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