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Seminar Length: ONE DAY
The Retirement Planning Review is designed for employees within six months of retirement and is intended to explain the retirement application process. After attending this course, the participants will:
Have a full understanding of their Federal Benefits under CSRS/CSRS Offset or FERS/TransFERS including FEHB, FEGLI, and Social Security/Medicare.
Know what health and life insurance benefit options are available to them post-retirement and what is required to ensure eligibility.
Know the eligibility requirements for the FLTCIP; types of care covered, benefit choices and general premium information.
Be familiar with the retirement application process, the importance of verifying their official personnel folders for accuracy and how to compute their basic annuity benefits including disability benefits as applicable.
Have an understanding of their TSP post-retirement withdrawal options, the importance of keeping beneficiary designations up-to-date and survivor benefits.
Be aware of recent and forthcoming changes to the federal benefits package that may affect them in retirement.
CSRS / FERS RETIREMENT ELIGIBILITY REVIEW
A CSRS / FERS basics review
Minimum Retirement Age
Minimum Service Requirements
Steps to take: A retirement planning checklist
Choosing your retirement date
The Retirement Application process
How claims are processed
CREDITABLE CIVILIAN SERVICE
CREDITABLE MILITARY SERVICE
DEALING WITH DEPOSITS / REDEPOSITS
FACTORS AFFECTING ANNUITY COMPUTATION
High-3 average salary computation
Length of Service
30-Day month factor table
Unused Sick Leave (CSRS)
Commencement date of annuity
COMPUTATION OF ANNUITY
Regular formula
Monthly annuity rate
Computation of annuity with CSRS and FERS components
CSRS Offset annuity computations
FERS immediate annuity computation and charts
FERS supplemental benefits
Deferred retirement annuity computation
Cost of living adjustments
EARLY RETIREMENT - Advantages and disadvantages
Early voluntary retirement
Rules and considerations
Applying for early retirement
DISABILITY RETIREMENT BENEFITS
Eligibility
Disability annuity computation
Re-computation at age 62
SURVIVOR BENEFITS
Survivor benefits upon the death of an employee
Survivor benefit payable to spouse or former spouse with court order
Survivor benefit when death occurs after separation from employment
Survivor benefit to person with “insurable interest”
Employee elects to provide for former spouse
Court awarded survivor annuity - Requirements
Court awarded survivor annuity – effect on current spouse
Termination of marriage after retirement – effect on annuity
Annuitants who marry after retirement – elections available
Survivor benefits - children
Duration of children’s survivor benefits
Death Benefits when no one is entitled to survivor benefits
Marriage duration requirement for survivor benefit eligibility
TAX COMPUTATION ON FEDERAL RETIREMENT ANNUITIES
CSRS VOLUNTARY CONTRIBUTIONS
THRIFT SAVINGS PLAN
General rules and procedures
Post-Service withdrawal options, leaving money in the TSP, death benefits
Recent and forthcoming changes to the TSP
REEMPLOYMENT IN THE FEDERAL SERVICE
FEDERAL EMPLOYEES GROUP LIFE INSURANCE PROGRAM (FEGLI)
Basic Life Insurance and Available Options after retirement
Payment of Benefits – Order of Precedence
Manner of Payment – Death Benefits
FEDERAL EMPLOYEE HEALTH BENEFITS (FEHB) AFTER RETIREMENT
Eligibility and Enrollment rules
Post-Retirement Payment of premiums
Plan Options
FEDERAL LONG TERM CARE INSURANCE PROGRAM
Eligibility and Enrollment
Benefit Choices and Types of Care Covered
Premiums
OVERVIEW OF SOCIAL SECURITY and MEDICARE BENEFITS
Eligibility for social security benefits: How do you qualify?
Social Security earnings test
Medicare eligibility and cost
Medicare parts A, B and D – What do they cover?
Disability Social Security benefits
Survivor Benefits
Auxiliary Benefits
REQUESTING SOCIAL SECURITY BENEFIT ESTIMATE
SOCIAL SECURITY BENEFIT CALCULATION
The effect of timing on benefits
Benefits for family members
GOVERNMENT PENSION OFFSET
THE WINDFALL ELIMINATION “BENEFIT”
Getting in touch with your Social Security office
Submission of application
Receipt of first annuity check
Direct deposit
GETTING ANSWERS TO RETIREMENT AND INSURANCE QUESTIONS
DEATH OF AN ANNUITANT
NEW DEVELOPMENTS AFFECTING FEDERAL RETIREMENT BENEFITS
IMPORTANT FORMS AND RESOURCES
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