“preparing for your final career” developing a retirement planning workshop diana mcclay...

“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