001Welcome everyone. Welcome to the ASD early retirement seminar. Um I'm Chel Warner Erid Vance will be pre presenting and we'll have Drew Hill from Precision Retirement Group and then we're going to have our new Greg Poulton from URS. He'll he'll be the final presenter. Okay. So, welcome. And um first of all, know that nothing's changed. You're you're fine. Everything's the same that everything the way is the way it was. I know everyone is completely worried about that. So, just don't be worried. Nothing's changed. So, we're at the retirement seminar and hello. Okay. Oops. So to accommodate contracted, classified, and certified employees who elect to retire early, retire early means you're going to retire before your full Social Security age. That's how you retire early. Okay? Um and to comply with retired early and to comply
002with requirements of the age discrimination in Employment Act, the following policies have been adopted by Alpine School District. So, we've got certified policy 4253, classified policy 4415, and these are online. So, a certified educator of South Point School District, you're going to receive benefits if you submit it by the deadline, which is February 1st. If the Utah legislature makes any sub substantial changes, then we will extend it to April 1. To be able to get these benefits, you've got to meet one of the following criteria. So for educators who completed immediately uh um preceding retirement a minimum of 15 years with Alpine, you've got to have at least 15 current and consecutive years with Alpine to qualify for the stipen. And you've got to be at least 60 years old in the contract year that
003you're going to retire. So if you're turning 60 in July or August of the next school year, you can't retire in that previous school year. Does that make sense? You have to be turning 60 in the school year you're going to retire. Um, educators who have completely or immediately preceding retirement a minimum of 15 consecutive current consecutive calendar years to qualify for the stipen and have accumulated sufficient years of service under Utah state retirement system rules to qualify for a full unreduced pension benefits, which is 30 years. So, what that just says in a nutshell, you first have to 15 years with Alpine, you have to be at least 60 years old or you need to have 30 years with URS. So if you have 30 years and you're not 60, you're okay. It's one
004or the other. Any questions so far? So this is a sheet of um ages to receive your full Social Security benefits. What I would what I've noticed is most of us are at the 1960 or later. So most of probably in this room are at 67 to be your full social security age. There might be a few that aren't. Those are coming and going pretty quickly, but that most of you are at 67. Um, so the point being 67 is your full social security age. If you want to get the full stipen, you have to go out four years before you're 67. Okay? Up to four years before you're 67. The full stipen. Okay? This is the certified calculation that we use. We take your base salary that year. We subtract a brand new teacher's
005base salary that year. We get the difference. We then times it by 54%. And then if you're going out four years before you're 67, we can times it by a full four. Here's an example. So one of our what one of you is a is a teacher and your base salary is 121557. That's not not including your productivity or your u your um legislative money or anything extra like that. It's just the base laying in step. Um then we subtract from a brand new teachers lane in step which is this year 49153. We get the difference. We take that amount 72,404 and we times it by 54% which we get $39,9816. Then this person is going out way before their four years before you're 67 being 63. So we can times this by a full
006four. So this teacher is getting $156,392.64. A nice little chunk of change. Now what it's saying at the below is if you're getting closer to your full social security age, so you're over 63, 63 or over, it's going to be reduced by how many months it takes to get you to Social Security. Okay. Classified employees, non-teers, um, who you need to have completed immediately preceding retirement a minimum of 15 contract years of service, 10 of which must be current, consecutive. A lot of classifies can be hourly before and then they get a contract. But we have to have 15 10 years of contract service. 15 total, but at least years of contract service. And you also need to be um the year you're going to go out at least 60 years old. Also, classified employees
007who've completed immediately preceding retirement a minimum of 20 contract years of service, 10 of which need to be current and consecutive with Alpine to qualify for stipen and have accumulated sufficient years service sufficient years of service under Utah retirement systems which is 30 years. So once again, it's either you have to have 15 years and be years old or have 30 years with URS. So there are plenty of people that have that are younger, way younger than 60 that get 30 years. So it's just one or the other. Okay, here's an example of of the classified calculation. We take your current salary that year and we times it by 27%. It used to be 25% so it's gone up. This is the the third year I think that it's been up. And then we take
008that amount and times it by a full four if you're going out four years before your full social security age. Now, um at the bottom says that um the amount minus the purchase of retirement service credit will be deposited in precision retirement group account not to exceed the legal limit 72,000. So you noticed well here I'm going to show you an example of classified. classified a current um base salary is 40,000. Times it by 27% you're going to get the 10,800. We're going to times that by four and get 43,200. But what this is saying at the bottom is that and Drew Hill is going to talk to you a little bit about this. How we give that to you. We're just not going to hand it to you. We put it in a 403b
