online www.trsga.com Retirement Services will submit to TRS AFTER receipt of final paycheck from District Summer (June-August) processing delay
First TRS Check First Check mailed on the 15th of the month of retirement Checks processed and issued by TRS
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 benefit be?
WHAT ABOUT MY INSURANCE AND OTHER BENEFITS?
Health Insurance State Health Benefit Plan (SHBP) Must have active insurance at time of retirement Retiree Option Change Period If you drop insurance during retirement, not eligible for re- enrollment Not eligible to add dependents unless there has been a qualifying event. Coverage will transition into retirement. However, rates may differ based on SHBP s years of service policy. Be mindful of correspondence from ADP/Wageworks/SHBP
Medicare Advantage Retirees age 65 + will have to enroll in a Medicare Advantage Plan with SHBP Retirees 65+ not enrolling in Medicare Advantage could be charged increased premiums for selected plan (ex. $1300 monthly) Retiree must be enrolled in Medicare Part B first (through Social Security) to enroll in Medicare Advantage.
Dental Insurance Must complete enrollment form (located in retirement packet) Must have active coverage at time of retirement Two coverage tiers available: Single, Family No Open Enrollment period If you drop insurance during retirement, not eligible for re-enrollment Direct Pay to BenefitFocus Delta Dental Insurance
Vision Insurance Must complete benefits enrollment form (located in retirement packet) Must have active coverage at time of retirement No Open Enrollment Periods Three Coverage Tiers *Single, Employee + 1, Family If you drop insurance during retirement, not eligible for re- enrollment Direct pay to BenefitFocus Davis Vision Insurance
Retiree Life Insurance Basic and Voluntary life insurance are not automatically transferred into retirement. Retiring employees can port/convert current life insurance into retirement by contacting Mutual of Omaha within 31 days after retirement date You will contact Mutual of Omaha s portability department at 1-800-768-2956 for information on retiree insurance rates and direct payment options. Failure to contact Mutual of Omaha within 31 days after retirement date will cause ineligibility of porting insurance at a later date.
Post Retirement Working After Retirement TRS Covered Employer Subject to Salary and Service Limitations Allowable Employment No working immediately after retirement (1-month break) No pre-existing agreements
Where can I get a copy? Today s recording and PowerPoint will be posted on our site below under upcoming events www.fultonschools.org/retirementservices
TRS Counseling Offered year-round Onsite and offsite TRS Two Northside Drive, Ste 100, Atlanta, GA 30318 www.trsga.com 404-352-6500
FCS Retirement FCS Retirement Services 6201 Powers Ferry Rd NW Atlanta, GA 30339 470.254.0102 phone 1.866.500.9747 fax retirementservices@fultonschools.org www.fultonschools.org/retirementservices
Helpful Links TRS account information www.trsga.com State Health Benefit Plan (SHBP) Retiree Rates https://shbp.georgia.gov/retirees-0/retirees-rates 1-800-610-1863 Delta Dental www.deltadentalins.com Vision Insurance www.davisvision.com Working after Retirement https://trsga.com/retiree/working-after-retirement/
