The Retirement Counseling Session Process

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The Retirement Counseling Session Process

• Presented By Maria Benningfield
• Assisted By Diane Didulo

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Purpose Objective

• Provide an informative and engaging presentation
  on the step-by-step process of preparing and
  conducting a service retirement counseling
  session

3
Scheduling and Preparing for an Appointment for
Service Retirement Counseling Session

• Member makes an appointment and provides
• possible date(s) to retire
• Confirm required documents are on file
• birth certificates
• marriage certificate
• divorce documents (if applicable)

4
Preparing/Reviewing a Members File for a
Counseling Session (continuation)

• Determine the availability of additional service
  credit
• Prior service credit
• Unpaid medical leaves of absence
• Unpaid military leaves of absence
• Re-deposit of withdrawn contributions
• Prior public service credit

5
Preparing/Reviewing a Members File for a
Counseling Session (continuation)

• Review court filed divorce documents
• Court Filed Joinder
• Court Filed Judgment
• Court Filed Domestic Relations Order
• Prepare Estimate Calculation for different dates
  of retirement
• Determine if reciprocity exists
• Identify additional special pay items

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Counseling Session

• Checklist for Service Retirement Counseling
  Session (Exhibit A) and explain/discuss
• Benefit payment options
• Reciprocity
• Service credit purchase
• Temporary Annuity Option (TAO)
• Divorce
• Other topics
• Note Member does not elect a payment option at
  the time of the counseling session

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Calculation Summary Benefit Payment Options

• Calculation Summary (Exhibit B)
• Unmodified or Basic Retirement Payment
• Option 1 lump sum
• Option 2 100
• Option 3 50
• Option 4 multiple beneficiaries (Actuary)

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Reciprocity

• Inter-Agency form (Exhibit C)
• Date of Retirement
• Dates of highest consecutive 365 days (or three
  365 days) of compensation earnable in their
  system
• Confirmation that the member is still credited
  with service
• Analysis of Special Pays (Exhibit D)

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Service Credit Purchases

• Review employment history
• Available service credit (Exhibit E)

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Temporary Annuity Option (TAO)

• Temporary Annuity Option is an advance on
  Social Security.
• Annual Social Security Benefit Statement (Exhibit
  F) or an estimate of benefits (Exhibit G)
• Temporary Annuity Option Waiver (Exhibit H)
• FCERA applies an age based annuity factor
  (Exhibit I)

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Divorce

• Retirement benefits earned by either party during
  marriage or domestic partnership are community
  property.
• Plan could be held financially responsible for
  amount paid in error where the plan has been
  joined in the divorce

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Divorce (continuation)

• Documents required before payments can begin
• Court Filed Divorce Judgment
• Joinder indicating plan has been joined
• Filed Court Order document indicating the
  division of community property (Domestic
  Relations Order)

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Other Topics

• IRC Section 415 Benefit Limits
• (Exhibit J K)
• Replacement Benefit Program
• Retired Employees of Fresno County (REFCO)
  address waiver form (Exhibit L)

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Documents Signed During Counseling Session

• Checklist for Service Retirement Counseling
  Session
• Retirement Application (Exhibit M)
• IRC 415
• TAO Waiver
• REFCO Waiver
• Note Payment Option is not elected at this time

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Process After Counseling Session

• Option packet is prepared and delivered
• Award letter
• Election of Retirement Allowance
• Withholding forms
• Member elects payment option
• Process elected benefit payment option through
  payroll

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Questions?