009pre-taxed with Precision Retirement Group. And the most the government lets us put in it in a fiscal year right now just in 2026 is 72,000. So if your balance is more than 72,000, the remainder will go in January of the next fiscal year. Okay. So this early retirement incentive um is completely separate from Utah retirement systems. It's completely separate from social security and any investments you've got. This is an extra bonus that we're giving you. have anything to do with your social or your pension. It's totally separate. So, um but you have to have contracted service and you have to have qualifications by policy. You must be actively employed. You can lose it any if you become unqualified at any time. You cease working. The stipen has a four-year maximum of 48 months. So, you
010might be 63. And so, to to get to your 67th birthday might be a little less than 48 months. We count up to that month. So, you get exactly how many months it takes to get you to the month before you turn 67. And it we it's offset by unreduced social security benefits. We're doing that because you now qualify for full social security at 67. And this amount will be deposited in the tax deferred into the Persistent Retirement Group account. And Drew Hill is gonna talk a little bit about that. But does anybody have any questions real quick? Okay, we're gonna turn the time over to Drew real quick and he's gonna Maybe we're going to get it if it doesn't work. It's pretty simple. I'll be able to explain it to you. Pretty straightforward
011if it doesn't pop up there. That's probably why this see that. Um, while I'm doing hand signals with him in the back. I'm Drew Hill. My My company is called Precision Retirement Group. I'm here locally. My office is in Kisville, Utah. So, I'm up in Davis County. I handle these plans for a number of school districts throughout the state. Um, I've been working with Alpine District for about three years now. And this plan is pretty awesome. It's a great benefit. Like I said, I I do this for a number of school districts. So, the the fact that you guys have what um Chel just explained to you is is a it's a pretty awesome benefit that the district pays out. So, um, the bottom line on this particular plan is there's not a lot of
012bells and whistles to it. Um, let me just kind of I kind of mentioned Precision Retirement Groups, a national group. They they have this plan implemented in in entities throughout the country. We've got 25 entities, school districts, governmental entities that we work with here in Utah. Um, we call it the special pay plan. I didn't update my limits yet. So 72, you heard that just a second ago. So that's the maximum that can be contributed into your plan. Um the the bullet points, the the things that you want to know about this, a 403D, a 403b is a tax deferred savings plan. Um you don't pay taxes when the money goes in. In this particular 403b, there are no fees, there are no costs. It goes into a guaranteed interest rate bearing account. Um there
013are no other investment options. It's just very plain, very vanilla. The current rate is 3.5%. Um the minimum rate is 1%. So that rate can fluctuate on an annual basis. It'll reset just based on where interest rates are are each year. Um there's no fees or costs while it's in this account. And the main purpose of having this special pay plan in place for the school district and for you is to save the FICA taxes. Um the the IRS has a a guideline. It's called constructive receipt. And essentially what that says is that on these types of benefits, OPEB, other postemployment benefits, you can't receive cash and you can't have a choice on how you receive the funds. Otherwise, you the retiree are liable for your portion of the FICA and the entity is liable
014for their portion of the FICA. So by having a default account that every retiree has to go with no matter what happens, we are able to save you 7.65% and the district their 7.65% on their end. So that's the whole purpose of why we we have it set up this way. >> Right. Yeah. So that's that's the savings. That's the that's the main part of this, right? Um the the key to this particular plan, no fees, no costs. It's 100% liquid. So, as soon as the money goes into the account, you have access to it. You can make a distribution um withdraw it and and spend it. At that point, if you do that, that's a taxable transaction and you'll be taxed at your ordinary income tax rate in the year that you made the
015withdrawal. Okay, does that make sense? Any questions on that? The other option that you have is that you can roll this or transfer it over to another tax deferred savings plan like your URS 401k or if you've already established another 403b, you can the money has to go to this account first. But once it hits this account, you have the flexibility to transfer it or roll it or move it to whatever other investment you choose to invest it in. Okay? But by going through this process, you save the FICA taxes. Okay. >> All right. So, there's limited circumstances where it won't will not be liquid. If you retire prior to age 55, it will not be liquid. Okay. 55 or older in the year that you retire creates liquidity in this account. Okay? It gives
016you the access. Now, if you roll that or transfer it to another type of investment, you may lose that flexibility if you're under 59 and a half years old. Okay? So, the real key magic number that we always talk about in retirement is 59 and a half. If you're 55 or older in the year that you retire, there's open some doors. If you're under 55, you got to wait till 59 and a half. Okay? It's a good question. Um, I'm not going to speak for the district, but typically they pay it in the month following your last day of work. So, if you retire in May, they typically make your first payment if it's over 72,000. That would happen in June. They would then make a subsequent payment if there was anything left or above
