Preparing for Retirement

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Now that you know how close you are, you will want to do some advance planning to make sure you won’t experience a prolonged interruption in your income from active employment into retirement.  In order to accomplish this, you will need to turn in your paperwork for retirement at least three months prior to your planned date of retirement.  This paperwork would include the following:

 

· For employees eligible for retirement under the Fulton County Schools Employees’ Pension Fund (FCSEPF), you will need to complete our Application for Retirement, have it notarized and returned to Pension Services.  Please keep a copy for your records.

 

· You must send a letter of your intent to retire to the Staffing Director of your Zone (Staffing Director Zone Directory) , and provide copies of that letter to your Principal, Director or Supervisor, Insurance Department, Payroll Department, and send two copies to Pension Services.  Please keep a copy of this letter for your records.  We are happy to provide you with a Sample Letter of Intent to Retire that you can print and modify for your use. 

 

If you are a non-school based employee below grade 29 on the salary schedule, you should send a copy of your letter to Central Staffing.  If you are a non-school based employee on grade 29 or above, then a copy of your letter should also be sent to the Chief Human Resources Officer.

 

· For those employees who are also eligible for retirement under Teachers Retirement System of Georgia (TRSGA), (www.trsga.com) you will need to complete their Application for Service Retirement.  You must include copies of a photo ID for both you (the retiree) and your primary beneficiary.  Your application must be completed and turned in to TRSGA no later than the last day of the month in which your retirement is effective.  For example, if you want to retire on June 1st, then your application must be turned in prior to June 30th.  If you don’t meet that deadline, you will lose that month’s retirement benefit.  Please keep a copy for your records.

 

· For those employees who are also eligible for retirement under Teachers Retirement System of Georgia (TRSGA), you will need to request your Sick Leave Certification from the Fulton County Board of Education Payroll Department.  This form certifies all unused sick leave for service credit with TRSGA and cannot be completed until the end date of employment.  The sick leave accumulation that is reported on this form is not the same information that is reported on your paycheck stub each month.  Please note as well that the service credited with this information is not creditable towards your Fulton County retirement service.

 

· Tax withholding forms should be completed if you wish to have Georgia State and/or Federal taxes withheld from your pension check.  Changes may be made to these elections at any time during your retirement. You will complete the Federal W4-P Withholding Certificate for Pension or Annuity Payments and/or the Form G-4 State of Georgia Employee’s Withholding Allowance Certificate.  Please keep a copy for your records.

 

· Complete a request for Direct Deposit.  This option is available to all retirees and may be requested at any time during your retirement.  The process takes two months to activate.  Upon completing the request and returning to Pension Services, your first check after the request will be mailed to your home, but all subsequent checks will be deposited directly into your banking location and your “remittance advice” will be mailed to your home. 

 

· In order to continue health insurance coverage into retirement, you must have health insurance in force at the time you retire.  Please review the information provided on our “Insurance” page.

 

Pension Benefit Estimate       

      

Now that you know the steps to Retire, let’s help you understand the basics of calculating your monthly benefit when you retire.  Pension benefits are computed based on a combination of your years of service and your salary.  The table below should help you understand how we calculate your benefit at retirement.

If using this table is a little too confusing, the following link will take you to a document with salary brackets that might be easier to understand! 

       Estimate Your Monthly Pension Benefit

 

One note for you to keep in mind as you’re getting close to retirement—sick and/or vacation leave payouts are typically paid on an employee’s final paycheck and are taken into account when finding and calculating the “high 3 years of salary” for your final pension calculation.  Partial years of service are also used in calculating pension benefits.

Pension Contributions

Without Beneficiary Coverage

5.6% of gross salary

With Beneficiary Coverage

6.6% of gross salary

Provisions for Vesting

After 25 years service

After 10 years service:

An employee who leaves the employment of the Fulton County Board of Education after completing 25 years service (including any prior service or leave claimed), but who has not attained 55 years of age, may elect to vest and start receiving a pension at age 55 (with 10% age penalty) or at age 60 with no penalty.

An employee who has at least 10 years service (including any prior service or leave claimed) may terminate employment and start receiving a pension on the day he or she becomes 65 years of age on the same basis as for granting pension to an active employee.

Disability Pension

 

 

An employee must have a minimum of 10 years creditable service before being eligible to apply for disability pension.  No age penalty is applied for disability pension and pension is calculated on the same basis as standard service retirement.

 

Persons who have vested and become totally and permanently disabled may qualify for disability pension on the same basis as active employees.

If you have questions about disability pension, please contact  Pension Services at (404) 669-8111.

Eligibility for Fulton County Schools Pension

Years of Service with FCBOE

Age

30

No age requirement if only participating in Fulton County plan

25

60

30

55 (If also participating in TRSGA)

25

(with penalty of 1/12th of 2% for each month employee lacks being 60 years of age)

55

10

65

10

No minimum age for disability pension

Fulton County Schools Employees’ Pension Fund

 

Add the total of your high 3 years of salary

Divided by  # of months

Equals Average Monthly salary

Multiplied by a Fixed Percentage

Times your years of Total Creditable Service

Equals your Monthly Pension at Retirement

Employees paid over 12 months

Continuous period of 36 months of salary OR

3 separate periods of 12 consecutive months

PLUS

Sick and Vacation Payout

36

 

2%

(not to exceed 37 1/2 years)

 

For Example:

Year 1 = $52,000

Year 2 = $55,000

Year 3 = $58,000

Total = $165,000

165,000/36

4,583.33

X 2% = 91.67

X 30

= $2,750.10