Passhe retirement checklist

On the first page of My First Days, select Begin the My First Days Application. Jan 16, 2024 · Republican lawmakers have become more skeptical of how higher ed – both PASSHE and non-PASSHE schools – benefits the public. RB40’s goal to 2020 and this gives us a sense of urgency. Alternative Retirement Plan (ARP) - Log into your Fidelity or TIAA account to update your beneficiaries. Deferred Compensation 457. Alternative Retirement Plan (ARP) The ARP is a defined contribution plan. REHP - Retired Employee Health Program. Auxiliary Capital Facilities Student Referendum Project Survey Results; Appendix V-5. Eliminate high-interest revolving debt first – Credit card debt is a retirement killer . Determine whether your planned retirement spending rate is maintainable. Cost and Cash Flow Data; Appendix V-8. The checklist and guide will cover your eligibility and benefits as a retiree of the State System. 5461. ook located at www. Pursuant to the terms of the approved Arrangement dated , and attached to this letter, I understand: 1. 8 days per year. State Employees' Retirement System (SERS) Participants. GET AN ASSESSMENT. PSERS strongly suggests attending a Retirement Exit Counseling session for assistance in completing your application. Or, you can call us toll-free at 1-800-772-1213. Regular Full-Time Faculty - 15 days each academic year of service. A completed PEBTF-2 Enrollment/Change Form AND; 2. To help you get emotionally ready for retirement, we’ve put together a simple (and comprehensive) retirement checklist based on our 5 Rings of Retirement. Selection of a retirement plan is part of an employee’s initial online benefits enrollment process. 54. . 54$296. 195% Vanguard Target Retirement 2030 (VTHRX) 0. Address. d pay plan (see calculation above). Employees in the APSCUF Faculty and Coaches, Nonrepresented, OPEIU (Nurses), POA (PASSHE Officers Association), SPFPA (Security/Police) Employee Groups have their health care benefits administered by the State System office. Get the estimate either online, by Form FR-9, or by calling the MyFRS Financial Guidance Line at 1-866-446-9377, Option 3. For IRAs (other than Roth IRAs), your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age. ARP or PSERS Participants contact PEBTF www. Universal Availability Notice. Tax-Sheltered Annuity (TSA) 403b. Guaranteed Energy Savings Act Ellicott Square Building. 5461 SERS Retirement Guide. August 26, 2019 for Phased Retirement Arrangements commencing in the 2019/20 academic year, and August 24, 2020 for LTD insurance will cease at the time of retirement. "Deferred comp” makes it easy to set aside more money for retirement by allowing you to have some of your pay automatically deducted on a pre-tax basis and invested. 195% Vanguard Target Retirement 2040 (VFORX) 0. 4 days per year. Failure to select a plan within 30 days from your first date of eligibility, will result in automatic enrollment in SERS, the retirement plan for Pennsylvania public employees. State Employees' Retirement System (SERS) Your SERS class of service is among the most important factors in your pension calculation and therefore is one of the most important pieces of information to know about your pension plan. Each is solely responsible for its own financial condition and contractual obligations. Schedule a meeting with your ARP vendor representative who will confirm and review the qualifying annuity options. and log in to your retirement plan account to get started. g. edu/enrolltsa and go to the Retirement@Work link location. Based on your estimated annual spending, verify that your retirement savings goal is enough to live on for the rest of your life. Human Resources Office. Participant SignatureDate (required)Submission InstructionsSubmit your. As the full retirement age goes up, benefits claimed at earlier ages go down. y manner prior to my separation date. Set a date – Setting a date is actually really important. Last Name. nths of basic pay = retired pay. Loan Covenant Agreement; Appendix V-7. Jon Anderson to be the next president of Pennsylvania Western University (PennWest) following a nationwide search. edu or by fax to 717-720-4162. Navigating ESS and My First Days: Section 3 – Retirement Plan Enrollment. gov or 1. 195% Vanguard Target Retirement 2020 (VTWNX) 0. City. Nonrepresented, Nurses, Security/Police, and SCUPA retiring who are currently enrolled in the active Highmark PPO or a PEBTF Prospective Retirees - APSCUF. Updated 1/28/15. 633. 