YOUTH & FAMILIES AGRICULTUREHEALTHECONOMYENVIRONMENTENERGY COMMUNITIES Retirement Planning.

YOUTH & FAMILIES AGRICULTURE HEALTH ECONOMY ENVIRONMENT ENERGY COMMUNITIES

Retirement Planning

Defined Benefit Plan (PERS, CSRS, FERS)

• Participant receives a specific monthly benefit at retirement.

• Benefit calculated through a formula based on participants salary and service.

• Not required to make investment decisions.

• Referred to as a fully funded pension plan.

Defined Contribution Plan (TIAA-CREF)

• Benefits are based on the amount contributed, affected by income, expenses, gains and loses.

• No promises of a set monthly benefit at retirement.

• Examples 401(k) plans, 403(b) plans, employee stock ownership plans and profit sharing plans.

Public Employees Retirement System

• Civil Service

• Bargaining Unit

• Hourly

Extension Faculty Hired before 1988

• Civil Service Retirement System

• Federal Employees Retirement System

WSU Retirement System (TIAA-CREF)

• Administrative Professional

• Extension Faculty Hired After 1988

• CAHNRS Faculty

Public Employees Retirement System

• PERS 1– Any age with 30 years of service

credit– Age 55 with 25 years of service

credit– Age 60 with 5 years of service credit

Public Employees Retirement System

• PERS 2– At age 65 with five years of service– Or an actuarially reduced benefit at

age 55 with 20 years of service• PERS 3

– At age 65 if vested – Or actuarially reduced benefit at 55

with 10 years of service credit (defined benefit portion)

Civil Service Retirement System (Federal)

• Age 55 with 30 years

• Age 60 with 20 years

• Age 62 with 5 years

Federal Employees Retirement System

• Minimum retirement age with 30 yearsVaries between 55 years and 57

based on year of birth

• Age 60 with 20 years

• Age 62 with 5 years

Retirement Eligibility—TIAA-CREF

• Age 62

• Age 55 with 10 years

• Or drawing a benefit

Tax Deferred Annuities

• State Deferred Compensation

• TIAA-CREF

• Thrift Savings Plan (CSRS/FERS only)

• Continue in retirement if you meet retirement requirements

• Monthly Cost for Uniform Plan(employee and spouse)

Health DentalPrior to 65 $848.41 $83.38After 65 $333.95 $83.38

State Health Insurance

Federal Health Insurance

• Must be enrolled for 5 years prior to retirement in order to take into retirement

• Pay the same rate as employeeBlue Cross Blue Shield monthly rate Employee $152.06Family $356.59

Medicare

Eligibility• Age 65• All WSU employees are contributing

Apply before 65th birthday, no matter employment status (retired or employed)

Things to do in preparation for retirement

• Find your birth certificate

• Find your marriage certificate

• Meet with Benefits Counselor

• Attend a Pre-Retirement Counseling Session

Emeritus Status—Eligibility

• Tenured faculty

• Age 60 with 10 years of service at WSU or

• Completed 25+ years of service to WSU, AND have held an eligible rank at WSU for a period of at least 5 years prior to leaving WSU.

Benefit Services—PERS, TIAA-CREF

• Ann Monroe

– (509) 335-3590

– [email protected]

TIAA-CREF

• Kirkland Office 1-877-209-3142

• National Office 1-800-842-2252

• Counseling Sessions (individual and group)

• County employees can access at community colleges

Department of Retirement Systems (PERS)

• (360) 664-7000 or toll-free

• (outside the Olympia area) 1-800-547-6657

• http://www.drs.wa.gov/

Federal Retirement—CSRS and FERS

• Becky Priebe

– (509) 335-2842

– [email protected]

Federal

• Office of Personnel Management

www.opm.gov

• Thrift Savings Plan

www.tsp.gov

Annual Leave Payment

• Defined Benefit usually better to take a lump sum Payment.– Extra months of service usually do

not increase benefit

• Defined Contribution usually better to run out leave.– Continue health coverage– WSU match

Sick Leave Incentive Program

• Annual Attendance Incentive

– 480 hours

– Payment of 25% of unused leave for the year

– Leave balance reduced by 100%

Sick Leave Incentive Program--VEBA

• Voluntary Employee’s Benefit Association Medical Expense Plan (at retirement or death)

