Whatever your financial needs may be, we have the people and resources to help set you up for success. Work with your advisor to understand what is important to you now and what you want in the future. It is a defined benefit plan (pension) with a cash-out option. Its never too early, or late, to plan for retirement, health care expenses and future education needs.Potential solutions include: Typically tax-advantaged investment accounts that may help you build wealth as you save for retirement. Investing involves risk. Get timely insights on what's happening with the markets & global economy to help you stay on track. You can click the "Return to Merrill; button now to return to the previous page, or you can close the new window after you leave. Combine your funds and realize the simplicity of one account. You can lose money by investing in securities. Access to a wide range of investment solutions from Merrill and banking products from Bank of America. Notify your supervisor and/or local HR unit of your intent to retire so your unit can initiate the electronic retirement process in a timely fashion. If you're a customer who doesn't have a DRS pension account, use this login. Welcome. Employees may participate in either (or both) a 403b or 457b plan to make supplemental tax-deferred retirement contributions. If you have pension or other general benefit questions, please contact the SEI Help Centre at 1-866-667-6753. 2023 Empower Annuity Insurance Company of America. Separation from Employment Withdrawal Request 401(k) Plan . If the cash out option is chosen, the employee receives their contributions, plus a 5% State match, plus 4% interest. Or, for a truly personalized approach, the GoalMaker optional asset allocation program makes it easy to create and maintain a portfolio based on your "investor style" and expected years to retirementat no extra cost to you. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets. SERS Guide for Retiring Members (Note: The REHP information in this handbook does not apply to faculty, coaches, managers, OPEIU, SCUPA, or SPFPA employees considering retirement.) We offer the Empower Premier Investment Account, which offers help and guidance on your investments, and the Empower Investment Account, which makes it easy to research and trade investments online. If an employee should leave service prior to completing 10 years of service, they would be entitled to a refund of contributions made. To set up a phone or virtual one-on-one consultation, click on the Meet Your Counselor tab on this website and click your work location to contact your counselor today! Consult with your retirement plan vendor, TIAA or SERS, regarding your upcoming plans to retire. Fax: 860.486.0378 The Prudential website is www.ctdcp.com. Lifetime income in retirement May continue 13% contributions to plan during disability. Get the professional help you need when youre considering consolidating your retirement assets into your Empower plan. As a new SERS member, you have the choice of two hybrid defined benefit pension/defined contribution investment plans, referred to as class A-5 and A-6. When you log in to your account, you are accessing the part of the website maintained by Empower. If you have not yet registered for online access, select Register Now to be guided through the five-step registration process. All rights reserved. The State Employees Retirement Board has contracted with Empower Retirement as the third-party administrator of this plan and selected a range of investment options for you to choose from, from conservative to aggressive. The plan available to employees is dependent on the date of hire. There is always the potential of losing money when you invest in securities. Get personalized guidance, straightforward solutions and actionable information that helps get you closer to your financial goals. George Maccarelli from Fidelity Investments is available for counseling sessions or to answer questions by phone, 1-800-642-7131, or by email atgeorge.maccarelli@fmr.com. 8% of compensation (pre-tax)(plus up to an additional 2% for adverse actuarial performance), Yes, if lifetime monthly benefit payment elected, 6.5% of compensation (pre-tax); employees may elect to contribute 5% of compensation (pre-tax), Based, solely, on contributions and investment performance, Employee-directed through menu of mutual or annuity funds, Age 55 (applies to employees with 5 or more years of participation. All Penn State retirement plan contributions are tax deferred. You also have the option to convert assets into an annuity through MetLife Institutional Income Annuities. But, of course, past performance of any investment does not guarantee future results. Contributions are also made by payroll deduction, and are pre-tax. The SERS board has contracted with Empower Retirement as the third-party administrator of this investment plan. For us, success is about helping you reach your goals, not a number. HCR 6, introduced by Representatives Angela King (R-Celina) and Phil Plummer (R-Dayton), urges. For these individuals, the contribution shall be phased in paying 1/2% effective the first day of pay period after July 1, 2013; increased to 2.0% effective the first day of pay period after July 1, 2014 and increased to 3.0% effective the first day of pay period after July 1, 2015. EAG is a registered investment adviser with the Securities and Exchange Commission (SEC) and subsidiary of Empower Annuity Insurance Company of America. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. Employees hired prior to 7/1/17 are required to contribute for 10 years; employees hired on or after 7/1/17 are required to contribute for 15 years.
PDF SERS Plan 3 Member Handbook - Amazon Web Services Participants should consider their other assets, income and investments (e.g. You are encouraged to use this resource. The contributions are defined because the amounts that you both contribute are known in advance. Empower does not endorse this website, its sponsor, or any of the policies, activities, products or services offered on the website or by any advertiser on the site. Easily manage your assets and reduce the need for multiple accounts. Mandatory 1% of compensation (pre-tax) to a defined contribution plan.
PDF Separation from Employment Withdrawal Request 401(k) Plan Spousal benefit, if employee met age and service required for immediate retirement or completed 25 years of service (at any age). Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). 8.25% : (7% pension, 1.25% retiree insurance fund) of compensation (pre-tax), excluding earnings from coaching, summer school, or non-teaching. Help manage current and future health expenses not covered by insurance. Here are five moves to consider now. Did you receive a PIN letter? Simple Easily manage your assets and reduce the need for multiple accounts. The contribution would continue for ten (10) years for all employees or until retirement, whichever is sooner.
