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“Preparing for Your Final Career” Developing a Retirement Planning Workshop. Diana McClay Associate Director of Human Resources Richard Ashley Training Manager, Office of Human Resources East Tennessee State University Johnson City, TN

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preparing for your final career developing a retirement planning workshop

“Preparing for Your Final Career”Developing a Retirement Planning Workshop

Diana McClay

Associate Director of Human Resources

Richard Ashley

Training Manager, Office of Human Resources

East Tennessee State University

Johnson City, TN

the famous backburner
The Famous Backburner

What am I going to do when I retire and have more time?

Handout page 16

  • ETSU Retirees Association (ETSURA)
  • Committee – representatives from:
    • ETSURA
    • Benefits Committee
    • Human Resources
    • Faculty Senate
    • Staff Senate
today s agenda
Today’s Agenda
  • Topic Selection
  • Series Format
  • Speaker Selection
  • Schedule
  • “Roll-out”
  • “Kick-off”
  • Topic Content
  • Website
  • Review & Planning for 2008
topic selection
Kick-Off Panel

Legal Matters

Financial Planning

State Retirement

Optional Retirement


Social Security


Health Considerations




Topic Selection
series format
Series Format
  • One- or two-day vs. multiple days
  • Afternoon & evening presentations
  • Main campus & College of Medicine campus
speaker selection
Speaker Selection
  • ETSU faculty and staff
  • Subject matter experts
  • ETSU affiliation
  • Local community resources
  • FREE

Handout page 13


Handout page 13

roll out
  • Letter to all employees from ETSURA, handout page 11
  • EDC Newsletter, handout pages 12-14
  • HR Homepage,
  • EDC Website ,
  • Monthly reminders (paper & email, handout page 15)
kick off
  • ETSURA Panel Members
  • When do you retire?
    • You’ll know; While Healthy
  • The process of retiring
  • Retirement sources of income
  • Do I have enough money?
    • Should you lower your ambitions?
  • Other experiences:
    • Family
    • Health
    • Activities
legal matters
Legal Matters
  • ETSU Associate V.P. for Advancement, and J.D.
  • Wills/Revocable Living Trusts
  • Powers of Attorney
  • Advance Directives
financial planning
Financial Planning
  • Local Edward Jones financial advisor & ETSU Alumnus
  • Have I saved enough?
  • How soon can I retire?
  • Steps to answer 5 Questions
    • Where am I today?
    • Where do I want to be when I retire?
    • Can I get there?
    • How do I get there?
    • How do I stay on track?
  • Case Studies
tn state retirement plan tcrs
TN State Retirement Plan (TCRS)
  • State TCRS advisor
  • Defined Benefit vs. Contribution Plans
  • Early Retirement
  • Benefit Payment Plans
  • Disability Benefits
  • Medical Insurance & Supplementals
  • Cost-of-Living Adjustments
  • Taxes
  • Retirement Checklist
tn optional retirement plan orp
TN Optional Retirement Plan (ORP)
  • Former ETSU VALIC Representative
  • What is the ORP
  • Comparison: ORP vs. State Plan
  • Contributions
  • Changes
  • Retirement Benefits
  • You must manage your retirement plan
  • Local CPA & Spouse of ETSU Alumnus
  • How Retirement Distributions are Taxed
  • Options for Paying Income Tax
  • Social Security tax
  • Minimizing Tax in Retirement
  • What Happens when you Die
social security
Social Security
  • Social Security District Manager
  • History, SS Trust Fund Income & Distributions
  • The SS Trust Fund Dilemma
  • How you earn SS Credits
  • SS Retirement Ages
  • How your benefit is calculated
  • How to apply for your benefit
  • Working while receiving SS
  • Medicare: Parts A, B, D
  • State Health Insurance Program Coordinators (SHIP)
  • Intro to Medicare
  • The Original Medicare Plan
  • Medicare Supplement Insurance (Medigap)
  • Medicare Advantage & Other Plans
  • Medicare Prescription Drug Coverage
  • Medicare & Medicaid Savings Programs
health considerations
Health Considerations
  • ETSU College of Medicine Professor & Chair of Geriatrics
  • The Most Important Thing
  • Examples of People without a Plan
  • Characteristic Health Problems
    • How to prevent, treat and live with them
  • ETSU Benefits Manager
    • ETSU Retirement Insurance Programs
  • State Farm Insurance Agent & Spouse of ETSU Retiree
    • Long Term Care
    • Other Insurances:
      • Life, Home, Auto, Liability, Umbrella
  • AARP State Representative
  • Housing Options:
    • Own, Rent, Condo, Apt, Retirement Community, Assisted Living, etc.
  • Weighing Your Options:
    • Accessibility, Affordability, Future Needs
  • Know Your Community Resources:
    • SHIP, AAAD, Sr. Center, BBB
  • Do Your Research & Shop Around
  • Reverse Mortgages
  • ETSU Assistant V.P. for Community Engagement, Leadership & Learning
  • Backburner Exercise: What am I going to do when I have more time?
  • Guests: Volunteer Center of Johnson City; J.C. Sr. Center; Retired & Senior Volunteer Program; AAA
  • Tips for Volunteering
  • Join the ETSU Retirees Association 
  • Participation
    • 553 attended basic series
    • 63 attended other related classes
      • Retirement Planning & Investments
      • Basic Estate Planning Strategies
      • Retirement Strategies for Women
      • Cornerstones of Investing
what i liked most
What I liked most…
  • New ideas! Great variety! Good panel!
  • 1st time I have ever talked face-to-face with an AARP rep in 10 yrs of membership
  • Great & detailed information and time for participation
  • Gave me ideas to think about and anticipate: re: retirement, etc.
  • Finding our what Medicare actually is and/or costs involved
what i liked most1
What I liked most…
  • Clarity and specifics of material
  • Frank answers – no sugar coating
  • Excellent guidelines for individual planning
  • Opened my eyes about debt; retirement; invest wisely
  • “young” families need this as well as those looking at retirement
  • These matters are complex; this course is very helpful to planning & thinking about the future.
website information
Website Information
  • Videos
  • PowerPoint Presentations
  • Handouts
  • Useful resources and websites
  • RetirementSeries.htm
post series review
Post-Series Review
  • What went well
  • What needs improvement
  • Changes or additions
  • Current Planning for Fall 2008
    • Keep same format
    • Find different presenters for some topics
    • Add Business Faculty Presentations for financial planning and investment
    • Add 401k, 403b, 457, Roth 401k Class
    • Improve video quality
    • Invite other State employees to evening sessions
    • Continue to invite ETSU retirees
preparing your final career
Preparing your final career

Dr. Ron Hamdy summarizes and affirms ETSURA’s vision for this retirement series:

“You really need to feel needed.

There must be a goal in life.”

So be prepared