Transcript “Preparing for Your Final Career” Developing a Retirement Planning Workshop Diana McClay Associate Director of Human Resources Richard Ashley Training Manager, Office of Human Resources East Tennessee.

“Preparing for Your Final Career”
Developing a Retirement Planning
Workshop
Diana McClay
Associate Director of Human Resources
Richard Ashley
Training Manager, Office of Human Resources
East Tennessee State University
Johnson City, TN
www.etsu.edu
How do you prepare your faculty
and staff for their retirement?
The Famous Backburner
What am I going to do when I retire
and have more time?
Handout page 16
Origins
ETSU Retirees Association (ETSURA)
Committee – representatives from:
ETSURA
Benefits Committee
Human Resources
Faculty Senate
Staff Senate
Today’s Agenda
Topic Selection
Series Format
Speaker Selection
Schedule
“Roll-out”
“Kick-off”
Topic Content
Website
Review & Planning for 2008
Topic Selection
Kick-Off Panel
Legal Matters
Financial Planning
State Retirement
Optional Retirement
Taxes
Social Security
Medicare
Health Considerations
Insurance
Housing
Activities
Series Format
One- or two-day vs. multiple days
Afternoon & evening presentations
Main campus & College of Medicine
campus
Speaker Selection
ETSU faculty and staff
Subject matter experts
ETSU affiliation
Local community resources
FREE
Schedule
Topic
Date
Time
Location
Presenter
Kickoff Panel
Sep. 18, T
3 – 4:30 p.m.
Culp-The Forum
ETSURA Members
Kickoff Panel
Sep. 18, T
7 – 8:30 p.m.
Culp-The Forum
ETSURA Members
Legal Affairs
Sep. 20, R
3 – 4:30 p.m.
Culp-The Forum
Jeff Anderson, J.D., Assoc. VP, Advancement
Legal Affairs
Sep. 20, R
7 – 8:30 p.m.
SG**-B003
Jeff Anderson, J.D., Assoc. VP, Advancement
Financial Planning
Sep. 27, R
3 – 4:30 p.m.
Culp-The Forum
Bryan Hawk, ’98, Financial Adv, Edward Jones
Financial Planning
Sep. 27, R
7 – 8:30 p.m.
SG**-C023
Bryan Hawk, ’98, Financial Adv, Edward Jones
TCRS
Oct. 2, T
6:30-8:30 p.m.
SG**-C023
Mark Wakefield, TCRS Rep.
TCRS
Oct. 3, W
8:30 – 10:30 a.m.
Culp-The Forum
Mark Wakefield, TCRS Rep.
ORP
Oct. 4, R
3 – 4:30 p.m.
Culp-The Forum
Barry Bartlett, Financial Advisor
ORP
Oct. 4, R
7 – 8:30 p.m.
SG**-B003
Barry Bartlett, Financial Advisor
Medicare
Oct. 9, T
3 – 4:30 p.m.
Culp-Mtg Rm 6
Lori Wilson, SHIP Coordinator, AAAD *
Medicare
Oct. 9, T
7 – 8:30 p.m.
SG**-C023
Lori Wilson, SHIP Coordinator, AAAD *
Handout page 13
Schedule
Topic
Date
Time
Location
Social Security
Oct. 11, R
3 – 4:30 p.m.
Culp-Mtg Rm 6
Tony Thompson, District SSA Mgr
Social Security
Oct. 11, R
7 – 8:30 p.m.
SG**-B003
Tony Thompson, District SSA Mgr
Health Considerations
Oct. 18, R
3 – 4:30 p.m.
Culp-Mtg Rm 6
Dr. Ronald Hamdy, Prof., Geriatrics
Health Considerations
Oct. 18, R
7 – 8:30 p.m.
SG**-B003
Dr. Ronald Hamdy, Prof., Geriatrics
Taxes
Oct. 23, T
3 – 4:30 p.m.
Culp-Mtg Rm 6
Joan Mitchell, CPA
Taxes
Oct. 23, T
7 – 8:30 p.m.
SG**-B003
Joan Mitchell, CPA
Insurance
Oct. 25, R
3 – 4:30 p.m.
Culp-Mtg Rm 6
Harold Dishner Insurance Agency
Insurance
Oct. 25, R
7 – 8:30 p.m.
SG**-B003
Harold Dishner Insurance Agency
Housing
Oct. 30, T
3 – 4:30 p.m.
Culp-Mtg Rm 2
Tara Shaver, AARP, Nashville
Housing
Oct. 30, T
7 – 8:30 p.m.
SG**-B003
Tara Shaver, AARP, Nashville
Activities
Nov. 8, R
3 – 4:30 p.m.
Culp-Mtg Rm 2
Dr. Deborah Harley, Teresa Brooks Taylor
Activities
Nov. 8, R
7 – 8:30 p.m.