1-800-633-5461. Jun 30, 2024 · The Ultimate Early Retirement Checklist. The retirement age used to be 65 for everyone, but is gradually increasing to 67. If you need any assistance completing this checklist or addressing any of the items you checked off, your RBC advisor will be Jan 3, 2022 · Get your free copy of the "Retirement Income Planning Checklist": First Name. State System Contribution - Pension plan is calculated each year based on assets and liabil. May 9, 2023 · 1. The workload may be front-loaded in the academic year, but not be back **Resolve any outstanding PASSHE debts, including payroll debts As Soon As Possible If you terminate with a debt owed to PASSHE, final payment and retirement processing will be delayed. The number of retired public employees in NC is projected to grow from 194,000 today to 315,000 in 2022. Please call your local PSERS regional office for an appointment. This is commonly referred to as being “vested” in the pension system. You should not use the same cards as when you were an active employee, as your group number will change. Move that money to a high-interest savings account or a certificate Your Retirement Checklist Your full retirement age may be higher than you think Your “full retirement age” is determined by the year you were born. Financial Aid Offers. 25% or 7. Call for current availability. Retirement Date 07/01/23 – 06/30/24. A 403 (b) plan (tax-sheltered annuity plan or TSA) is a retirement plan similar to a 401 (k) plan that lets employees defer some of their salary into individual accounts. The benefits of PASSHE. SERS Website - 800. ARP or PSERS Participants contact PEBTF. Prospective Retirees - Coaches. leTwo-PartyFamily$133. The deferred salary is generally not subject to federal or state income tax Workload for phased retirement program participants may be front-loaded in the academic year (e. org 800-522-7279. References: ALDAC 17 State 100146 of Sept 30, 2017 “Retirement Planning and EBIS”, FSI retirement planning seminars, EBIS online seminars (State employees) Health insurance: maintain FEHB coverage during last five years of service Reference: ALDAC 15 State 35130 of April 1, 2015 “Retirement Planning Five Years Out” PASSHE-PO-5. the Pennsylvania State System of Higher Education (PASSHE). Sites are closed on federal holidays. ESU is a member of the Pennsylvania State System of Higher Education (PASSHE), a system of universities that combine to enroll the largest number of Pennsylvania residents among all four–year colleges and universities in the Commonwealth. Maximum accumulation 300 days. PSRS-8 (01/2023) Completion of this Application for Retirement is a very important step in the retirement process. Interest rates are at a 23-year high. Unused leave may be carried from one year to the next. com Phone: (919) 814-4590 Office hours/in-person form deliveries Mon-Fri, 8:00 am - 5:00 pm You must begin taking minimum distributions from your IRAs and employer retirement plan accounts by your required beginning date (or retirement, if later for employer retirement plan accounts). Jon Anderson Named President of Pennsylvania Western University. Depending on your individual situation, some of the items on the list may not be applicable to you, or you may have already addressed them. 5 hrs. ET. Department of Education’s new Free Application for Federal Student Aid form, known as FAFSA Jan 17, 2024 · Putting $100 into a retirement account every month starting at age 20 is more effective than putting $100,000 into a retirement account at age 65. If you are among the thousands planning to retire in the next few years, the expanded interactive checklist below will help members of the North Carolina Retirement Systems know how to approach the retirement process. Buffalo, NY 14203. Percentage of time to be worked during phased retirement: (Must be 50% - 99%, except for final year which may be 25% - 99%) Phased Retirement Begin Date: Beginning of Fall 2024 semester Full-time Coaches - 15 days for each 47-week service period Part-time Coaches - Pro-rated basis. Regular Part-Time Faculty - Pro-rated based upon your standard workload assigned. The advance payments were part of a funding agreement under Act 2019-105 that reduced PSU’s and PASSHE’s allocated shares of the unfunded liability and created schedules of setoff amounts that reduce the future contributions due from each. Once your retirement checklist - welcome is complete, you can securely share it with recipients and gather eSignatures with pdfFiller in just a few clicks. Our employee benefit plans are a significant part of total compensation, and include health, retirement, income protection, and other supplemental benefit programs. PASSHE. Simply log in with your user ID and password. Employee Personnel Number Eligible for Majority Paid Coverage Eligible for Partially Paid Coverage Home > HR > Benefits > Retirees > Prospective > Leave Payout - OPEIU, SCUPA, SPFPA, POA, and