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Retirement from IRS

Retirement from IRS. AIM-IRS Annual Business Meeting & Training Seminar (ABMTS ), Cincinnati , OH Presenter: Colleen Keeton-Sims. Retirement: Agenda. Planning IRS plans (CSRS & FERS) Retirement reasons Helpful seminars Retirement estimate What may affect benefits? Questions & Answers.

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Retirement from IRS

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  1. Retirement from IRS AIM-IRS Annual Business Meeting & Training Seminar (ABMTS), Cincinnati, OH Presenter: Colleen Keeton-Sims

  2. Retirement: Agenda • Planning • IRS plans (CSRS & FERS) • Retirement reasons • Helpful seminars • Retirement estimate • What may affect benefits? • Questions & Answers

  3. Retirement: Planning • Hopefully you did the following: • Verified your IRS Plan (e.g. CSRS, FERS) benefits • Answered probing questions • Set & met goals • Diversified your portfolio

  4. Retirement: Planning cont. p2 • Answered probing questions: • When do I plan to retire? • What is required to retire? • Determine comfortable amount • Paperwork or necessary processes

  5. Retirement: Planning cont. p3 • Set & met goals • How I obtained the goal • Determined critical objectives • Made plan & checklist • Tracking purposes • Monitored status • Checked off tasks met • Followed up on incomplete items • marked for rework • required change

  6. Retirement: Planning p4 • Diversified • Within IRS • TSP contribution using IRS match • Made outside investments • secured “nest egg” builders • Personal savings • Stock market • IRAs

  7. Retirement: IRS Plans • Civil Service Retirement System (CSRS) • Federal Employees Retirement System (FERS)

  8. Retirement: What is CSRS? • CSRS • Hired before 1/1/84 • 5 (+) years prior federal service • Regular CSRS employees fund • Contribute 7% of basic pay • Law enforcement officers (LEOs) • contribute 7.5% of basic pay

  9. Retirement: CSRS Offset • Hired before 1/1/84 • left federal service over a year • returned after12/31/83 • Covered by CSRS and Social Security • Contributes 7% • Receives same CSRS benefits until age 62 • SSA eligible? CSRS annuity offset • Irrevocable transfer option to FERS • Break in service 3 days (+) • During FERS open season

  10. Retirement: What is FERS? • Three tier Annuity plan • Basic FERS plan administered by • Office of Personnel Management (OPM) • Social Security Administration (SSA) • Thrift Savings Plan (TSP) • Required if hired after 12/31/83 • Alternative for CSRS Offset

  11. Retirement: Reasons • Retirement eligible • Offered early retirement • Reduction in force (RIF) • Realignment • Disability • On the job injury • workman compensation • Non-job related injury or medical

  12. Retirement: Helpful seminars • Attend pre-retirement seminar • Locally (Check with BeST) • Advise manager want to attend • Interactive Video Teletraining • IVT broadcasts held via satellite • 11am-430pm EST: • CSRS: 9/15/10 & 12/8/10 • FERS: 9/16/10 & 12/9/10

  13. Retirement: Helpful seminars • 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)

  14. Retirement: Estimate reports • Retirement estimates • Where & how to check retirement benefits • HR Connect • National finance (NFC) www.usda.nfc.gov • Employee Connection • 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)

  15. Retirement: Obtain estimate • Retirement & benefit statement • periodically sent to address on file • Request estimate 45-60 days prior • Employee Resource Center (ERC) • 866-743-5748 option 1 • or via IRWeb (Intranet) • OS Get Services

  16. Retirement: Estimate received • After receive estimate contact • BeST Specialist • Verify if benefits are available • Select from eligibility options • keep or cancel medical with IRS • keep or cancel life insurance with IRS • Avoid delay submit paperwork timely

  17. Retirement: Estimate received • Once get estimate contact SSA • (Social Security Administration) • Coordinate benefits • disability retirement • Medicare (Part A, B, C & D) • Military (e.g. TRICARE)

  18. Retirement: Errors & follow up • Errors & follow up: • Correct errors with • BeST • SSA • Verify all data received • If projected receipt date past • Received incorrect quote or pay • Submit paperwork timely

  19. Retirement: Benefits affected • Full retirement benefits affected • Seasonal or part time work • Leave (excessive) • Military • pro: time served • con: received retirement payouts • TSP cash out before age 59 ½

  20. Retirement: Benefits affected • Government Pension Offset (GPO) • Based on spouse’s work

  21. Retirement: Benefits affected • SSA www.ssa.gov • Early retirement eligible (62 years) • Returns to work before full retire age • Makes more than allowed • Windfall elimination • Based on your work • Company did not pay into SSA • Teachers (some districts do but rare) • Postal workers

  22. Questions • Thank you for coming! • The floor is open for questions

  23. References • Government Pension Offiset (GPO) based on Spouse: http://erc.web.irs.gov/DisplayAnswers/AnswerType.asp?FolderID=5&CategoryID=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&CategoryID=2&SubCategory=193&QuestionID=1705 • Social Security Administration (SSA) www.ssa.gov

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