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Davis School District Retirement B en efits Orientation

Davis School District Retirement B en efits Orientation. Tier 1 Retirement Benefits. Welcome Employees – Tier 1.

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Davis School District Retirement B en efits Orientation

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  1. Davis School DistrictRetirement Benefits Orientation Tier 1 Retirement Benefits

  2. Welcome Employees – Tier 1 • If you were hired into a retirement eligible position by a Utah Retirement Systems (URS) employer anytime beforeJuly 1, 2011 you are on Tier 1. Continue with this presentation. • If you were newly hired into a retirement eligible position on or afterJuly 1, 2011 your are on Tier 2. Please exit and view that presentation.

  3. We keep the Payroll webpage up-to-date with the latest news, deadlines and other important things you need to know.

  4. Retirement Benefits: Tier 1 Pension 401(k) The District will contribute 1.5% of your salary to your 401(k) each month as long as you are eligible for retirement benefits You can also contribute to your 401(k) but you are not required to • The District fully funds your retirement benefit (pension) • You are eligible for this benefit at NO COST TO YOU as long as you are working 30+ hours per week (20+ hours per week if you qualify for grandfathering protection) • You are fully vested after 4 years of eligible employment

  5. How Much Will My Pension Pay? Pension Benefit Calculation Number of Eligible Years of Service X 2% X Average Salary (average of 3 highest years salary) = Basic Annual Benefit /12 = Basic Monthly Benefit Example 30 Years X 2% (=60%) X $40,000 (average of 3 highest years salary) = $24,000/year /12 = $2,000/month

  6. When Can I Retire? • Your pension eligibility depends on your age and years of service. Here are the minimum qualifications: • 65 with at least 4 years of service • 62 with at least 10 years of service* • 60 with at least 20 years of service* • Any age with at least 25 years of service* • Any age with at least 30 years of service *There is an early age reduction if you retire under age 65 with fewer than 30 years of service Early Age Reduction If you have fewer than 30 years of service and you retire before age 65, your benefit is reduced. You’ll get 3% less for every year between age 60 and 65 and 7% less per year for every year below age 60.

  7. 401(k) OptionsYou can choose where and how your 401(k) money is invested All URS 401(k) contributions will be invested in the Medium Horizon Fund unless otherwise specified. PLEASE NOTE: If you have already received a paycheck, Educators Mutual will not be an option until next year(JANUARY). If you would like to make a change at that time, please notify the Payroll Department no later than JANUARY 15th.

  8. Employee Contributions (Voluntary) 1 2 3 4 5 • 401(k) • 457 • 403(b) – Annuities • Traditional IRA • Roth IRA You can contribute to none, one or more. The choice is yours.

  9. Which Investment PlanShould I Choose? • Consider your tax bracket before and after retirement: • Pre-tax Deductions • Lower your taxable income NOW • 401(k) • 457 • 403(b) • Traditional IRA • Post-tax Deductions • Pay your taxes now • Roth IRA (Tax free growth)

  10. Authorized Annuity Companies For a complete listing of the Annuity companies and representatives that are authorized to provide 403(b)’s and other investment options to Davis School District employees, please contact the Payroll Department at 801-402-5282.

  11. www.urs.org Tier 1

  12. Your URS Account Number starts with a “W”. It will be on your Welcome Letter, which will be included with the Utah Retirement Systems Enrollment Packet URS will mail to you.

  13. Questions? Call Payroll: (801) 402-5282 Scott Douglas: (801) 402-5325 • Payroll Director Marilyn Daley: (801) 402-5327 • Payroll Supervisor • Administrative Interns • Extended Leave and Catastrophic Leave • Military Leave Cindy Chambers: (801) 402-5324 • Worker’s Comp • Extra Duty Pay • Retirement and 401(k) Elizabeth Ward: (801) 402-5236 • Part-time Personnel Actions • Flexible Spending • District Daycare • Workforce Services • Employment Verifications

  14. Holly Thurgood: (801) 402-5176 • Retirement and 401(k) Laki Leota: (801) 402-5282 • Direct Deposit • W-4s • Child Support • myDSD Payroll Management • Miscellaneous Payroll Deductions Nicki Nef: (801) 402-5348 • Garnishments • Tax Levies Twyla Coleman: (801) 402-5326 • Full-time Personnel Actions • Vacation, Personal Leave and Sick Leave • ROTC Thank You!

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