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Kingsport City Schools Retirement Overview 2018

Get an overview of the retirement plans and benefits available to employees of Kingsport City Schools. Learn about mandatory retirement plans, optional plans, eligibility for retiree medical benefits, and more.

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Kingsport City Schools Retirement Overview 2018

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  1. Kingsport City Schools Retirement Overview 2018 Human Resources Department

  2. HR Department Overview Jennifer Guthrie Chief Human Resources Officer Debbie Risdon HR Assistant Certified Staff Angie Price HR Assistant Benefits Administrator Debra Depalo HR Assistant Classified Staff Tabatha Graham HR Assistant Administrative Services and Substitutes

  3. WHAT MANDATORY RETIREMENT PLAN AM I PARTICIPATING IN? CERTIFIED CLASSIFIED Hired before July 1, 2014? Hired before July 1, 2012? YES NO NO YES TCRS ICMA 401(k) TCRS Legacy HYBRID Combined TCRS and Empower/Great West “Hire Date” is the date on which you were hired into a certified position in the state of TN. Time in prior districts is transferable. *Breaks in service may effect eligibility in TCRS Legacy. “Hire Date” is the date on which you were hired into a classified position with KCS. Time in prior districts or positions in the state is not transferable.

  4. What Plans Are Available? • In addition to a mandatory plan identified on the previous slide, you may be participating in an optional plan or you may want to sign up for an optional plan • Optional Plans (employees may participate in these plans in addition to any mandatory retirement plans, but without employer contribution): • 401(k) – ICMA or Empower/Great West • 457 - ICMA • 403(b) – Variety of providers.

  5. Am I Eligible for Retiree Medical Benefits? • Pre-65 retirees may be eligible for retiree medical with the state of Tennessee if they meet requirement for creditable service and participation on the state medical plan prior to retirement. • Post-65 retirees (age 65 or older) are eligible for medicare and may be eligible for the medicare supplement, POMCO, if they meet eligibility criteria.

  6. Am I Eligible for Retiree Medical Benefits? • Eligibility for retiree medical benefits from the state of Tennessee. a. Employees hired after June 30, 2015 are no longer eligible for retiree medical benefits with the state of Tennessee due to changes in state law. (Classified employees hired after June 30, 2012 may not be eligible for benefits depending on whether they have an account with TCRS.) i. “Hire date” is determined by the date hired into any position and any status,including certified, classified part time or full time. b. Minimum of 10 years of creditable service in the state of Tennessee. c. Carry medical insurance with the state of Tennessee for a minimum of three years (where service is between 10-20 years) or one year (where service is 20+ years) immediately prior to retirement. d. Must have a retirement account with TCRS.

  7. What Happens When I Turn 65? • Retirees become eligible for Medicare and will no longer be eligible for medical insurance through the state of Tennessee. (Active employees at age 65 or over remain on the state health insurance plan until retirement.) • POMCO is a Medicare supplement that pays for the remaining 20% of covered benefits not paid for by Medicare. This supplement is available to employees hired prior to July 1, 2015 and who have a TCRS retirement account. There is no minimum service requirement or length of participation required under the group health plan in order to receive POMCO.

  8. What Are My Premiums for Retiree Medical? • Premiums are set each year by the state of Tennessee. Certified staff have different levels of premiums depending on years of creditable service with the state. • Certified Retirees from Kingsport City Schools pay 30% of the state premium if they meet eligibility requirements: • Retire from KCS • Those hired as of July 1, 2010 must have 10 years of service with KCS in order to receive this credit. • Final premium amounts are automatically deducted from your monthly TCRS retirement check.

  9. Other Retirement Benefits: • Life Insurance • Kingsport City Schools carries life insurance for all eligible retirees at no cost to the retiree • This policy is valued at 25% of annual salary at the time of retirement

  10. What Do I Need to Do When I Am Ready for Retirement? • Reach out to Human Resources: • Certified: Debbie Risdon at drisdon@k12k.com • Classified: Debra Depalo at ddepalo@k12k.com • If you have a TCRS account, you will need to contact TCRS for a retirement estimate. • Applications for retirement with TCRS are now initiated on line. In order to complete an online retirement application, member must first create/log in to their My TCRS account. • After logging in, the member will access the Online Retirement Application under the “Services” tab or by clicking the “Online Retirement Application” link on the home page. • Once the retiree submits the application, it will be in the queu for KCS to certify the application

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