municipal association of south carolina - peba dolder … · 2017-11-17 · retirement awareness...
TRANSCRIPT
11/13/2017
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PEBA update
SC Municipal Human Resources Association
2017 Annual Meeting
November 9, 2017
PEBA update
• Navigating your benefits website
• Retirement benefits• Retirement awareness
• Member Access
• Ending TERI participation
• Insurance benefits• 2018 State Health Plan update
• MyBenefits
• PEBA Perks
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• A multimedia series oninsurance andretirement benefits
• Flyers and videos
• www.peba.sc.gov/nyb
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Navigating your benefits
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Retirementbenefits
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Retirement awareness
• Retirement planning seminar• Retirement eligibility
• Insurance eligibility for retirees
• Early- and mid-career seminar
• Be aware and prepare series• Presentations
• Animated videos
• www.peba.sc.gov/retirementawareness.html
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Retirement awareness
Emotional preparedness for retirement
• Most major life-changing events, such as marriage ordivorce, involve an ongoing process of emotionaladjustment
• Retirement is no exception
• Emotional and psychological frontier of retirementhas remained virtually unexplored until recently
7http://www.investopedia.com/articles/retirement/07/sixstages.asp
Member Access
SCRS and PORS active members• Access your retirement account
• Print a member statement
• Update your address
• View your beneficiaries and service credit
• Submit a Service Purchase request
• Complete a Service Purchase Cost Estimate
• Apply for Service Retirement and view the status of your serviceretirement application
• Inactive members can also view and print a member statementand update their address
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Member Access
Retired members• Print a 1099-R form
• Update your tax withholding
• Update your address
• Print an annuity verification letter
• View your current payment method
• Modify an existing direct deposit account or add anadditional direct deposit account
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• PEBA will mail a TERIend packet 90 daysbefore the expectedend date
• All TERI participationends June 30, 2018
Ending TERI participation
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TERI end packet
• The packet includes the amount of the monthly SCRSbenefit before taxes
• It also gives the estimated TERI account balance
• The monthly SCRS benefit is subject to change
• The packet includes necessary forms
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TERI end packet
• TERI Payout Election Form (Form 7500):• Designate how to receive the TERI balance
• Withholding Certificate for Monthly Annuity BenefitPayments (Form 7202):
• Update tax withholdings for future monthly benefits, ifneeded
• Can be updated through Member Access
• Direct Deposit Authorization (Form 7204):• Update direct deposit information for future monthly
benefits, if needed• Can be updated through Member Access
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Ending employment
• At the end of the TERI period, participants must endemployment
• Employers must certify the termination date to PEBAon the TERI Termination Certification in EES
• When PEBA receives the employer certification,participants can begin receiving monthly benefitpayments and their TERI account balance
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TERI account balance
• State law requires participants to receive their TERIaccount balances. Options include:
• Single-sum payment;• Direct rollover; or• Partial rollover
• Tax implications exist for these options
• For financial advice or information on earlywithdrawal penalties, participants should check witha tax advisor, accountant, the IRS or the SouthCarolina Department of Revenue
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TERI rollovers to the DeferredCompensation Program
• Employees must have a 401(k) plan account beforerolling funds into the Program
• Enrollment form is available at www.southcarolinadcp.com
• Fax the completed form to 803.754.7661
• For assistance with completing the form, call 803.754.7997
• The amount rolled in does not count towards theannual maximum contribution limit
• Funds can be rolled into pretax option only
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Payments for unusedannual leave
• Unused annual leave payments are not included incalculating a benefit during TERI
• At the end of TERI, employers certify unused annualleave payments at termination to PEBA
• Can include up 45 days of unused annual leave
• The monthly benefit is then recalculated
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Returning to coveredemployment after TERI
• Employment is not guaranteed
• Retirees are subject to the rules governing return-to-work retired employees
• May be subject to a $10,000 annual earnings limitation
• TERI participation for 30 days will meet the 30-day break inservice requirement
• Return-to-work retirees continue to contribute a tax-deferred percentage of gross pay
• 9 percent as of July 1, 2017
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Insurancebenefits
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State Health Plan
• PEBA manages the State Health Plan (SHP)• Self-funded insurance plan
• Members’ premiums are held in a trust fund and thesefunds are used to pay claims
• BlueCross BlueShield of South Carolina processes claims
• Health management is key to maintaining a low costfor the plan and premiums
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What’s new for 2018?
• Employees have 30 days, instead of 31 days, to makeinitial enrollment decisions or changes during aspecial eligibility situation
• MetLife is the new life insurance vendor• Dependent Life-Spouse premiums are based on the
spouse’s age and no longer based on the employee’s age
• New life insurance premiums for 2018
• The eyeglass frame benefit will change from every 24months to every 12 months
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