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Ahhhh….

Ahhhh…. Retirement!. But which road to chose?. 110 A 1 year advance planning. PERA All The Way “Go when ready…”. 110 B 2 years advance planning. What is a 110?. PERA currently allows retired employees to work 110 days in a calendar year.

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Ahhhh….

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  1. Ahhhh…. Retirement!

  2. But which road to chose? 110 A 1 year advance planning PERA All The Way “Go when ready…” 110 B 2 years advance planning

  3. What is a 110? • PERA currently allows retired employees to work 110 days in a calendar year. • The fall semester is less than 110 days. • The spring semester falls in the next calendar year, and is also less than 110 days. • So, retired teachers may teach ONE school year while collecting their retirement benefit as well as their teaching salary. This is sometimes called “double dipping.” District 6 has two different 110 plans.

  4. 110 plans have pros and cons. You DO make a lot more money for one year But, the “110” year does not count toward your PERA service credit. This reduces your retirement benefit by 2.5 for life. It’s important to understand the options to make the best decision for YOU.

  5. Choosing the 110A Requests are due to H.R. by MARCH 1st. Assuming your most recent evaluation was satisfactory, you may be accepted, and notification will be sent to you by March 15th. You must confirm intent to retire April 1.. (HR date stamp is essential) Officially retire at the end of this school year. Begin collecting PERA this June 30th. District insurance runs until August 31st. Work next year as a “110-er” Starting in September, you may purchase COBRA insurance if you wish.

  6. The 110A year (2010-11) • Fulfill all the same responsibilities as you always have. • Most Master Contract provisions apply. • Continue GEA membership as an active employee - Retired membership does not cover 110-ers; (gold) • Salary will be as if you had not retired. • You will not have to pay the 8% contribution for PERA. - However, the year will not count toward your PERA service. • You will get the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish. *You’ll have 10 days leave for any purpose (bereavement, discretionary, sick…) *No access to Sick Leave Bank or Donated Days *You may sell back unused days at 35% of sub pay *You will receive your step advancement and may request Horizontal Advancement, contract permitting

  7. 110ACONS 110APROS Start retirement off with a financial bang! Collect your PERA and your salary. Only 1 year’s advance notice required. Uncle Sam gets a big chunk! This year does NOT count for PERA service credit. No provision if you need more than 10 days leave or are unable to complete the year.

  8. Choosing the 110B • Requests are due to H.R. by June 15th 2010 almost TWO YEARS before you plan to walk out the door. • Assuming your most recent evaluation was satisfactory, you will be accepted. Notification will be sent to you by June 30th. • You have until July 15th to rescind or accept in writing. • In August, work at the new teacher in-service and • help new teachers throughout the year. You will be paid an additional 10% of your salary for this service. • Continue teaching in 2010-11 as a regular PERA employee. • Officially retire May 2011; -start collecting PERA the following June 2011. • District paid insurance runs through August 31, 2011.

  9. The 110B year (2011-12) • Fulfill all the same responsibilities as you always have. • Most contract provisions apply. • Continue GEA membership as an active employee (Retired membership does not cover 110-ers) • Salary will be 90% of your step. • If applicable, you’re eligible for vertical and horizontal advancement. • You will not have to pay the 8% employee contribution for PERA. • However, 2011-12 will not count toward your PERA service. • You will receive the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish. • 10 days leave for any purpose (bereavement, discretionary, sick…) No access to Sick Leave Bank or Donated Days. You may sell back unused days at 35% of sub pay.

  10. 110BPROS 110BCONS • Earning an additional 10% by working with new teachers during your last regular PERA service year increases your H-A-S (the basis for your retirement). • Start retirement off with a financial bang! • Collect your PERA and your salary. Your decision must be made almost 2 years before you plan to walk out the door. Uncle Sam gets a big chunk. Your double-dip year does NOT count for PERA service credit. No provision if you need more than 10 days leave or are unable to complete the year.

  11. PERAAll the Way Pros • Retire when ready. No early decision required • Add’l 2.5% PERA benefit for life Work as a regular PERA employee until you leave the district. No district benefit. Notify PERA and District 6 • Cons • No lump sum of money • to start off retirement

  12. Decide when you want to“walk out the door.”Then, explore the options. Option 3rd to last year 2nd to last year Last year 2009-10 or any yearRegular PERA Service all the way. Retire in May. None 2009-10 (March 2, 2010)Last PERA year. Request 110A by March 1st, 2010. Retire in May, 2010. 2010-11Return as 110-er. Collect PERA and your salary. 110A 2010 Request 110B no later than June 15th, 2010 2010-11In August 2010, work the New Teacher in-service for 10% of your salary. Last PERA year. Retire in May, 2011. 2011-12 Return as 110-er. Collect PERA and 90% of your salary. 110B

  13. With any of the options, you are still able to “sell back” your unused sick and discretionary leave at 35% of the sub pay. For 20+ years, all days are reimbursed. For less than 20 years in D6, you must have 45 days to receive the 35% payout. Request the pay out when you apply for or notify about retirement. Expect a separate check in August following your PERA year. Re-request for pay out of remaining days after your 110 year.

  14. Which is best? There are many factors to consider: Timing Personal plans Investment habits Age Longevity Flex Plans

  15. Over time, some people may be as well off with “PERA-All The Way” as they are with the 110A. However, many people find that “B” stands for “Best.”

  16. Next Steps • Look at your timeline and explore your options • Pay close attention to the deadlines • Meet with District representative from Finance and HR • Meet with a PERA representative • Consult with your financial advisor • Make a decision and meet the deadlines • Watch for the Jan. meetings with WCRSEA

  17. Our retirement plans are part of the negotiated agreement between GEA and the District, and as such, subject to change. Legislation impacting PERA can also impact our agreement or your benefits. Please stay current on PERA political and financial issues.

  18. Working after retirementPERA rules apply! • Once you start collecting PERA, you must have 1 calendar month “break in service” before you can work for any PERA entity. - Don’t work for a PERA entity in the summer following retirement • PERA limits you to 110 days per calendar year for any PERA entity (i.e. a school district) - If you choose one of the District’s 110 plans, those days count! - There is penalty if you exceed the allowed days District 6 currently hires some retirees at .47 (for half time) PERA allows 220 days per year at half-time or less Tell your principal you are available and contact HR NO BENEFITS; NO LEAVE Join GEA as part-time member if you choose You may be a substitute Do not exceed 110 days in a calendar year (retired substitutes receive $85.00/day compared to $80.00 regular sub pay) You may work for a NON-PERA entity without restriction

  19. Other Details Get every document date-stamped in HR • Retirement celebrations - Both the District and GEA celebrate your dedicated service to public education. - GEA members: TUESDAY, May 4 is the retirement banquet. • WCRSEA dates Retirement seminars

  20. For more informationcontact: • GEA Office, Andi Lee President • 353-4187 or greeleyea@msn.com • District 6 Human Resources Department Ben Martinez (348-6070) • District 6 Finance Department - Robert Hepperle (348-6115) Congratulations! and Happy Retirement!

  21. Slide show: www.greeleyea.org (white Options Handout(blue) Checklist (green) PERA Chart (pink) Intent to retire letter (sample-buff) Retirement membership (gold) Contract Language (Salmon) Government Pension Offset: Windfall Elimination Provision (lilac) Countdown to Retirement (cherry) Benefits/COBRA 401K’s; 403B’s and 457’s Contact Numbers: GEA: 353-4187 HR: 348-6070 Payroll: 348-6115 Benefits: 348-6114 WCRSEA (Glen Hanson) 353-4849 (Weld County Retired Employees Association) Available Resources

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