KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R - PowerPoint PPT Presentation

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R o Ret etire W Web ebinar will b ll begin gin m momen mentarily ily…

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Rea eady to R o Ret etire W Web ebinar

Plea ease keep eep in n mind nd tha hat Kentucky cky Revi vised Stat atute 61.661 661 requires es KRS t to a administ ster er accounts s in a confid identia ial l manne nner. Dur uring ng o our ur web ebina nar today, p plea ease d do no not sub submit quest uestions sp spec ecific to your ur account nt and nd do no not post st sens sensitive info nformation, n, suc such a h as y s your ur K KRS M S Mem ember I ID, So Social Sec Secur urity y Num umber er, or P PIN, in n the c he cha hat. If f you u ha have sp spec ecific quest uestions about your ur ind ndividual acco account, pleas ase con contact K KRS at 1-800 800-928 928-4646. 4646.

Agenda f for r Today’ y’s W s Webinar • Zoom Tutorial • Things to Consider • How to apply • Apply for Retirement online demo • How to finalize your retirement • Life after retirement

Zoom T m Tutor oria ial • The CHAT AT function is used to ask general retirement questions for a KRS representative to respond. • The RA RAISE HA HAND ND function will not be used during this webinar

Thin ings t to C Consider er • Are y e you e elig ligib ible f le for S Socia ial S Securit ity benef efit its? • Are y e you e elig ligib ible f le for M Medic icare? e? • Are y e you e elig ligib ible t le to purchase s e servic ice c e cred edit it? • Do Do you ha u have se service i in a n ano nother st state-admin inister ered ed retireme ment s system? m? • When s should ld I I file f ile for m my retir iremen ent b benef efit its?

How t to App Apply for for R Ret etirement 1. 1. Reg egister fo for M Mem ember Sel Self Ser Service 2. 2. Attend a P a Pre-Retireme ment E Educat ation on Pr Program ( am (PR PREP) P) or online w e webinar o offer ered ed b by KRS 3. Visit the R he Rea eady y to Ret etire p page o on kyr n kyret.ky.gov 4. Sp Speak with a h a KRS R S Ret etirement B Bene enefit C Couns unselor 5. Deter ermine yo ne your r retirem emen ent d date

Appl ply f for R Retir iremen ment O Onlin line Demo mo

Appl ply f for R Retir iremen ment O Onlin line Things t s to R Remember er: You ou mus must s sub ubmi mit a all required doc ocum ument ntation b on befor ore y your our retirement • applica licatio ion ca can be proce cessed Appl pplying fo for r r ret etiremen ent v via pape per a appl pplication or r online e appl pplication • in init itia iates t the proce cess; a ; additio ional p l paperwork k will ill need t to be co comple lete by y th their de dead adline You ou ma may N NOT na name me y your ourself a as the he bene neficiary o of your our r retirement • account ount

Appl ply f for R Retir iremen ment O Onlin line Thi hing ngs t to R Rem emember Cont nt’d: ALL numb LL numbers shoul hould be keyed w whe hen e n ent ntering the he a account ount numb number • for d dir irect ct d deposit, in , inclu cludin ing ze zeros- failur ure t to o key the he a account ount numb number cor orrectly c coul ould delay r retirement nt b bene nefits a and nd ins nsur uranc nce If If you ou choos hoose to o us use the he Doc Docume ument U Upload f feature i in n MSS, SS, b be sur ure t to o • uplo load e each ch docu cument s separately ly (i.e (i.e. . Form 6 6000, D , Date o of Bir irth Verif ific icatio ion, e , etc.) c.)

Finaliz lizin ing y g your R Retir irem emen ent Onc nce e you ha u have sub submitted y your ur a application t to r ret etire wi with i its r required docume mentat ation on, y , you wi will r receive addition onal al pap aperwork to comp o complete vi via mai mail/in o office: Form rm 6010, Fina nal Est Estimated R Ret etirement nt Allowan wance Optio ion Selection on • Form rm 6200, 6200, Applica cation for or Heal alth Insur nsurance (not required to • process your retirement benefits)* * The Form 6256, Designation of Spouse and/or Dependent Child for Health Insurance is required ANNUALL ALLY for Hazardous duty members

Life A fe After er R Retir ireme ement Benefi efit P Paymen ents: th of t Th The first st r reti tirement c check is s mai ailed o or de deposi sited o on th the 14 14 th the he mont month i in n • whi hich h the he me memb mber r retires After the f fir irst m month o of retir irement, t , the ch check ck will ill be dir irect ct d deposit ited o on • th of th th the 14 14 th the month th o or th the last b ast busi siness day day p preceding th the 14 14 th th Post R st Reti tirement A Audi dit: Performed o once ce all ll wages, co , contributio ions, a , and sick ick le leave a are reported to KRS • at at th the termination dat date h has as been v verified Benefit p paym ayments m s may b ay be adj adjust sted ( (up or do down) i if th the au audi dit resu sults i in • mor more t tha han a n a $2.00 d differenc nce i in n your our mont monthl hly p payment

Life A fe After er R Retir ireme ement Taxes Treatm atment o t of B Benefits: ts: Mont onthl hly b bene nefits a are gene nerally s sub ubject t to o federal inc ncome ome t tax • All b benefi efits attri ribu butabl ble e to s service e earn rned ed on, o or b befo fore e December ber 31, 1 1997 • are exempt from om K Kent ntucky Inc Income ome t tax Health Ins Insur urance: In In or order for or i ins nsur uranc nce t to o be effective d dur uring t the he first mont month • of retirement nt, all ins nsur uranc nce f for orms a and nd r requi uired d doc ocume uments mus must be be filed with K h KRS the he mont month b h befor ore the he f first mont monthl hly bene nefit is issue ued Reempl ploymen ent A After R er Retirem emen ent: Go Go to o kyret.ky.gov ov f for or t the he latest inf nfor ormation r on regarding R Reemp mploy oyment after • Retireme ment nt

Leg Legal N Not otice If you have any questions about the material in this presentation please contact KRS at 1-800-928-4646. This presentation is intended merely as a general information reference for members of the KRS. This presentation is not intended as a substitute for applicable Federal or state law, nor will its interpretation prevail should a conflict arise between its contents and applicable Federal or state law. Before making decisions about your retirement, you should contact Kentucky Retirement Systems.

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