Retirement
Thinking of retiring this spring? Please first review pages 26-28 of the contract. If you are eligible for the First Year of Retirement incentive and/or payment for an additional 10 sick days, you will need to submit your irrevocable letter by February 1, 2020. You are strongly encouraged to make an appointment with Tracey Noble and Molly Loh. They will walk you through the process and help you make the choices necessary to retire from FM. (Please note that this is different from NYSTRs information, as it is specific to our contract and district.) You may meet with Tracey and Molly individually or with your spouse or partner.
In order to serve our members, Tracey and Molly (who are really, really wonderful to us and deserve our gratitude!!) have developed the attached documents:
· Retirement Insurance Planning Informational Sheet
· Teacher Retirement Benefit Checklist Confirmation
· 403(b) Employer Contribution Form
· Retirement Benefits Confirmation Form
They have a few other handouts to share with you, as well, such as an ACH form and informational sheets pertaining to ACH deductions for insurance payments as well as medicare info. Tracey and Molly note that they revise the attached documents as needed.
Tracey and Molly want you to know that when they meet with an employee, the employee " typically there on a fact finding mission." Tracey reports that employees " reach back out to us and come in a second time, to really nail down information and make sure they understand everything. Lastly, they meet with us a third time to finalize any documents that they need to submitted which is when we collect the retirement benefits confirmation form."
Please see p. 36 of the contract for the form you need to submit to the district to announce your intention to retire. Tracey reports that employees often include a letter of resignation in which they identify exactly which benefits they believe they are qualified to receive. They mention the benefits outlined in Article XXIII and typically include the following sentence: "If, upon review, it is determined that I am not entitled to the above, I reserve the right to withdraw this resignation."
Have questions? Contact Tracey Noble or Molly Loh in the Business Office, or Mary Patroulis or Steve Burry (FMTA Retirement Delegates).
FM Retirement Forms
Retirement - Health Insurance Planning Information
Teacher Retirement Benefit Checklist Confirmation
Retiree Benefits Confirmation Form
403B Employee Contribution Form
Retirement Links
New URL for NYSTRS -
Bookmark MyNYSTRS for One-Click Access
Find our secure site at https://secure.nystrs.org/mynystrs fast! If you previously bookmarked the site, be sure you’re using this new link.
NYSUT - Teacher Retirement Planning Guide
Booklet - What you need to know, and do, to plan for retirement.
Countdown to Retirement Brochure
NYSTRS offers PREP seminars frequently. Register Here
Videos Offer A Seasonable Approach to Retirement
To everything there is a season and a new NYSTRS video series offers advice on what you should be doing in each of them if you are planning to retire soon.
FM Retirement Rep
Email: steveburryfm@gmail.com
x1926