PDA. Make an account right now and give it a go. Below are other links which may also be helpful in your planning: Retirement Planning Information. Oct 19, 2023 · An approved phased retirement arrangement must meet the following guidelines: Must provide for a reduced workload at any increment between 50% and 99% of full time, except that during the final year of phasing, the reduced workload may be between 25% and 99% of full time. State Employee Retirement System (SERS) - Complete an Active Member Beneficiary Nomination Form and return it to SERS at the address on the bottom of the first page of the form. This is the first of two columns discussing financial and federal retirement planning issues that employees should consider within the last 10 years of the federal employee’s service. 84. 1-15 Years of Service - 6% of regular hours paid, 15. This ultimate retirement planning checklist walks you 403(b) Voluntary Retirement Plan . Feb 5, 2024 · Retirement planning ensures you maintain your desired lifestyle post-retirement and meet any unexpected expenses. Before you can make a plan, or check on your progress, you need to first figure out where you stand financially. If prompted, log in or register for access. 1, 2011,you are eligible for monthly pension payments after working 10 years. Submit your notice of retirement appropriately as indicated on the PASSHE pre-retirement checklist. Straight Investm. Soldiers who elected and received the $30,000 Career Status Bonus (CSB) have their retired pay calculated under the REDUX formula: ([Years of creditable service x 2. Retirement Plan Questions? If you have questions about your SERS retirement plans, contact a plan specialist: Defined Benefit Plan (pension) – ra-sersretc@pa. Days: Generally open every business day. 195% Vanguard Target Retirement 2035 (VTTHX) 0. 07. Employees enrolled in a HMO, please contact your university for rate information. The TSA plan is available to all employees upon their hire date. com. Note: If this is your first time using the site, you will need to register for access. Craft a long-term portfolio based on your anticipated retirement income needs 1 Year Before You Retire. PASSHE students come from all walks of life Apr 4, 2018 · Whether you’re nearing retirement, in retirement, had a life-altering event or need investment advice, Pure Financial’s fee-only fiduciary financial advisor team helps craft an investment strategy and retirement plan based on the best interest of your financial goals. Email. When opening an account through Retirement@Work, the amount elected is for biweekly deductions only. Hours: 9:00 am – 12:00 pm and 1:00 pm – 4:00 pm. For PASSHE Use Only—To be completed by the University Benefits Coordinator. Employees may be eligible for a payout of their sick leave upon retirement. 15-25 Years of Service - 8% of regular hours paid, 20. • On or after Jan. If you would like to know more about how you can participate in this Project Checklist; Appendix V-4. Plan for your retirement today by logging in to your retirement plan account at workplace. 2. eligibility date occurs. Money can be withdrawn at any time after separation. Contact the State Employee’s Retirement System (SERS), Alternative Retirement Plan (ARP) vendor or PSERS to discuss retirement options with a counselor. Employees are eligible to enroll at This checklist may serve as a handy tool to make sure you have considered important strategies for maximizing your retirement income. Pick a Date to Retire. Employees hired on/after 8/1/2003 must also provide: - A completed PEBTF-11 Declaration of Spouse/Domestic Partner Coverage, AND; - If applicable, copies of your spouse’s insurance cards AND; LTD insurance will cease at the time of retirement. Evaluate your current budget and write down every debt, liability, savings balance, income stream, and insurance policy you have. created this Retirement Checklist. 800. Mar 1, 2024 · Step 3: Multiply rate (Step 1) by your monthly earnings (Step 2), or $8,333, whichever is less, for your monthly disability benefit. View a summary of the benefits for these employee groups. Signature Date . 522. a faculty member with a reduced workload of 50% would not be Home > HR > Benefits > Retirees > Prospective > Leave Payout - AFSCME and SEIU. Access the State System Retirement@Work Visit passhe. 07$362. The result is your Monthly cost. Under 65 Booklet. 5 (Standard Terms and Conditions for a Purchase Order) Revised 12/2023. 