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“Preparing for Your Final Career”
Developing a Retirement Planning Workshop
Diana McClayAssociate Director of Human Resources
Richard AshleyTraining Manager, Office of Human Resources
East Tennessee State UniversityJohnson City, TNwww.etsu.edu
How do you prepare your faculty and staff for their
retirement?
The Famous Backburner
What am I going to do when I retire and have more time?
Handout page 16
Origins
ETSU Retirees Association (ETSURA)Committee – representatives from:ETSURABenefits CommitteeHuman ResourcesFaculty SenateStaff Senate
Today’s AgendaTopic SelectionSeries FormatSpeaker SelectionSchedule“Roll-out”“Kick-off”Topic ContentWebsiteReview & Planning for 2008
Topic Selection
Kick-Off PanelLegal MattersFinancial PlanningState RetirementOptional
RetirementTaxes
Social SecurityMedicareHealth
ConsiderationsInsuranceHousingActivities
Series Format
One- or two-day vs. multiple daysAfternoon & evening presentationsMain campus & College of Medicine campus
Speaker Selection
ETSU faculty and staffSubject matter expertsETSU affiliationLocal community resourcesFREE
Schedule
Topic Date Time Location Presenter
Kickoff Panel Sep. 18, T 3 – 4:30 p.m. Culp-The Forum ETSURA Members
Kickoff Panel Sep. 18, T 7 – 8:30 p.m. Culp-The Forum ETSURA Members
Legal Affairs Sep. 20, R 3 – 4:30 p.m. Culp-The Forum Jeff Anderson, J.D., Assoc. VP, Advancement
Legal Affairs Sep. 20, R 7 – 8:30 p.m. SG**-B003 Jeff Anderson, J.D., Assoc. VP, Advancement
Financial Planning Sep. 27, R 3 – 4:30 p.m. Culp-The Forum Bryan Hawk, ’98, Financial Adv, Edward Jones
Financial Planning Sep. 27, R 7 – 8:30 p.m. SG**-C023 Bryan Hawk, ’98, Financial Adv, Edward Jones
TCRS Oct. 2, T 6:30-8:30 p.m. SG**-C023 Mark Wakefield, TCRS Rep.
TCRS Oct. 3, W 8:30 – 10:30 a.m. Culp-The Forum Mark Wakefield, TCRS Rep.
ORP Oct. 4, R 3 – 4:30 p.m. Culp-The Forum Barry Bartlett, Financial Advisor
ORP Oct. 4, R 7 – 8:30 p.m. SG**-B003 Barry Bartlett, Financial Advisor
Medicare Oct. 9, T 3 – 4:30 p.m. Culp-Mtg Rm 6 Lori Wilson, SHIP Coordinator, AAAD *
Medicare Oct. 9, T 7 – 8:30 p.m. SG**-C023 Lori Wilson, SHIP Coordinator, AAAD *
Handout page 13
ScheduleTopic Date Time Location Presenter
Social Security Oct. 11, R 3 – 4:30 p.m. Culp-Mtg Rm 6 Tony Thompson, District SSA Mgr
Social Security Oct. 11, R 7 – 8:30 p.m. SG**-B003 Tony Thompson, District SSA Mgr
Health Considerations Oct. 18, R 3 – 4:30 p.m. Culp-Mtg Rm 6 Dr. Ronald Hamdy, Prof., Geriatrics
Health Considerations Oct. 18, R 7 – 8:30 p.m. SG**-B003 Dr. Ronald Hamdy, Prof., Geriatrics
Taxes Oct. 23, T 3 – 4:30 p.m. Culp-Mtg Rm 6 Joan Mitchell, CPA
Taxes Oct. 23, T 7 – 8:30 p.m. SG**-B003 Joan Mitchell, CPA
Insurance Oct. 25, R 3 – 4:30 p.m. Culp-Mtg Rm 6 Harold Dishner Insurance Agency
Insurance Oct. 25, R 7 – 8:30 p.m. SG**-B003 Harold Dishner Insurance Agency
Housing Oct. 30, T 3 – 4:30 p.m. Culp-Mtg Rm 2 Tara Shaver, AARP, Nashville
Housing Oct. 30, T 7 – 8:30 p.m. SG**-B003 Tara Shaver, AARP, Nashville
Activities Nov. 8, R 3 – 4:30 p.m. Culp-Mtg Rm 2 Dr. Deborah Harley, Teresa Brooks Taylor
Activities Nov. 8, R 7 – 8:30 p.m. SG**-B003 Dr. Deborah Harley, Teresa Brooks Taylor
Handout page 13
“Roll-Out”
Letter to all employees from ETSURA, handout page 11
EDC Newsletter, handout pages 12-14
HR Homepage, www.etsu.edu/humanresEDC Website , www.etsu.edu/edcMonthly reminders (paper & email, handout page 15)
“Kick-Off”ETSURA Panel MembersWhen do you retire? You’ll know; While Healthy
The process of retiringRetirement sources of incomeDo I have enough money?Should you lower your ambitions?
