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Ahhhh…. Retirement!. But which road to chose?. 110 A 1 year advance planning. PERA All The Way “Go when ready…”. 110 B 2 years advance planning. What is a 110?. PERA currently allows retired employees to work 110 days in a calendar year.

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Ahhhh

Ahhhh….

Retirement!


But which road to chose

But which road to chose?

110 A 1 year advance planning

PERA All The Way “Go when ready…”

110 B 2 years advance planning


What is a 110

What is a 110?

  • PERA currently allows retired employees to work 110 days in a calendar year.

  • The fall semester is less than 110 days.

  • The spring semester falls in the next calendar year, and is also less than 110 days.

  • So, retired teachers may teach ONE school year while collecting their retirement benefit as well as their teaching salary. This is sometimes called “double dipping.”

District 6 has two different 110 plans.


110 plans have pros and cons

110 plans have pros and cons.

You DO make a lot more money for one year

But, the “110” year does not count toward your PERA service credit. This reduces your retirement benefit by 2.5 for life.

It’s important to understand the options to make the best decision for YOU.


Choosing the 110a

Choosing the 110A

Requests are due to H.R. by MARCH 1st.

Assuming your most recent evaluation was satisfactory, you may be accepted, and notification will be sent to you by March 15th.

You must confirm intent to retire April 1..

(HR date stamp is essential)

Officially retire at the end of this school year.

Begin collecting PERA this June 30th.

District insurance runs until August 31st.

Work next year as a “110-er”

Starting in September, you may purchase COBRA insurance if you wish.


The 110a year 2010 11

The 110A year (2010-11)

  • Fulfill all the same responsibilities as you always have.

  • Most Master Contract provisions apply.

  • Continue GEA membership as an active employee

    - Retired membership does not cover 110-ers; (gold)

  • Salary will be as if you had not retired.

  • You will not have to pay the 8% contribution for PERA.

    - However, the year will not count toward your PERA service.

  • You will get the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish.

    *You’ll have 10 days leave for any purpose (bereavement, discretionary, sick…)*No access to Sick Leave Bank or Donated Days *You may sell back unused days at 35% of sub pay

    *You will receive your step advancement and may request

    Horizontal Advancement, contract permitting


110a pros

110ACONS

110APROS

Start retirement off with a financial bang!

Collect your PERA and your salary.

Only 1 year’s advance notice required.

Uncle Sam gets a big chunk!

This year does NOT

count for PERA

service credit.

No provision if you

need more than

10 days leave or

are unable to

complete the year.


Choosing the 110b

Choosing the 110B

  • Requests are due to H.R. by June 15th 2010 almost TWO YEARS before you plan to walk out the door.

  • Assuming your most recent evaluation was satisfactory, you will be accepted. Notification will be sent to you by June 30th.

  • You have until July 15th to rescind or accept in writing.

  • In August, work at the new teacher in-service and

  • help new teachers throughout the year. You will be paid

    an additional 10% of your salary for this service.

  • Continue teaching in 2010-11 as a regular PERA employee.

  • Officially retire May 2011;

    -start collecting PERA the following June 2011.

  • District paid insurance runs through August 31, 2011.


The 110b year 2011 12

The 110B year (2011-12)

  • Fulfill all the same responsibilities as you always have.

  • Most contract provisions apply.

  • Continue GEA membership as an active employee (Retired membership does not cover 110-ers)

  • Salary will be 90% of your step.

  • If applicable, you’re eligible for vertical and horizontal advancement.

  • You will not have to pay the 8% employee contribution for PERA.

    • However, 2011-12 will not count toward your PERA service.

  • You will receive the dollar amount the district pays for insurances. You may buy COBRA insurance if you wish.

  • 10 days leave for any purpose (bereavement, discretionary, sick…)

    No access to Sick Leave Bank or Donated Days.

    You may sell back unused days at 35% of sub pay.


110b pros

110BPROS

110BCONS

  • Earning an additional 10% by working with new teachers during your last regular PERA service year increases your H-A-S (the basis for your retirement).

  • Start retirement off with a financial bang!

  • Collect your PERA and your salary.

Your decision must be made almost 2 years before you plan to walk out the door.

Uncle Sam gets a big chunk.

Your double-dip year does NOT count for PERA service credit.

No provision if you need more than 10 days leave or are unable to complete the year.


