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Retirement Planning Checklist

Presenter 1>> Welcome to the CalPERS video  Retirement Planning Checklist. In this session,   we’re going to discuss a list of things you should  be taking care of as you get ready for retirement. Before we get to the main presentation, let’s  take care of some housekeeping items. To   provide you with a future reference,  and make your note taking easier,   we’ve provided a presentation learning guide.  You’ll see the link to the learning guide in   the YouTube description box. Please note  that due the large number of participants,   although the chat feature is active, we won’t  be able to respond to member questions during   this presentation.

If you have any  questions, please contact us directly. Here’s the agenda for today’s presentation. We’ll  start with things you’ll want to do one or more   years away from retirement, and gradually  work our way up to retirement and beyond. As we go through today’s presentation, we will  reference several CalPERS forms and publications   that you may be interested in, so here’s where you  can find them. On our homepage at,   you’ll find the Forms & Publications column.  Select the View All link at the bottom of the   list to access a complete list of forms and  publications which are shown in alphabetical   order.

You can also filter by whether  you’re an active member or a retiree. One of the publications you’ll want to review  as you prepare for your retirement is Planning   Your Service Retirement, Publication 1.  It has a great deal of good information,   including a checklist similar to  what we’ll be reviewing here today. There is also a Retirement Planning Checklist  on our website. Select the Active Members tab,   then find the Resources column and select  the Retirement Planning Checklist link. Let’s start by looking at what you need to do  about one or more years prior to your retirement. We encourage you to watch our Planning  Your Financial Future video series   available on the CalPERS YouTube  channel. Financial security helps   ensure you have enough money for  the retirement lifestyle you want.

Use our Planning Your Financial Future  Checklist as a guide through this video series. For those who qualify for Social Security, visit  our Social Security and Your CalPERS Pension page   to learn how your Social Security benefits  may be affected by your CalPERS retirement. If you haven’t already done so,  sign up for a mySocial Security   account at  Here you can access your statement,   review estimates of future Social  Security retirement benefits, and more. The service credit you earn is part of the  calculation for your retirement benefit.   Review your most recent account information in  myCalPERS to make sure your service credit is   accurate. You can also find a link to your most  recent Annual Member Statement here.

If you are   a year or more away from retirement, use the  Retirement Estimate Calculator in your myCalPERS   account to estimate the amount of your pension  and begin determining when you want to retire. It’s important to be prepared  when you decide to take the big   step into retirement. To get answers  to most of your retirement questions,   the Planning Your Retirement class is a great one  to take if you are a year or even further from   retirement. Sign into myCalPERS and select  Classes under the Education tab to enroll. If you think you may be eligible to purchase  service credit, the first thing you should   do is review the appropriate publication which  provides the types of service credit available,   eligibility for each type, and what is needed  to submit the request.

The publications are   A Guide to Your CalPERS Service Credit  Purchase Options, or for military time,   the Military Service Credit Options publication.  The publications can be found on our website. To find the cost of any available  service credit purchases. First,   log in to myCalPERS, go to the Retirement  tab, select Service Credit Purchase,   followed by the Search for Purchase Options  button. You can also find the Service Credit   Purchase link in the service credit box on the  myCalPERS home page. Next, complete a series of   questions to help determine which service credit  purchase types you may be eligible for. Finally,   the system will return the cost for any  available service credit purchase options,   at which point you can begin the  purchase process if you choose to. If you have a community property claim on your  retirement account because of a legal separation   or divorce, you must provide us with a copy of an  acceptable court order that resolves the claim.   It’s important to understand that a hold is placed  on your account and retirement benefits cannot   be paid until your community property issue  is resolved.

However, you shouldn’t wait to   submit your application to retire. Waiting may  affect the retirement date and other benefits. If you’ve been awarded a separate nonmember  account, you may be eligible to retire and   receive a monthly benefit for this as well.  For more information, review our publication   A Guide to CalPERS Community Property. You  also may want to contact a financial planner   for assistance with coordinating your CalPERS  benefits with you overall retirement planning.   Please remember that CalPERS does not  provide financial planning services.  Next is nine months prior to retirement.

If  you're also a member of another California   retirement system other than CalPERS, there are  steps you need to take to ensure you receive all   the benefits you’ve earned from each system.  Reciprocity refers to an agreement between   CalPERS and many other California public  retirement systems that allow members to   move from one retirement system to another  within a specified time limit and possibly   retain some valuable benefit rights such as  your highest average pay in the calculation   of your retirement. Read our publication, When You  Change Retirement Systems, for more information.  If you have Social Security or other non-CalPERS  income coming later after retirement, you might   want to temporarily increase your monthly  CalPERS income until those benefits begin.   See if a temporary annuity is right for you by  reviewing our temporary annuity publication.  Moving on to five to six months before you retire. You should become familiar with the information   needed to apply for retirement in the  publication A Guide to Completing Your   CalPERS Service Retirement Election  Application, which is Publication 43.  Begin to gather and make copies of the required  documents you’ll need, such as a marriage license,   or a birth certificate for a lifetime beneficiary.  Refer to the Service Retirement Election   Application for a complete list of required  documents.