Other experiences:FamilyHealthActivities
Legal Matters
ETSU Associate V.P. for Advancement, and J.D.Wills/Revocable Living TrustsPowers of AttorneyAdvance Directives
Financial PlanningLocal Edward Jones financial advisor & ETSU AlumnusHave I saved enough?How soon can I retire?Steps to answer 5 QuestionsWhere am I today?Where do I want to be when I retire?Can I get there?How do I get there?How do I stay on track?
Case Studies
TN State Retirement Plan (TCRS)
State TCRS advisorDefined Benefit vs. Contribution PlansEarly RetirementBenefit Payment PlansDisability BenefitsMedical Insurance & SupplementalsCost-of-Living AdjustmentsTaxesRetirement Checklist
TN Optional Retirement Plan (ORP)
Former ETSU VALIC RepresentativeWhat is the ORPTIAA-CREF, VALIC, ING
Comparison: ORP vs. State PlanContributionsChangesRetirement BenefitsYou must manage your retirement plan
Taxes
Local CPA & Spouse of ETSU AlumnusHow Retirement Distributions are TaxedOptions for Paying Income TaxSocial Security taxMinimizing Tax in RetirementWhat Happens when you Die
Social SecuritySocial Security District ManagerHistory, SS Trust Fund Income & DistributionsThe SS Trust Fund DilemmaHow you earn SS CreditsSS Retirement AgesHow your benefit is calculatedHow to apply for your benefitWorking while receiving SSMedicare: Parts A, B, D
Medicare
State Health Insurance Program Coordinators (SHIP)Intro to MedicareThe Original Medicare PlanMedicare Supplement Insurance (Medigap)Medicare Advantage & Other PlansMedicare Prescription Drug CoverageMedicare & Medicaid Savings Programs
Health Considerations
ETSU College of Medicine Professor & Chair of GeriatricsThe Most Important ThingExamples of People without a PlanCharacteristic Health ProblemsHow to prevent, treat and live
with them
Insurance
ETSU Benefits ManagerETSU Retirement Insurance
Programs
State Farm Insurance Agent & Spouse of ETSU RetireeLong Term CareOther Insurances:
•Life, Home, Auto, Liability, Umbrella
HousingAARP State RepresentativeHousing Options: Own, Rent, Condo, Apt, Retirement
Community, Assisted Living, etc.
Weighing Your Options:Accessibility, Affordability, Future
Needs
Know Your Community Resources:SHIP, AAAD, Sr. Center, BBB
Do Your Research & Shop AroundReverse Mortgages
Activities
ETSU Assistant V.P. for Community Engagement, Leadership & LearningBackburner Exercise: What am I going to do when I have more time?Guests: Volunteer Center of Johnson City; J.C. Sr. Center; Retired & Senior Volunteer Program; AAATips for VolunteeringJoin the ETSU Retirees Association
Results
Participation553 attended basic series63 attended other related
classes•Retirement Planning & Investments
•Basic Estate Planning Strategies•Retirement Strategies for Women•Cornerstones of Investing
What I liked most…
New ideas! Great variety! Good panel!1st time I have ever talked face-to-face with an AARP rep in 10 yrs of membershipGreat & detailed information and time for participationGave me ideas to think about and anticipate: re: retirement, etc.Finding our what Medicare actually is and/or costs involved
What I liked most…Clarity and specifics of materialFrank answers – no sugar coatingExcellent guidelines for individual planningOpened my eyes about debt; retirement; invest wisely“young” families need this as well as those looking at retirementThese matters are complex; this course is very helpful to planning & thinking about the future.
Website Information
VideosPowerPoint PresentationsHandoutsUseful resources and websiteshttp://www.etsu.edu/edc/Fall2007 RetirementSeries.htm
Post-Series ReviewWhat went wellWhat needs improvementChanges or additionsCurrent Planning for Fall 2008Keep same formatFind different presenters for some
topicsAdd Business Faculty Presentations for
financial planning and investmentAdd 401k, 403b, 457, Roth 401k ClassImprove video qualityInvite other State employees to
evening sessionsContinue to invite ETSU retirees
Preparing your final career
Dr. Ron Hamdy summarizes and affirms ETSURA’s vision for this retirement series:
“You really need to feel needed.
There must be a goal in life.”
So be prepared