Pera all the way

PERAAll the Way

Pros

  • Retire when ready.

    No early decision required

  • Add’l 2.5% PERA benefit for life

Work as a regular PERA employee until you leave the district.

No district benefit.

Notify PERA and District 6

  • Cons

  • No lump sum of money

  • to start off retirement


Decide when you want to walk out the door then explore the options

Decide when you want to“walk out the door.”Then, explore the options.

Option

3rd to last year

2nd to last year

Last year

2009-10 or any yearRegular PERA Service all the way. Retire in May.

None

2009-10 (March 2, 2010)Last PERA year. Request 110A by March 1st, 2010. Retire in May, 2010.

2010-11Return as 110-er. Collect PERA and your salary.

110A

2010 Request 110B no later than June 15th, 2010

2010-11In August 2010, work the New Teacher in-service for 10% of your salary. Last PERA year. Retire in May, 2011.

2011-12

Return as 110-er. Collect PERA and 90% of your salary.

110B


Ahhhh

With any of the options, you are still able to “sell back” your unused sick and discretionary leave at 35% of the sub pay. For 20+ years, all days are reimbursed. For less than 20 years in D6, you must have 45 days to receive the 35% payout. Request the pay out when you apply for or notify about retirement. Expect a separate check in August following your PERA year. Re-request for pay out of remaining days after your 110 year.


Which is best

Which is best?

There are many factors to consider:

Timing

Personal plans

Investment habits

Age

Longevity

Flex Plans


Over time some people may be as well off with pera all the way as they are with the 110a

Over time, some people may be as well off with “PERA-All The Way” as they are with the 110A.

However,

many people

find that

“B” stands for “Best.”


Next steps

Next Steps

  • Look at your timeline and explore your options

  • Pay close attention to the deadlines

  • Meet with District representative

    from Finance and HR

  • Meet with a PERA representative

  • Consult with your financial advisor

  • Make a decision and

    meet the deadlines

  • Watch for the Jan. meetings with WCRSEA


Ahhhh

Our retirement plans are part of the negotiated agreement between GEA and the District,

and as such, subject to change.

Legislation impacting PERA can also impact our agreement or your benefits. Please stay current on PERA political and financial issues.


Working after retirement pera rules apply

Working after retirementPERA rules apply!

  • Once you start collecting PERA, you must have 1 calendar month

    “break in service” before you can work for any PERA entity.

    - Don’t work for a PERA entity in the summer following retirement

  • PERA limits you to 110 days per calendar year for

    any PERA entity (i.e. a school district)

    - If you choose one of the District’s 110 plans, those days count!

    - There is penalty if you exceed the allowed days

    District 6 currently hires some retirees at .47 (for half time)

    PERA allows 220 days per year at half-time or less

    Tell your principal you are available and contact HR

    NO BENEFITS; NO LEAVE

    Join GEA as part-time member if you choose

    You may be a substitute

    Do not exceed 110 days in a calendar year

    (retired substitutes receive $85.00/day compared to $80.00 regular sub pay)

    You may work for a NON-PERA entity without restriction


Other details

Other Details

Get every document date-stamped in HR

  • Retirement celebrations

    - Both the District and GEA celebrate your

    dedicated service to public education.

    - GEA members:

    TUESDAY, May 4 is the retirement banquet.

  • WCRSEA dates Retirement seminars


For more information contact

For more informationcontact:

  • GEA Office, Andi Lee President

    • 353-4187 or [email protected]

  • District 6 Human Resources Department

    Ben Martinez (348-6070)

  • District 6 Finance Department

    - Robert Hepperle (348-6115)

Congratulations!

and

Happy Retirement!


Available resources

Slide show: www.greeleyea.org (white

Options Handout(blue)

Checklist (green)

PERA Chart (pink)

Intent to retire letter (sample-buff)

Retirement membership (gold)

Contract Language (Salmon)

Government Pension

Offset: Windfall Elimination

Provision (lilac)

Countdown to Retirement (cherry)

Benefits/COBRA

401K’s; 403B’s and 457’s

Contact Numbers:

GEA: 353-4187

HR: 348-6070

Payroll: 348-6115

Benefits: 348-6114

WCRSEA (Glen Hanson) 353-4849

(Weld County Retired Employees Association)

Available Resources


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