Your SURS Benefits and Retirement Planning at SIUE

Gain insights on SURS benefits and retirement planning at SIUE through an informative event featuring panel members. Learn about the retirement timeline, utilizing the SURS Calculator, and important considerations before retiring. Discover resources for estimating pensions, confirming retirement plans, and examining insurance options for a smooth transition. Take advantage of expert advice and guidance to prepare for a secure retirement.

• Retirement planning
• SURS benefits
• SIUE event
• Pension estimation
• Insurance options

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1. Know Your SURS Benefits and Hear From SIUE Panel Members November 13, 2018 Sponsored by the SIUE SUAA Chapter http://www.siue.edu/suaa/

2. Message to those joining us online Please mute your audio until such time as we open the session for questions.

3. SURS Videos If you missed the first half of today s session, which we were asked not to record, we would strongly encourage you to visit the SURS web site. There you will find a wealth of information for those preparing to retire. Be sure to visit the Life Events tab, Seminars Online link, to view video recordings specific to your retirement plan. https://www.surs.org/lifeeventslist

4. Panel Member Participants Traditional Nobby Emmanuel Lora Miles Money Purchase Formula Jim McDermott Self Managed Plan Ann Emmanuel Portable Keith Becherer

5. Timeline for Retiring 2 Years Out Estimate Pension using SURS Calculator Schedule an Appointment with SURS Rep

6. SURS Calculator SURS Calculator is only for Traditional and Portable Plan Participants. This will give you your monthly annuity. What do you need to do your estimates? Convert your Vacation/Sick Leave balances into days. Log all your Sick Leave balances into calculator Estimate Future Increases Plug Anticipated Retirement Dates. Last date of employment is day before Retirement date begins.

7. Timeline Contd 1 Year Out Follow up Appointment with SURS Rep to confirm everything 3 Months Out Submit SURS Retirement Packet to SURS Notify University Human Resources (Don t have to do but helpful in making sure everything is getting completed on SIUE side)

8. Questions for SURS Rep Confirm type of Retirement Plan, date and calculated annuity Review Insurance Options Different options if Medicare age or not Who need insurance, yourself, dependents etc. Know what you are currently contributing to and if you want to continue. Life Insurance, Accidental death, etc. Review if you will do Survivor Benefit or not. Buying Service Credit performed at SURS Employer or Reciprocal Systems Go through SURS Retirement Preparation Checklist and Timeline Found on SURS Website. Life Events ->Preparing for Retirement- >Seminars online->Right Side under Forms & Guides

9. Timeline Contd Last Month of Employment Department submit Payroll Personnel Reporting form for Vac/SL Buyout. On HR Website under Forms Paperwork to HR for Vac/SL buyout if rolling into another venue versus payout. Department submit Termination form with last date of employment. On HR Website under Forms Review and complete checklist for departing employees. On HR Website

10. Timeline Contd Within 60 days Enroll in Benefits 3-6 Months after Retirement Receive 80%-90% of preliminary estimated payment 6 Months after Retirement Receive full calculated annuity plus last 6 months shortage/overage. Excess service payment has to be paid out.

11. Tidbits of Info Remember no state taxes are taken out of your retirement annuity only federal Annuity is for life Tuition Benefits Only annuitant eligible not dependents. 60 days required before returning to work for SURS employer. The 60 day wait before returning to work for a SURS employer does not apply to SMP members.

12. Tidbits of Info Health Insurance Health insurance coverage starts the 1st of the month that your retirement begins. Timing is everything: your termination date should fall at the end of the month to avoid being uninsured. If you retire before 65, you are covered by the same insurance options as current employees. You must apply for Medicare three months prior to your turning 65 even if you are still working. The TRAIL program kicks in for retirees in the Fall after you (and your spouse and dependents) turn 65. Coverage begins the January following registration for TRAIL. Your annual deductibles will reset effective January 1. Medicare B is paid by you and covers medically necessary services and preventative services. Medicare B premiums vary based upon your income. The TRAIL program is basically your Medigap insurance, covering what Medicare B does not, plus prescriptions, vision, and dental. You cannot apply for any additional Medigap insurance when enrolled in the TRAIL program.

13. Self-Managed Plan, Pre-Retirement Advice Monitor your investments throughout your working years at SIUE: Seek professional advice as needed Check your allocation/diversification periodically (at least annually) Monitor risk vs reward the closer you get to retirement. Rebalance periodically 1. To stay true to your initial investment allocation 2. To adjust the risk vs reward the closer you get to retirement

14. Self-Managed Plan Retirement Must Knows In order to maintain your health benefits, you MUST convert your Self-Managed Plan to an annuity at the time you retire. There are two providers (TIAA and Principle Life) and multiple annuity options from which to choose (standard or variable, with or without survivor benefits, with or without guarantees). Seek the advice of a financial expert. Dental coverage is billed and payable monthly by check. CMS does not accept electronic payments.

15. TIAA Must Know For those with a Supplemental Retirement Account (SRA/403B) through TIAA, who have worked at another institution(s) and have a TIAA retirement account there, explore the possibility that the other plan may 1) have lower expense ratios and 2) accept transfers from your SIUE plan. Such a transfer may help you do three things: 1. Lower your investment costs. 2. Possibly provide access to a greater number of investment options. 3. Allow you to manage your funds in a single account, rather than multiple accounts.

16. TIAA Must Know TIAA must have paperwork on file from your employer indicating that you are no longer employed before they will transfer any funds or make any payments to you. You d be surprised how often employers do not submit that information to TIAA. It can take weeks to get that paperwork done. TIAA limits the movement of money out of TIAA (not CREF funds). Such withdrawals/transfers must be made in 10 annual payments over 9 years. TIAA has an office in St. Louis with certified financial advisors available to meet with you.

17. Resources SURS http://www.surs.org SURS Retirement Presentations https://www.surs.org/seminars-webinars TRAIL State Insurance Program - https://www2.illinois.gov/cms/benefits/trail/state/Pages/default.aspx States and Pension Taxation https://www.retirementliving.com/taxes_by_state Khan Academy Illinois Pension Obligations (2 videos) One defines Pensions - https://bit.ly/2SNZ96a One Explains Illinois Funding for Pensions - https://bit.ly/2RDmXZ1 SIUE SUAA http://www.siue.edu/suaa/

18. Questions & Thank You