Tier 1 Retirement Benefits

Davis School DistrictRetirement Benefits Orientation

If you were hired into a retirement eligible position by a Utah Retirement Systems (URS) employer anytime before July 1, 2011 you are on Tier 1. Continue with this presentation. If you were newly hired into a retirement eligible position on or

after July 1, 2011 your are on Tier 2. Please exit and view that presentation.

Welcome Employees – Tier 1

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

Retirement Benefits: Tier 1

Pension 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

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

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

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.

401(k) OptionsYou can choose where and how your 401(k) money is

invested

PLEASE NOTE:If you have already

received a paycheck,Educators Mutual willnot be an option until next year (JANUARY).If you would like to

make a change at that time, please notify the

Payroll Departmentno later thanJANUARY 15th.

All URS 401(k) contributions will be

invested in the Medium Horizon Fund unless otherwise specified.

401(k)

457

403(b) – Annuities

Traditional IRA

Roth IRA

You can contribute to none, one or more. The choice is yours.

Employee Contributions (Voluntary)

11

22

33

44

55

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)

Which Investment PlanShould I Choose?

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.

Authorized Annuity Companies

www.urs.org

Tier 1

Your URS Account Number starts with a “W”. It will be on your Welcome Letter,

which will be included with theUtah Retirement Systems Enrollment

PacketURS will mail to you.

Call Payroll: (801) 402-5282

Questions?

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

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!