017that in January of the following year. And if there was more than 140 that was being paid, 144 that was being paid out, then it would be the following January. >> No. No. So if if you buy years of service using these funds, that's all worked out with Shell and if there's anything left after purchasing your your years of service from your stipen, then we would then I would be talking with you. Okay, good question. Any other questions on that on those in that vein? Um, again, we just kind of talked about this. There's no fees, there's no cost. This is uh last year's interest rate. It's up to 3.5. Like I mentioned, minimum 1% guaranteed. No fees, no costs. Um, I'll help you walk through the enrollment forms. I can meet with you in
018person. We can do it electronically. I can do the enrollment forms via docuign. It's pretty smooth, easy process. Um, but again, it is a process that we have to go through with each of you just to make sure that we get the accounts established as you as you go out and prior to your first stipen being paid. So, if you all in this room are retiring at the end of this school year, you'll be getting a call from my office between now and June and we're going to beounding you saying, "Hey, we've got to get this account set up. I need to review it with you. Make sure you understand how to access access it." those types of things. Okay. Um well, we talked about this before. Um if you need to get access or
019you want to you want to let the district know P uh Precision Precision Retirement Group is is our marketing agency, our marketing group. The actual company where the where who will do the administration of this account is called Pelleon Benefits. P L I O N. And um you'll have access through either Precision's website or Pelleon's website 247. It's a easy easy log on. All of their forms are onepage forms for your distributions, your anything. It's it's a very simple, like I said, very vanilla retirement account. I like to think of it as a tax deferred highinterest savings account. Um, you can't write checks out of it. It's going to take you about a week, maybe two weeks to be able to access the funds if you need to, but it's there for you to to
020use. And and um I always say this can be like the home repairs that you've been waiting to get done or trip to Disneyland with your grandkids. You know, you want to buy a new car to celebrate retirement. This is these this is a good good spot for that that those kinds of expenses. Um if there's any questions, I'm going to I can answer any questions that you might have right now. I'm also gonna stick around. Um I severely underestimated how many of you are going to be here today. So I did this is the biggest group I think we've had since I've been which makes sense um with the changes that are coming. But uh so I had some cards in the back, but I'll have my I um Chelen already have my my
021contact info and I can email that out to you if you need me to. Um like I said, I'm I'm accessible for you if you have questions on this. I'm going to stick around tonight and any of those questions if you'd like. And then um congratulations. If you're this close to retirement, it means you've you've been going a long time. So, good job. Thanks to Drew. Um, it is a name you want to remember if you're going to be getting a stipen. We have a lot of you contacting us after and going, "Is this guy legit?" And Drew Hill is. So, remember his name. Okay. We're going to go over the second early retirement incentive, which is medical insurance after you retire. Okay? You can be eligible for either four, five, or six years. The
022first thing you need to know is you are only eligible for these benefits if you were hired on a contract before March 1st of 2006. So, think about when you're hired. If it wasn't that before that, then you're not going to be eligible for the medical insurance after. Okay? So, you can pay attention if you were hired before that. Okay, so now um you can find your hire date in the employee service portal. Um if you left Alpine um and then came back, this is based off your most current contract hired date. So you would not be eligible for that if you left were hired before 2006, left and then came back. Okay. Now, how do you know if you're eligible for four, five, or six? Assuming that you were hired before that March 1st,
0232006, if you have between 1 and 10 years of experience as of July 1st, 2006, not now, as of July 1st, 2006, you're eligible for your four years of insurance. If you have between 11 and 19 years as of that date, you're eligible for five years of insurance. And if you um have 20 or more as of that date, then you'd be eligible for six. We rarely anymore. Okay. So, not only the date matters, but then qualifying through these um the insurance eligibility. So, you have to meet the following requirements. Also, we're talking about contracted years. Okay? So, you have to have completed at least 20 years, 15 of which must be current and consecutive to qualify for the four, five, or six years and be at least age during the year you're going or
024you have the 20 years 15 have to be current and consecutive and you have 30 US years. So that eliminates the age requirement, right? If you have the 30 US years. Okay. 6.11 says if the spouse or dependent becomes eligible to join Medicare or is enrolled in another employer sponsored health plan during the benefits during the benefit cease until the dependent is no longer eligible for coverage under the other plan and again applies for coverage under HIPPA which allows for a special enrollment period to maintain continuous coverage when insurance is lost. So, what this is saying is Alpine doesn't supply secondary coverage for spouse or dependence on a retirey insurance. Okay? So, if you're retired and you have a spouse that doesn't have coverage and you qualify for four, five, or six, they can stay
