Ahhhh.

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Ahhhh.
Retirement!
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But which road to chose?
110 A 1 year advance planning
PERA All The Way Go when
ready
110 B 2 years advance planning
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What is a 110?

• PERA currently allows retired employees to work
  110 days in a calendar year.
• The fall semester is less than 110 days.
• The spring semester falls in the next calendar
  year, and is also less than 110 days.
• So, retired teachers may teach ONE school year
  while collecting their retirement benefit as well
  as their teaching salary. This is sometimes
  called double dipping.

District 6 has two different 110 plans.
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110 plans have pros and cons.
You DO make a lot more money for one year
But, the 110 year does not count toward your
PERA service credit. This reduces your retirement
benefit by 2.5 for life.
Its important to understand the options to make
the best decision for YOU.
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Choosing the 110A
Requests are due to H.R. by MARCH 1st. Assuming
your most recent evaluation
was satisfactory, you may be
accepted, and
notification will be sent to you by March 15th.
You must confirm intent to retire April 1.. (HR
date stamp is essential) Officially retire at
the end of this school year. Begin collecting
PERA this June 30th. District insurance runs
until August 31st. Work next year as a
110-er Starting in September, you may
purchase COBRA
insurance if you wish.
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The 110A year (2009-10)

• Fulfill all the same responsibilities as you
  always have.
• Most Master Contract provisions apply.
• Continue GEA membership as an active employee
  
• - Retired membership does not cover 110-ers
  (gold)
• Salary will be as if you had not retired.
• You will not have to pay the 8 contribution for
  PERA.
• - However, the year will not count toward your
  PERA service.
• You will get the dollar amount the district pays
  for insurances. You may buy COBRA insurance if
  you wish.
• Youll have 10 days leave for any purpose
  (bereavement, discretionary, sick) No access
  to Sick Leave Bank or Donated Days You
  may sell back unused days at 35 of sub pay
• You will receive
  your step advancement and may request
• Horizontal Advancement, contract permitting

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110APROS
110ACONS
Uncle Sam gets a big
chunk! This year does NOT count for PERA
service credit. No provision if you need more
than 10 days leave or are unable to complete
the year.

• Start retirement off with a financial bang!
• Collect your PERA and your salary.
• Only 1 years advance notice required.

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Choosing the 110B

• Requests are due to H.R. by June 15th 2009 almost
  TWO YEARS before you plan to walk out the door.
• Assuming your most recent evaluation was
  satisfactory, you will be accepted. Notification
  will be sent to you by June 30th.
• You have until July 15th to rescind or accept in
  writing.

• In August, work at the new teacher in-service and
  
• help new teachers throughout the year. You will
  be paid
• an additional 10 of your salary for this
  service.
• Continue teaching in 2009-10 as a regular PERA
  employee.
• Officially retire May 2010
• -start collecting PERA the following June 2010.
  
• District paid insurance runs through August 31,
  2010.

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The 110B year (2010-11)

• Fulfill all the same responsibilities as you
  always have.
• Most contract provisions apply.
• Continue GEA membership as an active employee
  (Retired membership does
  not cover 110-ers)

• Salary will be 90 of your step.
• If applicable, youre eligible for vertical and
  horizontal advancement.
• You will not have to pay the 8 employee
  contribution for PERA.
• However, 2010-2011 will not count toward your
  PERA service.
• You will receive the dollar amount the district
  pays for insurances. You may
  buy COBRA insurance if you wish.
• 10 days leave for any purpose (bereavement,
  discretionary, sick)
• No access to Sick Leave Bank or Donated Days.
• You may sell back unused days at 35 of sub pay.
  

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110BPROS
110BCONS
Your decision must be made almost 2 years before
you plan to walk out the door. Uncle Sam
gets a big chunk. Your double-dip year does NOT
count for PERA service credit. No provision if
you need more than 10
days leave or are unable to complete the
year.

• Earning an additional 10 by working with new
  teachers during your last regular PERA service
  year increases your H-A-S (the basis for your
  retirement).
• Start retirement off with a financial
  bang!
• Collect your PERA and your salary.