800-343-0860. S. Obtain an estimate of what your FRS Pension Plan monthly benefit will be on your planned retirement date. (3. A minimum of $10,000 must be annuitized. don’t let this one follow you into retirement . Over 25 Years of Service - 10% of regular hours paid, 26 days per year. Looking to Apply. The retirement planning checklist is a document that structures plans logically and thoroughly. or at 1-800-325-0778 (TTY) if you’re deaf or hard of hearing. To begin the Retirement Plan Enrollment process within My First Days, select Begin Section 3. Find out your full retirement age at Beneficiary Changes. It gives you a goal to shoot for and most of us work better with a deadline looming. , weekdays. Being part of PASSHE brings ESU—and you—significant May 23, 2024 · List your bank accounts, and see if there’s any idle cash not earning much of a return. It was 2015 when I first wrote this and we had 5 years to prepare. 15705. schwab. Even assuming a relatively low 5% rate of return The six minute video below provides an overview of the different Group Retirement Plan election options (SERS and ARP) that are available to newly eligible employees. 5 days. edu or call (570) 422-3422. Fidelity Investments. You may need to revise your current spending habits to free up cash and pay down debt, but you should never carry a credit card balance in retirement. 1011 South Drive. It is set by the Retirement Code and determines how quickly your pension grows, how much you contribute toward your Jul 9, 2022 · 10. Re: Retirement Dear President , I am writing to notify you of my retirement pursuant to the terms of the Phased Retirement Side Letter negotiated between APSCUF and PASSHE. The information above is for prospective retirees. Administered by Pennsylvania Employees Benefit Trust Fund (PEBTF), provides medical coverage to eligible retirees that were a member of the following unions while employed at the State System: AFSCME, PDA, and SEIU. pebtf. Group Retirement Plans Enrollment in the retirement program is required, effective the first day of employment for all permanent full-time and part-time employees. I authorize the payroll deferral deduction as indicated on. Pennsylvania’s State System of Higher Education (State System) provides you with the opportunity to establish a regular method of ing for your retirement through the sav 403(b) Voluntary Retirement Plan. Get quick answers or help enrolling. 7279. The checklist includes a comprehensive listing of many of the financial issues people like you, who are approaching retirement or have already retired, typically face. The arrangement can span 1-3 years. To update/change beneficiaries for VGLIP and/or AD&D, complete and return the Beneficiary Designation Form to your Human Resource Business partner. After you’ve worked out how much money you’ll have for retirement and how much you’ll be spending once you The State System provides a comprehensive employee benefits program, enabling the organization to attract, recruit, and retain the highest quality faculty and staff. 29% of salary), and any earnings based on the performance of your investments. It simplifies the process and provides a clear view of your retirement goals and the steps needed. to 7 p. Each full day absence charged at 7. org 1. Take Inventory of Your Assets. APSCUF Faculty retiring who are enrolled in the active Highmark PPO: Retirement Date - 07/01/23 – 06/30/24. If eligible, you will receive a leave payout of unused annual and personal last paycheck. 5% of salary, d. Call us at 1-800-724-7526, Monday through Friday, from 8 a. 6 days ago · Rate and Booklet Information. Jun 20, 2024 · With this strategy, a retiree who earns around $63,000 per year before retirement should expect to need $44,000 to $57,000 per year in retirement. As Pennsylvania’s most affordable four-year public higher education option, PASSHE has the power to provide students with affordable education and training opportunities beyond high school, setting students on the path to achieving the career—and life—they want in Pennsylvania. Family - $362. Upon approval of a Phased Retirement Application, the faculty member must complete the Phased Retirement Agreement Dr. Your retirement planning checklist Nov 17, 2017 · Retirement savings. 0% of their salary when they retire. Submit your completed TSA Leave Deduction Agreement directly to tsadeferral@passhe. State System Employee Benefits. Up to 45 days of unused leave may be carried from one year to For any changes or questions regarding your REHP coverage after your retirement: State Employees' Retirement System (SERS) Participants. ompleted TSA Leave Deduction Agreement directly to tsadeferral@passhe. We set Mrs. Step 6: Divide your Annual cost (Step 5) by your pay frequency (20 or 26) to May 24, 2021 · If you’re 50 or older, you can stash up to $26,000 in your 401 (k) or other employer-sponsored retirement savings plan. Read more. III. PASSHE universities are giving potential new students more time to review financial aid offers and to make their decision to enroll. 