SG**-B003
Dr. Deborah Harley, Teresa Brooks Taylor
Handout page 13
Presenter
“Roll-Out”
Letter to all employees from
ETSURA, handout page 11
EDC Newsletter, handout pages 12-14
HR Homepage,
www.etsu.edu/humanres
EDC Website , www.etsu.edu/edc
Monthly reminders (paper &
email, handout page 15)
“Kick-Off”
ETSURA Panel Members
When do you retire?
You’ll know; While Healthy
The process of retiring
Retirement sources of income
Do I have enough money?
Should you lower your ambitions?
Other experiences:
Family
Health
Activities
Legal Matters
ETSU Associate V.P. for
Advancement, and J.D.
Wills/Revocable Living Trusts
Powers of Attorney
Advance Directives
Financial Planning
Local Edward Jones financial advisor &
ETSU Alumnus
Have I saved enough?
How soon can I retire?
Steps to answer 5 Questions
Where am I today?
Where do I want to be when I retire?
Can I get there?
How do I get there?
How do I stay on track?
Case Studies
TN State Retirement Plan (TCRS)
State TCRS advisor
Defined Benefit vs. Contribution Plans
Early Retirement
Benefit Payment Plans
Disability Benefits
Medical Insurance & Supplementals
Cost-of-Living Adjustments
Taxes
Retirement Checklist
TN Optional Retirement Plan (ORP)
Former ETSU VALIC Representative
What is the ORP
TIAA-CREF, VALIC, ING
Comparison: ORP vs. State Plan
Contributions
Changes
Retirement Benefits
You must manage your retirement plan
Taxes
Local CPA & Spouse of ETSU
Alumnus
How Retirement Distributions are
Taxed
Options for Paying Income Tax
Social Security tax
Minimizing Tax in Retirement
What Happens when you Die
Social Security
Social Security District Manager
History, SS Trust Fund Income &
Distributions
The SS Trust Fund Dilemma
How you earn SS Credits
SS Retirement Ages
How your benefit is calculated
How to apply for your benefit
Working while receiving SS
Medicare: Parts A, B, D
Medicare
State Health Insurance Program
Coordinators (SHIP)
Intro to Medicare
The Original Medicare Plan
Medicare Supplement Insurance
(Medigap)
Medicare Advantage & Other Plans
Medicare Prescription Drug Coverage
Medicare & Medicaid Savings
Programs
Health Considerations
ETSU College of Medicine Professor
& Chair of Geriatrics
The Most Important Thing
Examples of People without a Plan
Characteristic Health Problems
How to prevent, treat and live with
them
Insurance
ETSU Benefits Manager
ETSU Retirement Insurance Programs
State Farm Insurance Agent &
Spouse of ETSU Retiree
Long Term Care
Other Insurances:
• Life, Home, Auto, Liability, Umbrella
Housing
AARP State Representative
Housing Options:
Own, Rent, Condo, Apt, Retirement
Community, Assisted Living, etc.
Weighing Your Options:
Accessibility, Affordability, Future Needs
Know Your Community Resources:
SHIP, AAAD, Sr. Center, BBB
Do Your Research & Shop Around
Reverse Mortgages
Activities
ETSU Assistant V.P. for Community
Engagement, Leadership & Learning
Backburner Exercise: What am I going
to do when I have more time?
Guests: Volunteer Center of Johnson
City; J.C. Sr. Center; Retired & Senior
Volunteer Program; AAA
Tips for Volunteering
Join the ETSU Retirees Association 
Results
Participation
553 attended basic series
63 attended other related classes
• Retirement Planning & Investments
• Basic Estate Planning Strategies
• Retirement Strategies for Women
• Cornerstones of Investing
What I liked most…
New ideas! Great variety! Good panel!
1st time I have ever talked face-to-face
with an AARP rep in 10 yrs of
membership
Great & detailed information and time
for participation
Gave me ideas to think about and
anticipate: re: retirement, etc.
Finding our what Medicare actually
is and/or costs involved
What I liked most…
Clarity and specifics of material
Frank answers – no sugar coating
Excellent guidelines for individual
planning
Opened my eyes about debt;
retirement; invest wisely
“young” families need this as well
as those looking at retirement
These matters are complex; this
course is very helpful to planning
& thinking about the future.
Website Information
Videos
PowerPoint Presentations
Handouts
Useful resources and websites
http://www.etsu.edu/edc/Fall2007
RetirementSeries.htm
Post-Series Review
What went well
What needs improvement
Changes or additions
Current Planning for Fall 2008
Keep same format
Find different presenters for some topics
Add Business Faculty Presentations for
financial planning and investment
Add 401k, 403b, 457, Roth 401k Class
Improve video quality
Invite other State employees to evening
sessions
Continue to invite ETSU retirees
Preparing your final career
Dr. Ron Hamdy summarizes and
affirms ETSURA’s vision for this
retirement series:
“You really need to feel needed.
There must be a goal in life.”
So be prepared