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PERAAll the Way
Work as a regular PERA employee
until you leave the
district. No district benefit. Notify PERA and
District 6

• Cons
• No lump sum of money
• to start off retirement

• Pros
• Retire when ready.
• No early decision required
• Addl 2.5 PERA benefit for life

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Decide when you want to walk out the door.
Then, explore the options.
3rd to last year
2nd to last year
Last year
Option
2008-09 or any year Regular PERA Service all the
way. Retire in May.
None
2008-09 (March 2, 2009) Last
PERA year. Request 110A by March 1st, 2009.
Retire in May, 2009.
2009-10 Return as 110-er.
Collect PERA and your salary.
110A
2009 Request 110B
no later than June 15th, 2009
2009-10 In August 2009,
work the New Teacher in-service for 10 of your
salary. Last PERA year. Retire in May,
2010.
2010-11 Return as 110-er.
Collect PERA and 90 of your salary.
110B
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With any of the options, you
are still able to sell back your
unused sick and discretionary leave at 35 of
the sub pay. For 20 years, all days are
reimbursed. For less than 20 years in D6, you
must have 45 days to receive the 35 payout.
Request the pay out when you apply for or notify
about retirement. Expect a separate check in
August following your PERA year. Re-request for
pay out of remaining days after your 110 year.
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Which is best?

• There are many factors to consider
• Timing
• Personal plans
• Investment habits
• Age
• Longevity
• Flex Plans

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Over time, some people may be as well off
with PERA-All The Way as they are
with the 110A.

• However,
• many people
• find that
• B stands for Best.

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Next Steps

• Look at your timeline and explore your options
• Pay close attention to the deadlines
• Meet with District representative
• from Finance and HR
• Meet with a PERA representative
• Consult with your financial advisor
• Make a decision and
• meet the deadlines
• Watch for the Jan. meetings with WCRSEA

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• Our retirement plans are part of the negotiated
  agreement between GEA and the District,
• and as such, subject to change.
• Legislation impacting PERA can also impact our
  agreement or your benefits. Please stay current
  on PERA political and financial issues.

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Working after retirementPERA rules apply!

• Once you start collecting PERA, you must have 1
  calendar month
• break in service before you can work for any
  PERA entity.
• - Dont work for a PERA entity in the summer
  following retirement
• PERA limits you to 110 days per calendar year for
• any PERA entity (i.e. a school district)
• - If you choose one of the Districts 110
  plans, those days count!
• - There is penalty if you exceed the allowed
  days
• District 6 currently hires some retirees at
  .47 (for half time)
• PERA allows 220 days per year at half-time or
  less
• Tell your principal you are available and
  contact HR
• Salary placement is at Base 1st step BA
  Level
• NO BENEFITS NO LEAVE
• Join GEA as part-time member if you choose
• You may be a substitute
• Do not exceed 110 days in a calendar year
• (retired substitutes receive 85.00/day
  compared to 80.00 regular sub pay)

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Other Details

• Get every document date-stamped in HR
• Retirement celebrations
• - Both the District and GEA celebrate your
• dedicated service to public education.
• - GEA members
• TUESDAY, May 12 is the retirement banquet.
• WCRSEA dates Retirement seminars
• - Jan. 6th, 13th, 20th, 27th and Feb. 3rd

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For more informationcontact

• GEA Office, Andi Lee President
• 353-4187 or greeleyea_at_msn.com
• District 6 Human Resources Department
• Elementary Ben Martinez (348-6070)
• Secondary Karen Griffin (348-6070)
• District 6 Finance Department
• - Robert Hepperle (348-6115)

Congratulations! and Happy Retirement!
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Available Resources

• Slide show www.greeleyea.org (white
• Options Handout (blue)
• Checklist (green)
• PERA Chart (pink)
• Intent to retire letter (sample-buff)
• Retirement membership (gold)
• Contract Language (Salmon)
• Government Pension
• Offset Windfall Elimination
• Provision (lilac)
• Countdown to Retirement (cherry)
• Benefits/COBRA
• 401Ks 403Bs and 457s

• Contact Numbers
• GEA 353-4187
• HR 348-6070
• Payroll 348-6115
• Benefits 348-6114
• WCRSEA (Glen Hanson) 353-4849
• (Weld County Retired Employees Association)