Thinking of RetirementRetirement?

Dreaming of those exotic places you’ve always wanted to visit?

The following presentation will try to answer some questions you may have

concerning your anticipated retirement-- whatever your plans may be.

Am I Eligible to Retire?

• Yes: If you are age 60 regardless of service.

• Yes: If you have 30 years creditable service, regardless of age.

(Early Service Retirement requires 25 yrs. Of service prior to age 60.)

Recommended Time Line1. One Year Prior to

Retirement:

□ File for an Estimate (Form9)

□Purchase/Claim Credit. (Forms 26 and/or 43)

□ Contact Social Security.

Recommended Time Line

2.Six Months Prior to Retirement:

□ Contact SCPS Retirement Coordinator.

□ Talk to A MSRA Retirement Counselor

Recommended Time LineRecommended Time Line3.3. One to Two Months Prior to One to Two Months Prior to

Retirement:Retirement:

□□ Submit Your Application forSubmit Your Application for to SCPS Retirement to SCPS Retirement Coordinator. (Form 13/23)Coordinator. (Form 13/23)

□□ Complete Additional FormsComplete Additional Forms

(Forms: #127 Reemployment After Retirement, (Forms: #127 Reemployment After Retirement,

#766 Federal & Maryland Tax Withholding, #766 Federal & Maryland Tax Withholding,

#85 Electronic Funds Transfer Sign-Up) #85 Electronic Funds Transfer Sign-Up)

• The following forms must be submitted to the Retirement Coordinator at the SCPS Central Office along with a letter indicating your retirement date.

Application for Service Or Disability Application for Service Or Disability Retirement (Form 13/23)Retirement (Form 13/23)

Electronic Fund Transfer Sign-up Form #85 (Direct Deposit) This is the only type of payment the MSRA makes. You must have an available bank account to receive your payment. Your Banking Institute will assist you in completing this form, and you will return it to SCPS with the remaining forms.

Form #127 Reemployment after Retirement. This form addresses reemployment rules and what it can mean to your retirement payment.

Form #766 Federal & Maryland Tax Withholding Request. This form must be completed for your retirement to be processed. You can contact your tax preparer, CPA, or financial advisor if you are unsure of withholding amount.

Frequently Asked QuestionsFrequently Asked Questions

When will I receive my first retirement payment?When will I receive my first retirement payment?

Your payment will be deposited on the last businessYour payment will be deposited on the last business

day of the month. Example: Retirement 7/1day of the month. Example: Retirement 7/1

Deposit 7/31Deposit 7/31

How do I know which option to take for my beneficiary?How do I know which option to take for my beneficiary?

When sending your Application for Estimate, it is a When sending your Application for Estimate, it is a

good idea to check several or all the options. You good idea to check several or all the options. You

will receive an monetary estimate for each option will receive an monetary estimate for each option

checked.checked.

What about my health insurance?What about my health insurance?

Your are entitled to continue your current Your are entitled to continue your current coverage if you meet the service qualifications. The coverage if you meet the service qualifications. The amount of your contribution depends upon your age amount of your contribution depends upon your age and service. You should contact the Central Office and service. You should contact the Central Office for details.for details.

More Frequently Asked QuestionsMore Frequently Asked Questions

Can I use my accumulated sick days towards my Can I use my accumulated sick days towards my retirement:retirement:

Unused sick leave is credited only when Unused sick leave is credited only when calculating the retirement benefit It is not used calculating the retirement benefit It is not used to qualify for retirement benefits. to qualify for retirement benefits.

Example. A teacher with 30 years service has Example. A teacher with 30 years service has 170 unused sick days. The benefit will be 170 unused sick days. The benefit will be calculated on 30 years and 8 months.calculated on 30 years and 8 months.

For further For further questions, forms, or questions, forms, or appointments, appointments, please call the please call the Retirement Retirement Coordinator at the Coordinator at the Central Office.Central Office.

Enjoy your Retirement!