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Planning for Your Retirement - Jefferson Parish Public Schools · PDF file 2019. 3....

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  • Planning for Your Retirement

    includes a TRSL retirement timetable

    ~ Planning for Your Retirement ~

  • 2 www.trsl.org

    We’re here to help. Contact us:

    Internet: Website: www.trsl.org E-mail: [email protected] Your questions will be answered within 1-2 business days.

    Phone:

    Main: 225-925-6446 Toll free (outside Baton Rouge area): 1-877-ASK-TRSL (1-877-275-8775) After normal office hours, you can leave a message for a return call the following business day.

    Mail: PO Box 94123, Baton Rouge, LA 70804-9123 Send overnight or certified mail to our physical address below.

    Fax: 225-925-4779

    Visit

    8401 United Plaza Boulevard, Suite 300 Baton Rouge, LA 70809-7017 Office hours are 8 a.m. - 4:30 p.m. Monday-Friday (excluding holidays)

    Member Access Get secure, online access to your TRSL account information through Member Access on our website. Click on the Member Access link at www.trsl.org, and follow the easy instructions. If you have any problems with registration, contact the TRSL HelpDesk at [email protected]

    Directions to TRSL’s office TRSL is located in Baton Rouge in the Louisiana Retirement Systems Building at 8401 United Plaza Boulevard, which is just off Essen Lane between Interstates 10 and 12.

    From Lafayette: Exit I-10 and turn left on Essen Lane, or exit I-12 and turn right on Essen Lane;

    From New Orleans: Exit I-10 and turn right on Essen Lane;

    From Hammond: Exit I-12 at Jefferson Highway/Drusilla Lane, turn left on Drusilla Lane, then right on Jefferson

    Highway. Proceed to Essen Lane, and turn left. Turn at the United Plaza Boulevard traffic signal on Essen Lane at the sign that reads: “LA RETIREMENT SYSTEMS BLDG.”

  • 3Planning for Your Retirement

    Contents When it’s time to retire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

    A timetable for retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

    Planning your retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

    Financial planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

    Budgeting: Your expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

    Expenses to consider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

    Budgeting worksheet: Monthly expenses. . . . . . . . . . . . . . . . . . . . . .11

    Cost-cutting tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

    Budgeting: Your household income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

    Budgeting worksheet: Retirement income . . . . . . . . . . . . . . . . . . . . .13

    Budgeting: Your net worth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

    Budgeting worksheet: Net worth. . . . . . . . . . . . . . . . . . . . . . . . . . . .15

    Investments and savings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

    Estimating how long your money will last . . . . . . . . . . . . . . . . . . . . . . . .17

    Deciding to hire a financial planner . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

    Questions to ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

    Resources for finding a financial planner . . . . . . . . . . . . . . . . . . . . . .20

    Creating a will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

    Health and life insurance information. . . . . . . . . . . . . . . . . . . . . . . . . . . .21

    Purchasing life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

    Life insurance options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

    Protecting yourself from scams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

  • 4 www.trsl.org

    225-925-6446 • 1-877-ASK-TRSL • [email protected]

    We are here to help you! Contact us at...

    When it’s time to retire Retirement decisions last a lifetime. That’s why TRSL wants you to make those decisions carefully, and only after getting the information necessary to help you make the best choices for you and your family.

    By now, you’ve probably read the TRSL Member Handbook: Regular Plan, Plan A, and Plan B, which explains how retirement benefits are computed and various provisions about a TRSL retirement. If you are considering participation in the Deferred Retirement Option Plan (DROP), you should read TRSL’s DROP Handbook: A guide to the Deferred Retirement Option Plan.

    We encourage you to take some time to carefully read this handbook. It will give you a good idea of the process you will go through to retire, and discuss many financial and budgeting issues you need to consider before retirement.

    The sooner you start thinking and planning for your retirement, the better. And remember, don’t hesitate to contact TRSL with your questions.

  • 5Planning for Your Retirement

    A timetable for retirement TRSL recommends that you use the following timetable as a planning guide when you are two to three years away from retirement.

    Two to three years before retirement

    • Review the accuracy of your years of service with TRSL. You can do this online through our Member Access portal located at www.trsl.org. Or you can request a printout by calling 225-925-6446 or toll free outside the Baton Rouge area at 1-877-ASK-TRSL (1-877-275-8775).

    • Ask your employer to review your years of service and certify or correct any questionable years or incorrect data.

    • Resolve any issues involving the purchase or transfer of service credit. Any purchase or transfer should be completed well in advance of retirement or entering DROP. If you initiate a purchase or transfer shortly before your desired date to retire or enter DROP, the effective date of your retirement or DROP participation date is subject to change depending upon the completion of the purchase or transfer.

    One to two years before retirement

    • Request an estimate of your retirement benefits by sending TRSL a completed Benefit Estimate Request (Form 10). You can also obtain an unofficial projection of your retirement benefits by using TRSL’s online calculator through the Member Access portal located at www.trsl.org.

    • Consider attending a one-day preretirement seminar. Check the workshop schedule on TRSL’s website or call 225-925-6446, ext. 2822, for a seminar being held in your area.

  • 6 www.trsl.org

    Four to six months before retirement

    • Submit an Application for Service Retirement, ILSB, or DROP (Form 11) if you are retiring or entering DROP.

    • If you are applying for service retirement, submit a Direct Deposit of Benefits (Form 15D) to designate the financial institution that is to receive your funds.

    Two weeks after applying for retirement

    • TRSL will acknowledge your application within two weeks of receipt. If you do not receive this acknowledgment, contact TRSL at 225-925- 6446 (Baton Rouge area) or toll free at 1-877-ASK-TRSL (1-877-275- 8775) to check the status of your application.

    TRSL sends retirement affidavit

    • Once your application is processed, TRSL will send you an Affidavit of Retirement Option Election based on the most current information available to TRSL. The affidavit will list the benefit amount for each of the retirement options. TRSL will send this affidavit only after we receive a copy of your Social Security card.

    Within 15 days, return notarized retirement affidavit

    • It is extremely important that this affidavit be completed, notarized, and returned to TRSL within 15 days of receipt. By selecting an option and returning the affidavit, you indicate under which option you wish to retire. This is a critical step in the retirement process. Remember that the option you select on your affidavit is irrevocable, no matter how your situation may change in the future!

    • If you are planning to leave the country after retiring, it is in your best interest to see that your affidavit is completed and returned before you leave the states.

  • 7Planning for Your Retirement

    • If you are entering DROP, this affidavit must be returned within 90 days of receipt or 90 days after DROP participation has begun, whichever is later. If you do not return the affidavit within that time, you will be removed from DROP participation effective the date you were to begin DROP. You will be required to remit your member contributions due back to your original requested DROP participation date, if applicable. If you still wish to participate in DROP after cancellation of your original application, you will need to submit a new Application for Service Retirement, ILSB, or DROP (Form 11). Your DROP participation date will be effective on the date TRSL receives the new application or the beginning date of participation on the form, whichever is later. This may cause you to lose participation time in the DROP program.

    • It is your responsibility to coordinate your date of retirement with your employer and to inform TRSL of any change before cashing or depositing a retirement payment. Once you cash or deposit a retirement payment, you are retired as of the effective date of your retirement application, and your retirement ca