295 Main Street, Suite 893. This sounds blindingly obvious, but it’s anything but. The items presented represent a checklist for soon-to-be retirees. Estimate your income at retirement by looking at your current income and expenses and Aug 1, 2003 · The following documentation must be provided to your Human Resources office: Spouse/Stepchildren. 6 days per year. Any questions about your TSA account or eligible a. Sick leave payouts are paid based on eligibility and annuity verification. Already registered? Sick Leave. Participants are 100% vested from their Alternative Retirement Plan (ARP) Annuity options vary by ARP vendor (Fidelity and TIAA). SERS normal retirement age for you is 60 or 50 depending on your class of service and is listed on your annual member statements. There are several things you can do online: apply for benefits; get useful information; find publications; and get answers to frequently asked questions. Deferred Compensation 457 Plan. 29% of salary), and any earnings based on the performance of your investments. Select Retirement@Work. Prospective Retirees - Nonrepresented Employees. ies of SERS pension fund. 3 (Standard Terms and Conditions for IT/Software/SaaS Contract) Revised 12/2023. Full-Time temporary employed for 1 academic semester - 7. 84APSCUF Coaches retiring who are currently enrolled in the active Highmark PPO will contribute 3. And, in case you’re new here, the 5 Rings of Retirement include: Growth — lifelong learning, new experiences, meaningful work, brain plasticity, and embracing challenges. 1 (Standard Terms and Conditions for Request for Quote and Submission) Revised 07/2022. If you're here for the first time, select REGISTER NOW to get started. If you are a current retiree, click here for more Phased Retirement will allow both the faculty member and the university to effectively plan ahead, and provide adequate time for tenured faculty members to share their knowledge and experience with the next generation of faculty. You can also contribute up to $7,000 (if you’re age 50 or older) to a ARP participants will be permitted to withdraw monies from their ARP account during their phased retirement arrangement, effective with the first day of the academic year in which the Phased Retirement Arrangement commences (e. Two-Party - $296. Your retirement income is determined by your account balance at the time of retirement, which is comprised of your employee contributions (5% of salary), the employer contributions (9. Below is the criteria for payment of sick leave. of Annuitant. Sutton Hall, Room G8. The TIAA group of companies does not provide legal or tax advice. Voluntary Retirement Plans. PASSHE-RFQ-1. This page was developed to assist employees who are thinking about or nearing retirement. 29% of Salary Employee Contribution - 8. For a ballpark number, multiply your estimated Apr 5, 2024 · PROMISE. m. PASSHE-SPC-6. You select the amount you want to invest, from as little as $5 per pay to no more than $23,000 per year, which is the IRS limit for 2024. 5461 Defined Contribution Plan (personally selected investments)-1-866-737-7457 Deferred Compensation Plan (voluntary, supplemental plan) - 1-866-737-7457 2 Retirement@Work® l Quick Start Guide 1. 195% Vanguard Target Retirement 2045 (VTIVX) 0. To open an account, you must navigate to the Retirement@Work website to make your election. to 10 p. ees Retirement Plan (SERS)Employee Contribution – 5% of Salary State System Contribution – 9. Retirement Systems Division Address: 3200 Atlantic Avenue, Raleigh, NC 27604 Email: NCRetirement@nctreasurer. Leave Payout - APSCUF. Click Register and follow the Welcome&#33 We’ve made it easy to start managing your retirement benefits. The extension will help mitigate delays that are being experienced nationwide due to the U. Tax-Sheltered Annuity 403(b) (TSA) Money can be withdrawn at any time after separation. Information on the State System Retirement Program, including retirement counseling schedule. and for no more than 5 days per week. Check Form SF 50 for accuracy. Retirement Checklist. The El Paso County Retirement Plan is a traditional Defined Benefit Retirement Plan and calculates benefits using a predefined formula. Summary. Single - $133. