welcome to the 2020 pre-retirement seminar!€¦ · state life insurance options in addition to...
TRANSCRIPT
Welcome to the 2020Pre-Retirement Seminar!Check-in and get handoutsRefreshments availableSpeakers begin at 9:00
Retirement EligibilityWhen can I retire?
Age Years of ServiceAge 62 10Age 65 1Any Age Rule of 85 (Age + Years of Service = 85)
KPERS 1Full Retirement Benefits
Reduced Retirement Benefits
Age Years of ServiceAge 55 10
Age Years of ServiceAge 60 30Age 65 5
KPERS 2 & 3Full Retirement Benefits
Reduced Retirement Benefits
Age Years of ServiceAge 55 10
Age Years of ServiceAge 55 10Age 60 Any
KBOR
When do I give notice?General policy for written notice:• Non-exempt (hourly): 2 weeks• Exempt (salaried): 4 weeks• Submitted to supervisor, not HR
Be cognizant of the recruiting cycle and transition period, and give more notice when possible and appropriate
Payout of Accrued Leave
Vacation LeaveSeparation Type Accrued Hours Paid OutResignation 176Retirement 240
Sick Leave – Retirees OnlyYears of Service Hours Accrued Hours Paid Out
8-14 800 24015-24 1,000 36025+ 1,200 480
Leave Payouts
Remaining compensatory time will be paid out Use your discretionary day prior to
retirement as it will not be paid out
Leave Payouts
When do I get my payout?On your final check
How will my payout be taxed? Payouts are taxed as regular wages, so
most will see higher tax percentage withheld on final check
Leave Payouts
How do I prevent the higher tax withholding?W-4 withholdings can be changed in
Employee Self-Service in myWSU Part or all of final paycheck can be deferred
into a Voluntary 403(b) or 457 Deferred Compensation PlanMust be processed 4 weeks in advance
Leave Payouts
Life Insurance
Private market options Life insurance through your spouse’s
employer Continuation of your current basic or
optional group life insurance
NOTE: Consider whether options require medical underwriting review and approval or are guaranteed issue coverage
Do you want or need life insurance after retirement?
Guaranteed-issue (no medical forms or tests to complete) Port Employee life insurance becomes individual term life policy
Convert Employee life insurance becomes individual whole life
policy
Both options are limited to active coverage amount at retirement Enrollment windows and age limits apply
State Life Insurance Options
In addition to life insurance $4,000 death benefit, paid to KPERS
beneficiaries after death of KPERS retiree Beneficiary should contact KPERS for
application in the event of member death
KPERS Death Benefit
Now is a good time to verify correct beneficiaries are on file KPERS – view/update retirement and life
insurance beneficiary in online account or contact HR Total Rewards for a beneficiary form KBOR – Contact HR Total Rewards for a
beneficiary form TIAA/Voya – view in online account or work
with your plan representative
Beneficiaries
Can I afford to retire now?
Annual Statement has estimate of your retirement benefit and is available online or contact KPERS Maximum Benefit Joint Survivor Benefit Life Certain Benefit Partial Lump Sum Payout
KPERS
Account Balance is available through your online account or retirement statements Work directly with your investment
representative to discuss options available to withdraw your funds in retirement
KBOR
If you have multiple retirement accounts you may wish to work with a financial advisor to help establish your financial plan for retirement.
Not sure what retirement plan you have? Ask a member of HR Total Rewards during a
break All current WSU retirement vendors are present
Financial Advisor
Accessing Retirement Funds
Approximately 1 week after your final paycheck, retrieve certificate from www.PlanWithEase.com For help, call PWE Customer Assistance:
1-855-464-6928 Provide certificate to your investment
provider to initiate withdrawal or rollover
Accessing TIAA/Voya Funds
Submit KPERS retirement application at least 30 days before intended last day of work KPERS retirement date will be first of
following month First distribution will be issued the
last business day of that month
Accessing KPERS Funds
Proof of name and date of birthBirth certificateCurrent Driver’s LicenseRequired for joint survivor, if elected
Retiree and spouse signatures must be notarized
What will I need to complete KPERS application?
Returning to Work
Kansas state law prohibits retirees from returning to work at any KPERS employer in any capacity, including volunteer or contract work, prior to the fulfillment of a waiting period KP&F: 30 days KPERS 62+: 60 days KPERS under age 62: 180 days
The wait period begins the day after your KPERS retirement date (not the last day of work)
KPERS WAIT PERIOD
Prior to your retirement and during your wait period you cannot discuss or make any plans to return to work in any capacity. Retirees who return to work in violation
of the wait period, or are found to have a prearrangement to return to work are subject to significant financial penalties.
KPERS PREARRANGEMENT
KBOR Mandatory 403(b) funds can only be accessed after a bona fide separation from service.
At your retirement you must have no plans to return to service.
KBOR PREARRANGEMENT Distributions taken will be subject to tax penalties if a
prearrangement is found to have occurred
Active employees cannot access funds
KBOR BONA FIDE SEPARATION
Campus Retirement Perks
SHOCKER CARD PRIVILEGES Obtain Retiree Card from Shocker Card Center Free access to Ablah Library Free membership to Heskett Recreation Center
CLASS AUDITING Retirees age 60+ can audit classes for free
(subject to availability) Lab/material/technology fees still apply
CAMPUS RETIREMENT PERKS
PARKING For a parking permit after retirement, contact
Shocker Parking at 316-978-4775 EMAIL Access will end on last day of employment Retirees cannot retain @wichita.edu address Faculty requiring WSU-affiliated email access
can be transitioned to @shockers.wichita.edu email
CAMPUS RETIREMENT PERKS
WSU Retirement Process
3 MONTHS IN ADVANCEDetermine health coverage decisionsAges 65+: Apply for SSI benefits and
enroll in Medicare Parts A/BMedicare “Request for Employment
Information” form to HR
Retirement Process
2 MONTHS IN ADVANCEContact IT HelpDesk at 316-978-
4357 if you wish to retain a WSU-affiliated email address KPERS retirees: Submit
retirement application and accompanying documentation
Retirement Process
1 MONTH IN ADVANCEEnsure all contact information
is up to datePrepare for loss of systems
access, including email
Retirement Process
1 MONTH IN ADVANCEContact HR Total Rewards team
for leave payout estimateArrange deferment of leave
payouts into voluntary retirement account, if desired
Retirement Process
AT RETIREMENTAccess to @wichita.edu email and
WSU systems deactivatedTransition to @shockers.wichita.edu
email address, if requested in advanceEmployee parking permit deactivated
Retirement Process
AFTER RETIREMENTKBOR Retirees: Plan With Ease
certificate to investment providerKPERS Retirees: First benefit
payment last business day of month after KPERS Retirement Date
Retirement Process
Schedule a retirement consultation 3-6 months prior to your retirement date Explanations of healthcare options Help completing and submitting KPERS
application Questions about the retirement process Email [email protected] to
request an appointment
Feeling lost/overwhelmed?
Questions?