Tuesday, November 21, 2017
PSEA-Retired
 
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AFTER WORK… is an informational update sponsored by the CW Region of PSEA Retired.  Its purpose is to support active members and locals in their efforts to improve schools and educate school employees on retirement issues and events that affect them in the future.  The region will email the update to local presidents, who then will forward it to the members.  County reps will also have copies to distribute at county coordinating councils  The CW executive committee encourages members to be familiar with retirement AFTER WORK.

 

GENERAL RETIREMENT INFORMATION

Many members attend a meeting or two with hopes of finding out how much they will receive in retirement.  C-W Region recommends that members attend as many meetings as possible prior to retiring in order to understand the system.  Once a member signs the final documents, the decision is difficult to rescind, so make sure you understand your future.

 One major decision that members must make is the monthly benefit option.  There are many factors to consider before making your decision, including marital status, spouse’s work history, age, etc.  There are five major options to consider and a disability option.  

(1) The maximum single life annuity provides the maximum monthly benefit. 

(2) Option 1 reduces your monthly benefit and places a “present value” on your account.  At death, if you have not received in monthly benefits an amount that is equal to your account’s present value, the balance is paid to your beneficiaries.

(3) Option 2 reduces your benefit based on age and gender and the age and gender of your survivor annuitant at retirement.  At death, your survivor annuitant receives the same monthly benefit throughout his or her lifetime. 

(4) Option 3 is similar to Option 2, with the exception that the survivor annuitant receives half of the monthly benefit.  

(5) The customized option is available if the other options do not suffice, providing that certain conditions are met.  For more information, visit the PSERS website, click on the Leaving Employment tab, then the Monthly Benefits Option.  Also, go to a Foundations for your Future session as often as you can, as all of the information can be overwhelming.  Another major decision concerns your contributions and interest.  Taking them will reduce your monthly benefit but give you access to and control of your money.  You may need to consult a financial advisor.

As an update to the September AFTER WORK newsletter, the maximum penalty is 15% if you do not reach the age requirements and the years of service requirements.  Also, if you have purchased insurance or use other member benefits during employment, check with these individual companies to determine if you can continue them in retirement.

 

FOUNDATIONS FOR YOUR FUTURE MEETINGS

Look for a mailing within a few weeks for Foundations for your Future meetings in your area.

 Bedford County—3/23 Travelodge, Bedford

Blair County—3/8 Greater Altoona C&T Center

Cambria County—3/9 Admiral Perry AVTS

Jefferson County—3/8 Heritage House, Brookville        

Somerset County—3/6 Comfort Inn, Somerset

Starting times are at 4:30 PM

 

LIFE’S CHALLENGES IN RETIREMENT

C-W Retired will sponsor dinner workshops for those planning to retire within the next three years.  The cost for dinner is $10 per person, followed by presentations and a question/answer session.  The dates are April 18 at The Coney in Indiana and April 20 at the Windber Legion.  Dinner is at 5:30.  For more information, email Liz Wilt at eawilt@gmail.com

 

PRE-RETIREMENT SEMINARS

C-W (active) Region will hold pre-retirement seminars on March 10 at Somerset Career and Technology Center and March 11 at the HUB in Indiana.  Watch your mail for information and reply quickly as there is a limited numbers of attendees for these sessions. 

The Executive Board of CW Region-Retired hopes that you enjoyed this one page, non- political update.  Consider joining PSEA-Retired, either while working or upon retirement.  Have a great school year and, someday, a greater retirement!  

 

Barbara Lynch, CW-Retired President

cwretired@comcast.net.