025on, but say they pick up insurance coverage through their other employer, then they're going to be dropped. Okay? So, we don't provide secondary coverage. If they have no other coverage, they can be on. Okay? So if the spouse or dependent lose coverage during the retirees four, five or six years, that would be a qualifying event. Okay? So let's say you have a son and they're going to college and they're under 26 and during those four, five or six years, they can be on there as long as they have no other coverage. But let's say during those four, five or six years, he gets a job and picks up coverage, then he would drop, right? Or let's say he has no coverage. You don't put him on the university coverage. He can be on, but then
026when he picks up coverage, if it's during that four, five or six years, then his coverage would stop. Does that make sense? Yes. >> That's okay. You can add a marriage. Yeah, you can add a marriage as long as it's during that four, five, or six years and they have no other coverage. Okay. Any other questions? Okay. So, if you qualify for the four, five or six years and during that time you turn and your higher date is before July 1st of 2000, you won't be dropped when you turn 65, but your insurance will be a Medicare supplement. Okay? If your hire date is after that and you turn 65 during your four or five or six years, the insurance and at age 65. Okay? So, you have to be hired before July 1st of
0272000 in order to go on to the Medicare supplement during those four or five of year five or six years. If you turn 65 during that time, make sense? If you were hired after that, you can have the four, five, or six years, but if you turn 65 during that time frame, it ends right when you turn 65. And that's when you're eligible for Medicare. So, it's not like we're leaving you stranded. you'd be able to get on to Medicare at that point. Okay. Benefits from early retirement incentive program provided by the district are independent of yours. Retire should carefully consider the effects of early retirement as it relates to social security, state retirement, income taxes, medical and life insurance. All right. So, um there's a bunch of dates in here you've noticed. And so
028I I do advise if you're thinking of going this year and haven't met with Chel or I come in and meet with us because we can give you specifics on your case. Everybody is so different based on whether you were hired before 95 or whether you were hired before 2000 and things like that. So those So now we're going to talk about how you qualify for the Medicare supplement. Okay. Number one, for certified, you must be hired before August 21st of 95. You must have 15 full year or full-time years. And three, you must be on the Alpine medical plan when you retire. So, you couldn't you aren't going to be not taking the insurance and then retire and pick it up. Okay? You have to be on it when you go. You would receive
029the Medicare supplement at age 65 if you qualify. And if you sign up for Medicare AMB, bring your card into human resource um and then we'll get you enrolled. Okay, any questions on that? All right, so for classified, the requirements are one, you must be hired before June 30th of 95. You must have at least 10 contracted years. You must be on Alpine's medical insurance at the time of retirement. and four, be at least age 65 to receive the benefit. Okay, so this form that it has to be turned in by February 1st. All the stipen and these medical benefits are contingent upon you filling out that form and submitting it by February 1st. Right now, if you don't qualify for any of these benefits, that date doesn't apply to you. But that form is
030only online. You can access it by going to ASD forms or on the first page of the Alpine employee gateway and it's listed the fourth down. You can see it's the end of employment retirement form. All right, that's the form you'll fill out. Okay, it is due February 1st. February 1st of this year is a Sunday. It's still due on February 1. So, I would suggest you do it the week before and maybe even call and make sure that you've submitted it. You can't save it. you have to submit it. Okay? And then we need to be sure we've got that. Um, now do know that this form is irrevocable. So, don't turn it in before you know if you want to go, okay? Because you otherwise you're going to be reapplying. Um, and you're
031not going to know if you're going to be at the same school and the same job and all of that, right? So, only turn this in if you're sure you want to retire. Okay? Um, and February 1 is the deadline. Now, if you're strongly thinking of going out this year and you haven't met with one of us, we will fit you in before the deadline. If you'd like, if you're thinking of going out next year or the year after, if you'll wait until after the February deadline and then we'll have you come in and we'll take a look at your situation, that would be really helpful. Okay. If you have questions, feel free to reach out to myself, Erid Vance, or Chel Warner. We'd be happy to help you. Um, now let's hear from Greg
032Pton from URS. I knew that was I need to do anything up here. Okay. There we go. All right. Well, thank you. It's great to be here at Alpine School District. I don't know if you any of you have worked with anyone from URS before. Uh my predecessor Tracy Wilder is a great representative. I think he's been here the last five or six years and we just had a shuffle in 2026. So, I'm happy to be working out here with you folks in Alpine District because you don't have anything going on that gives you any concern, right? Well, my name is Greg Poulton. I've been a financial advisor for almost 30 years. Most of it was in the private sector prior to joining URS. So, uh, which is a great opportunity to come here. it