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. If eligible, you will receive a leave payout of unused annual and personal leave in your last paycheck. The Phased Retirement arrangement must start with the Fall Semester. a faculty member with a reduced workload of 50% may teach four undergraduate classes in the fall semester, and no classes in the spring semester), but may not be back-loaded (e. Council of Trustees’ Approval Sample Resolution; Appendix V-6. Step 4: Divide (Step 3) by 100. State Employees' Retirement System (SERS) Public School Employees' Retirement System (PSERS) Any of the monthly payment plan options available through SERS or PSERS meet the criteria to establish a monthly lifetime annuity. Over 65 Booklet. The checklist also provides a number of items for you to consider when estate planning. Employees who meet certain criteria may be Apr 28, 2020 · 1. Vanguard Target Retirement Income (VTINX) 0. We start with a Final Average Monthly Compensation (FAMC). Contact Montana Public Employee Retirement Administration (MPERA) When you are ready to retire as a member of MPERA’s Defined Benefit Retirement Plans, follow these simple steps to retirement: Three to four months before you plan to retire, contact MPERA at (406) 444-3154 for an official defined benefit estimate packet. To access the form contact HR at askhr@esu. 5%] minus 1% for each year under 30 years) x the average of the highest 3. You may transmit a PDF by email, text message, fax, USPS mail, or online notarization directly from your account. Select the My First Days link from either of the provided navigational options. orgMedicare InformationIf Medicare eligible when you retire, enrollment in Medicare Parts A & B is required to be eligible for medi. Part-Time temporary - 1 day per semester. For members hired before January 1, 2022, the FAMC is the average of highest consecutive 36 months of salary out of the last 120 months of employment • I understand that I must be receiving an annuity from my PASSHE retirement plan in order to enroll in the AHCP. 195% Vanguard Target Up to 1 Year of Service - 4% of regular hours paid, 10. You must begin to draw a monthly lifetime retirement annuity within 90 days of separation. Contact SERS or PSERS to finalize your retirement paperwork. Enrollment in the retirement program is required, effective the first day of employment for all permanent full-time and part-time employees. Contact your financial adviser or vendor representative for more information. Prospective Retirees - SCUPA. 0% x fi. May 14, 2024 · Evaluate the appropriateness of annuities. Credited at beginning of service period. Need assistance? Schwab Retirement Plan Services is here to help. State. This Agreement entered into by the PASSHE Officers Association, hereinafter referred to as Union, and Pennsylvania’s State System of Higher Education (State System), hereinafter referred to as the Employer, has as its purpose the promotion of harmonious relations between the d the Internal Revenue Code. Call. al and prescription drug coverage under the Schedule a retirement planning meeting with the Benefits Manager in HR to ensure that you understand and are comfortable with your decision to retire and to assist you with any additional questions. 195% Vanguard Target Retirement 2025 (VTTVX) 0. The ARP is a defined contribution plan. For any changes or questions regarding your REHP coverage after your retirement: State Employees' Retirement System (SERS) Participants. » Go deeper: Use our free retirement calculator ID card (s) will be received AFTER enrollment begins. For additional information, please contact your university human resources office. 1. Voluntary Supplemental Retirement Programs. We can answer your call from 8 a. Over the summer, Pennsylvania Republicans required Penn State and other state-related universities to diverge more financial information in exchange for more funding; previously, they spoke of wanting to be a partner The PSERS plan is available for employees previously enrolled in the PSERS plan. www. The Board of Governors of Pennsylvania's State System of Higher Education today unanimously selected Dr. You may elect the ARP or SERS plan via My First Days or if you wish to stay in the PSERS plan, you must complete a PSERS election Retiree Timeline & Checklist Whether you’re starting to think about retirement or your retirement date is already set, the company wants to help ensure you take all the appropriate steps to plan for a financially stable retirement, to appropriately time starting your retirement benefits, and to review and complete any necessary paperwork. pending on plan selection. If you are a PSERS member and are eligible to enroll in a retirement plan with the State System, you must select a retirement plan. Full-Time temporary employed for 1 academic year - 15 days. I am retiring effective . Temporary employees must enroll in the retirement program once they have worked 750 hours in a calendar year. Retirement Planning 101. Step 5: Multiply your Monthly cost (Step 4) by 12 for your annual cost. rr bq hz bg fj la zq az tm cs