– Payment of 25% of unused sick leave into a tax exempt account

Sick Leave Incentive Program--Eligibility

• Civil Service/Bargaining Unit

• Administrative Professional

• Faculty with teaching or research responsibilities excluded

• Extension faculty hired before 1999 with 50% or more Extension Appointment

Employment at WSU After Retirement

• 40% rehire is not a right

• Phased retirement

• Reemployment after retirement

YOUTH & FAMILIES AGRICULTURE HEALTH ECONOMY ENVIRONMENT ENERGY COMMUNITIES

Staffing

Types of Employees

603 Faculty

309 Administrative Professional

320 Civil Service/Bargaining Unit

616 Hourly

276 Graduate Assistants

Faculty

• Receive benefits if 50% for more than 6 months

• Appointments in excess of 2 years require a search

• Salary negotiable

• Minimum requirement—master’s degree

Administrative Professional

• Administrative Professional (AP) positions perform administrative, managerial, and professional duties.

• Positions are exempt from coverage of the state of Washington Civil Service System.

• Defined by RCW 41.060.070

Administrative Professional

• WSU Human Resource Services audits each position to determine:– if it meets these related criteria and – is in compliance with the FLSA.

• State funded positions require an exemption from hiring freeze (Approval by Assoc VP, VP, and President)– Position is critical to the operation of

the unit.

Administrative Professional

• Extension or Continuing Education – responsible for originating and developing formal education programs for the general public usually in close contact with faculty and staff or training or consulting with community groups to enable them to provide specialized training and/or service to the community.  

Administrative Professional

• Emergency hire for up to two years without a search.– Exemption from hiring freeze—state

funded positions– Position audited by HRS– HRS review to determine

incumbents qualifications• Appointments in excess of 2 years

require a search—through Lisa Clyde, EEO Coordinator

Administrative Professional

• 50% or more for minimum of 6 months

• Salary is negotiable, but must meet certain minimums

• Minimum of $36,000 to be exempt from overtime

Civil Service/Bargaining Unit

• 50% or more for a minimum of 6 months

• Employee on probation for 6 months, then becomes a permanent employee.

• Position audited by HRS, open search

• Salary based on grid

Civil Service/Bargaining Unit

Instruction & Classroom Support Technician     Minimum Maximum 1 $31,176.00 $40,524.00 2 $35,040.00   $45,828.00 

Civil Service/Bargaining Unit—Hiring Steps

• Exemption from hiring freeze

• Position audited by HRS

• Position posted on HRS web site https://www.wsujobs.com

• HRS Screens candidates and makes applications available to hiring official

Hourly

• Can work up to 1,050 hours in a year.

• Year begins when employee begins

• Submit hours on a pay period basis

Hourly—Health Insurance

• Work 480 hours or more over a consecutive 6 month period become benefit eligible at the beginning of month 7. 

• An employee must report a minimum of eight hours in month 7 to receive the insurance benefits. 

Hourly—Health Insurance

• After establishing eligibility, if an employee does not work a minimum of eight hours in any month, the employee will lose benefit eligibility and must reestablish eligibility by working a minimum of 480 hours or more over a six consecutive month period.  

Hourly—Health Insurance

• Effective June 1, 2008, HRS will no longer apply a continuous rolling look-back for employees who lose eligibility for benefits.  In order to become eligible again, they would need to work 480 hours over a new look forward 6 month basis.

Hourly

• Cannot terminate an hourly employee because they become eligible for health insurance.

Hourly Procedures

• For forms go to http://bfo.cahe.wsu.edu/personnel/tempemployment/index.htm

• Submit forms to Linda Loos at [email protected] or Maureen Stephens at [email protected] for FSNEP

• Submit Daily Activity Reports to Business and Finance Office

Public Affiliate

• Non-WSU Extension personnel, with a 50% or more appointment

• Become more "formally" affiliated with WSU.

• Allows access to budgets, handling money, obtain a WSU Network ID, WSU email, campus directory, I-9 verification

Public Affiliate

• Encouraged to become public affiliates to have consistent email addresses for marketing purposes while sending out Extension information.

• Three year appointments

Change in Procedures

• Linda Loos and Vickie Parker-Clark are contacts for creating and hiring positions

• Maureen Stephens for Food Sense positions– Always let District Office know of ALL

Hires

Directory

• CAHNRS WSU Extension Directory https://cahnrsdb.wsu.edu/directory/

• Let Linda Loos know if information needs to be updated

• Global Directory—Contact BFO to correct