Information letters updating client
RETIREMENT WORKSHOPS During the workshops, our representatives will take a step-by-step approach to explain topics that include retirement benefits, beneficiary options, group life insurance, the taxability of your pension, and health benefits in retirement. Estimates obtained from MBOS are the same estimates obtained when visiting the Division’s offices and use identical salary and service information.
If members are unable to use MBOS: APPLY FOR RETIREMENT USING MBOS Due to the expected increase in retirement applications, members must use the online Retirement Application available in MBOS.
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or as PDF attachments provided with the distribution of this letter.
CO Letter in Printable Format The Division of Pensions and Benefits has scheduled new Retirement Workshop dates for members of the Public Employees’ Retirement System (PERS) or the Teachers’ Pension and Annuity Fund (TPAF).
Please also note that paper retirement applications will not be available and will not be accepted at the workshops. 2010, increased the minimum annual salary required for eligibility in the DCRP.
If it is not received in this format any individual checks and revised certifications will not be accepted and returned to you for proper completion.
If you should need additional information regarding this letter, please call (609) 777-2115. L 2010, signed into law by Governor Christie and effective July 1, 2010, limits employer contributions to the Alternate Benefit Program (ABP) for higher education employees whose salary exceeds statutory maximum salary of Executive Branch department heads.
Read more Highlights of the 2018 Budget Speech Finance Minister Malusi Gigaba tabled the 2018 Budget Speech in Parliament on 21 February 2018.Prior to this change, the employer contributed 8% of an ABP member’s base salary and the member contributed 5% toward the retirement savings plan.Under the provisions of Chapter 31, the State will continue to contribute at a rate equal to 8% of the member's base salary -15.107 sets the maximum annual salary of department officers at 1,000 per calendar year.Moving forward, these retired members will be treated in the same way as active members and any reported retroactive salary should be submitted via the spreadsheet.A revised certification(s) must be submitted along with the check covering the period of retroactivity with the completed excel spreadsheet.
Over time we expect these new procedures will increase the timeliness of updating members’ retirement account information.