Retired Members - Pennsylvania State Employees' Retirement System This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Employees who have earned retiree health benefits through a previous employer can apply for an exemption. Information about the SERS Tier I, II, IIA, and III Plans can be found at the following website: https://www.osc.ct.gov/rbsd/stateretire.htm.
Empower: Saving, investing and advice Employees planning for an upcoming retirement can, For employees interested in enrollment, all instructions and required codes can be found on the, For more information on the 457 plan, go to the. There is a mandatory 1% contribution to 401a, which the State matches. 9 Walters Ave. Years of service Review your service credit detail through your online account. Browse Empower Institute for cutting-edge research and actionable insights. To find out more, see online account access. Employees are offered the opportunity to save additional money for retirement using after-tax dollars by enrolling in the Roth 403(b) Plan and/or the Roth 457 Plan. . Best of all, RIC updates every time you log in to your account, so you'll always know where you standand where you may need to goon the road to retirement readiness. Financial wellness & participant experience, Do not sell or share my personal information, Market timing and excessive trading policies. Direct investment login Through the DRS record keeper, Voya Financial, you can log in directly to your DCP, Plan 3 or JRA retirement accounts. The plan available to employees is dependent on the date of hire. You and your employer make mandatory contributions toward your investment plan and the amount you have for retirement depends on the accumulation of contributions and the performance of the investments you choose.
PDF OVERVIEW - Empower The following individuals are required to take RMDs: Calculating RMDs special instructions for completing enrollment. By continuing without changing your cookie settings, you agree to this collection. SERS Continues to Advocate for WEP Reform or Repeal. Our mission is to empower financial freedom for all. Therefore, there is no rule of thumb for calculating, far in advance, the amount of TIAA benefit that you might receive at time of retirement. No; employer-provided disability insurance policies. Phone: 860.486.3034 Pension Application; Credited Service; Optional Service Credit; Refunds; Death Benefit; Retirement Annuity; Benefits; Regular Retirement Formula; Alternative Retirement Formula; Nonoccupational Death Benefits; Occupational Death Benefits; Tier 1 FAQs; Retirement FAQs; Refunds FAQs; Taxes FAQs; Direct Deposit FAQs; Death . If you have any questions or concerns about the products and services offered on the third-party website, please contact the third party directly.
PDF NEW EMPLOYEE BENEFITS SUMMARY BOOKLET - Pennsylvania Attorney General Employees interested in a one to one virtual or phone meeting with George, please follow these simple steps: Heidi Barnett from SERS is available for counseling sessions or to answer questions by phone or email. Bank of America Private Bank is a division of Bank of America, N.A. Watch this short video on the ups and downs of market volatility. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. Eligibility Full-time Faculty and Staff are eligible to participate in one of two mandatory retirement plans (Technical Service employees are a part of the Staff employee population for benefit eligibility purposes, unless specifically indicated otherwise): State Employees Retirement System (SERS) Retirement Options | Human Resources Some of the benefits include: No matter what goal you are investing for, our investment accounts can help you prepare. COVID-19: Vaccine Program | Testing |Visitor Guidelines | Information for Employees.
Guide to Retirement | Human Resources - Pennsylvania State University RICaka the Retirement Income Calculatormay just be your new BFF: This powerful online tool helps you define your income goal, shows you if you're on track to meet it, and gives you specific steps to take if not. Common-law employees of a State educational institution or hospital who receive compensation (other than a pension, severance, retainer or fee under contract). Who is eligible? Our online employer services allow the convenient exchange of information. The Office of the State Comptroller and the Retirement Commission are not involved in the creation of educational tools and materials included in this section. Penalty does not apply to 457(b) plans. Past performance does not guarantee future results. The Alternate Retirement Program is available to all new unclassified employees. You can also schedule an appointment by contacting the TIAA scheduling center at 877-209-3136 or at 412-365-3012 or contact Chad atCFirmstone@tiaa.org. State of Connecticut Defined Contribution Plans, For Compliance Use Only: 1026440-00001-00, review the important information associated with the acquisition. Let us help optimize your portfolio and more: Reduce debt payments through loan consolidation, Find a credit card with the perks and benefits you prefer, Earn a higher rate on your hard-earned savings, Discounted credit and identity monitoring, Create trust, will or guardian documents and save 10%, Compare offers from multiple life insurance providers. Additional information is available in ourClient Relationship Summary. Please contact current account provider for this information. Once you are enrolled in a retirement plan, the enrollment is irrevocable. If you were hired prior to 7/1/17 or are a postdoctoral research associate hired prior to 1/14/22, your plan features will be different. If you're already in a plan (or two), set up your account online, set your contribution rate, review or update your investments and beneficiariesand start taking advantage of a wealth of tools and resources from Empower. 2023 Empower Annuity Insurance Company of America. Who is eligible? Some of this material is general in nature and may not be applicable to your employee benefits or personal situation. Who is eligible? You may lose money. The HYBRID Plan is a contributory defined benefit plan with a cash-out option available to new employees after July 1, 2011.
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