Retirement from IRS - AIM-IRS
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Transcript Retirement from IRS - AIM-IRS
Retirement from IRS
AIM-IRS Annual Business Meeting & Training Seminar
(ABMTS), Cincinnati, OH
Presenter: Colleen Keeton-Sims
Retirement: Agenda
Planning
IRS plans (CSRS & FERS)
Retirement reasons
Helpful seminars
Retirement estimate
What may affect benefits?
Questions & Answers
Retirement: Planning
Hopefully you did the following:
Verified your IRS Plan (e.g.
CSRS, FERS) benefits
Answered probing questions
Set & met goals
Diversified your portfolio
Retirement: Planning cont. p2
Answered probing questions:
When do I plan to retire?
What is required to retire?
Determine comfortable amount
Paperwork or necessary processes
Retirement: Planning cont. p3
Set & met goals
How I obtained the goal
Determined critical objectives
Made plan & checklist
Tracking purposes
Monitored status
Checked off tasks met
Followed up on incomplete items
marked for rework
required change
Retirement: Planning p4
Diversified
Within IRS
TSP contribution using IRS match
Made outside investments
secured “nest egg” builders
Personal savings
Stock market
IRAs
Retirement: IRS Plans
Civil Service Retirement System
(CSRS)
Federal Employees Retirement
System (FERS)
Retirement: What is CSRS?
CSRS
Hired before 1/1/84
5 (+) years prior federal service
Regular CSRS employees fund
Contribute 7% of basic pay
Law enforcement officers (LEOs)
contribute 7.5% of basic pay
Retirement: CSRS Offset
Hired before 1/1/84
Covered by CSRS and Social Security
Contributes 7%
Receives same CSRS benefits until age 62
left federal service over a year
returned after12/31/83
SSA eligible? CSRS annuity offset
Irrevocable transfer option to FERS
Break in service 3 days (+)
During FERS open season
Retirement: What is FERS?
Three tier Annuity plan
Basic FERS plan administered by
Office of Personnel Management
(OPM)
Social Security Administration (SSA)
Thrift Savings Plan (TSP)
Required if hired after 12/31/83
Alternative for CSRS Offset
Retirement: Reasons
Retirement eligible
Offered early retirement
Reduction in force (RIF)
Realignment
Disability
On the job injury
workman compensation
Non-job related injury or medical
Retirement: Helpful seminars
Attend pre-retirement seminar
Locally (Check with BeST)
Advise manager want to attend
Interactive Video Teletraining
IVT broadcasts held via satellite
11am-430pm EST:
CSRS: 9/15/10 & 12/8/10
FERS: 9/16/10 & 12/9/10
Retirement: Helpful seminars
Pre-retirement seminars cover
Retirement benefits
Social Security (SSA)
TSP
Federal Employee Health Benefits
Program (FEHBP)
Long Term Care
Federal Employees’ Group Life
Insurance Program (FEGLIP)
Retirement: Estimate reports
Retirement estimates
Where & how to check retirement
benefits
HR Connect
National finance (NFC) www.usda.nfc.gov
Employee Connection
On ERC page under “My Profile” tab
http://erc.web.irs.gov/Profile/
Click on “View my benefits information” link
http://erc.web.irs.gov/ec/eclogin/erc_get_emp
_benefitslogin.asp
Enter your SEID and Employee Connection
PIN or default (last two digits of SSN followed
by first two digits of SSN)
Retirement: Obtain estimate
Retirement & benefit statement
periodically sent to address on file
Request estimate 45-60 days prior
Employee Resource Center (ERC)
866-743-5748 option 1
or via IRWeb (Intranet)
OS Get Services
Retirement: Estimate received
After receive estimate contact
BeST Specialist
Verify if benefits are available
Select from eligibility options
keep or cancel medical with IRS
keep or cancel life insurance with IRS
Avoid delay submit paperwork timely
Retirement: Estimate received
Once get estimate contact SSA
(Social Security Administration)
Coordinate benefits
disability retirement
Medicare (Part A, B, C & D)
Military (e.g. TRICARE)
Retirement: Errors & follow up
Errors & follow up:
Correct errors with
BeST
SSA
Verify all data received
If projected receipt date past
Received incorrect quote or pay
Submit paperwork timely
Retirement: Benefits affected
Full retirement benefits affected
Seasonal or part time work
Leave (excessive)
Military
pro: time served
con: received retirement payouts
TSP cash out before age 59 ½
Retirement: Benefits affected
Government Pension Offset
(GPO)
Based on spouse’s work
Retirement: Benefits affected
SSA www.ssa.gov
Early retirement eligible (62 years)
Returns to work before full retire age
Makes more than allowed
Windfall elimination
Based on your work
Company did not pay into SSA
Teachers (some districts do but rare)
Postal workers
Questions
Thank you for coming!
The floor is open for questions
References
Government Pension Offiset (GPO) based on Spouse:
http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate
goryID=2&SubCategory=193&QuestionID=1706
IVT:
http://irweb.irs.gov/AboutIRS/bu/cl/comm/tv/training/csrsfers/default.aspx
Windfall elimination based on you not spouse:
http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&Cate
goryID=2&SubCategory=193&QuestionID=1705
Social Security Administration (SSA) www.ssa.gov