If you apply for retirement online,   you’ll be able to upload your documents into the  system. If you choose to mail in the documents,   only send us copies, never send originals.  Always include your Social Security number   or CalPERS ID on every document you submit.  If you don’t know your CalPERS ID number,   you can find it in your myCalPERS account under  the My Account tab in the Profile section.  Although an appointment isn’t required, if after  taking the Planning Your Retirement class, you   have specific questions about your own situation  that weren’t answered during the class, you can   schedule an appointment by logging on to your  myCalPERS account.

You’ll find the Appointments   link under the Education Resources tab. You determine how you want your taxes   withheld. We can’t offer tax advice so  you should check with your tax consultant   or attorney to find out about the taxability of  your overall retirement income. You can also find   more information about your federal taxes on the  Internal Revenue Service website at  For your California taxes, you can go to the  Franchise Tax Board website at   If you plan on moving out of state, you are not  required to pay California State taxes. However,   you should check with the state you’re moving to  find out what taxes they require and how they are   to be paid. You cannot have out-of-state  taxes taken out of your retirement check.  And then three to four months prior to retirement.

You can apply for service retirement online,   in person, or by mail. You can submit your  retirement application no more than 120 days   prior to your retirement. To file electronically,  log in to myCalPERS. Go to the Retirement tab,   select Apply for Retirement, and follow the  steps for submitting your application and   required documents online to CalPERS. We also have  a video on our YouTube channel titled Your Online   Service Retirement Application that will take you  through the steps for completing and submitting   your retirement application online. There are  a number of benefits to filing for retirement   electronically. Easily and securely submit your  application at your convenience, 24 hours a day.   You can leave the online application and return  at any point to complete it. Prior to submission,   you can review and edit your information. You’ll  receive confirmation that your application has   been successfully submitted. You can upload  additional required documents online. And,   you can use the Electronic Signature to eliminate  the notary requirement for the member signature.  If you are unable or do not wish to complete  your Service Retirement application online,   you can submit the paper application at one  of our regional office or by mail.

If you   bring your application to one of our Regional  Offices, both you and your spouse’s or domestic   partner's signatures can be witnessed by one of  our representatives. If you choose to mail it in,   you must have you and your spouse or domestic  partners signatures notarized. If you’d like   assistance filling out your application,  you can enroll in our class Your Retirement   Application and Beyond. This class is  available online through your myCalPERS   account and is also taught by our regional  office team members in virtual classes,   and also in-person throughout the state.

Find  the next available instructor-led class in your   area by logging in to your myCalPERS account  or by calling us. Be sure you keep a copy of   all forms and supporting documents for your  records and future reference. Apply timely.   Any delay in submitting your application could  result in a delay of your first retirement check.  If you have a deferred compensation plan such  as a 401K, 457, or 403b, check with your plan   administrator regarding distribution of your  funds. Contact your health benefits officer or   personnel office to determine your eligibility for  continuation of health, dental or vision coverage   into retirement. If applicable, check with your  credit union, employee organization, insurance   plan, or others to see if certain types of payroll  deductions can be continued into retirement.  So the next question is, what  happens after you retire?  As soon as your service retirement application  is received, CalPERS will generate an   Acknowledgment of Service Retirement letter. This letter will confirm the retirement   date you selected, your date of birth, your  beneficiary’s date of birth, if applicable,   the retirement option you selected, age at  retirement, and the retirement formula along with   other valuable information.

About two weeks prior  to your first check being issued, we’ll send you   a First Payment Acknowledgement letter providing  you with the date of your first retirement check,   the gross amount you can expect to receive,  and important income tax information. You’ll   also receive an Account Detail Information sheet  that provides what was included in your retirement   calculation based on the payroll and service  credit information posted in your account at the   time your retirement was calculated. Finally, if  you have CalPERS health coverage, you’ll receive   two letters. The first letter will notify you that  your health benefits as an active employee have   been cancelled, and the second letter notifies you  that your health coverage as a retiree has been   established. You should keep all these letters,  along with other CalPERS information you may have,   with your important financial papers. If you expect to have any adjustments   to your retirement payment, you should allow  four to six months for all final payroll to   be processed for adjustments. An example of an  adjustment would be a change in service credit   or final compensation that was reported after  your initial benefit was calculated.

If after   six months you haven’t received an adjustment  that you think you’re due, you should send us   a message through your myCalPERS account or give  us a call at 888 CalPERS, which is 888-225-7377.  You can find a list of mailing and direct deposit  dates on our website. If you applied timely,   in most cases you should receive your first  retirement check around the first part of   the month following your retirement date. If  you did not retire on the first of the month,   your check will cover the period from your  retirement date to the end of the month.   After that, your check is mailed or direct  deposited around the first of the month.  This video will stay posted here on YouTube,  so you can come back and catch what you might   have missed.

All our previous videos are also  available on our YouTube channel. You’ll also   have access to the link for the learning guide. Our presentation today was intended to provide   you information on some steps you should be taking  leading up to retirement. Please note that CalPERS   is governed by the Public Employees’ Retirement  Law. The information in this presentation is   general. The Retirement Law is complex and  subject to change. If there is a conflict   between the law and the information presented in  this presentation, all decisions will be based on   the law. Later today, you’ll receive an email  with a short evaluation. Please answer all the   questions as it’s important for us to get your  feedback to help us improve these presentations.   Thank you for taking time out of your day to  attend this presentation and have a great day.

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Retirement Guide

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