033gears down a little bit and we can take a little more time to kind of help folks individually maybe more so than than than I was able to at least in mass with a lot of a number of people. I'm a little new. I've all these concepts in this presentation are not new, but I'm a little this is the first time I've done this one in this order. So, if I get a little stumbly, bear with me. Plus, I'm getting over the flu. If I could do any other disclaimers, I would. But, we'll just keep it with that for right now. Okay. Hopefully this is is not unfamiliar to you, right? Most folks know at least if not written this way, they know that, you know, in order to receive the pension, it's all based
034on time and money. Okay? Time in terms of how much time you have in the URS system that you are eligible to receive benefits and money in the sense that we're going to use the average of your three highest salary years. Now, remember those year three highest. Okay, I know during COVID I've met with teachers and things where they're those those ended up being their three highest even though they had some later years. We use your three highest years to calculate your pension. Okay, here's just an example that folks can use. Assuming someone gets 30 years of service in our example, we plug in 30, multiply that by the 2% pension factor, and this individual, let's say, had an average salary of $60,000 when we looked at the highest three. That means they're going to
035basically get a pension benefit equal to about 60% of their pay or 36,000 a year, which we always quote in monthly terms. So, 3,000 a month in this particular situation. But plug and play whatever numbers apply to you into this and you'll have a pretty good idea of what your main line pension benefit would look like. But there are different pension benefit options when you go to choose and fill out the paperwork. And we're going to talk a little bit about those options as well. As far as when you can retire, either once you hit 65 years of age and you have at least four years of service or any age, if you have at least 30 years of service. I'm 54. I'm starting to get tired of meeting with people who have worked in
036the system 30 years and they're 48 years old or something, right? Didn't see it happening that way, but we do have that and that's great. Good for them. I've got two daughters who are teachers and yes, they're in the tier 2 system, but still it's it's better than most things in the private sector. So, there are also exceptions to this rule. You could go at age 62 if you have at least 10 years of service, 60 with at least 20 years of service, or any age with 25 years. Okay? But you'll notice these nasty little asterisk next to each of those exceptions. And what is being the reason that's there is because if you take any of those options, you are assessed an early age reduction. Your benefit your benefit gets reduced. People wonder, well,
037how much is that going to be reduced by if you're over the age of 60? Okay, this gets a little confusing, but it's going to be reduced by 3% per year for each year you're below the age of 65. So 3% per year. Let's say you're retiring at 60. We run your pension calculation using the calc that formula I just showed you. And then you're five years prior to the age of 65 if you're retiring at 60. So we take five years times the 3% reduction. So it's a 15% reduction in benefit. Okay? So for each year you're below the age of 65, it's a 3% reduction for those years. That make sense? Now, if you're under the age of 60, it gets nasty because then it's 7% per year, okay? For those years under
038the age of 60. All right? Which some people have just had it and they're going to do it anyway. But if you can avoid that, it makes a big difference in your in your pension. Okay? These are the the reductions each case. Okay? Here's an example of someone age 57, they hit the 25 years of service, so they're eligible to retire, you know, but they're going to be assessed the early age reduction, 15% for those years over the age of 60, and then another 21% for those three years below the age of 60 for a 36% reduction. Okay? So, it can really hit you pretty hard if you're under the age of 60 trying to do this. Okay? the the the the other the way to kind of push back against this if you're in
039this situation is you can purchase service credit. Anybody heard of buying time, buying credit? A lot of people. Anybody ever run the calculation? Were you sitting down when you ran it? Usually a lot of money, right? Like six figure type money like what you used to be able to buy a home for. Used to. Not now, but used to. Um, and there's a few different types of purchases. Let's say you're someone who uh, you know, you started young, but you took some money back back in the day, you could take some money out of the pension back in the 90s. You took some money out to purchase a first home, okay? Something like that, a few thousand dollars. And then you know you've still been acrewing service but when you took that money out you
040negated those years that those that money represented. Okay. So you can reinstate that but you're going to pay it plus interest. Again you start talking big money in most cases. Even if it was a modest withdrawal it's usually not something that most people can just cut a check for and out of their normal checking account, right? It's usually a, you know, five figure type of amount depending on how much you took out early in your career. Okay? But you can do that. There's also a service purchase. This is applicable if you had time. Let's say you taught in the great state of Idaho for maybe five years. Okay. Um, you come to Utah, you work the rest of your career here in Utah. You can you may have the ability to convert that Idaho time
041or use that time or value in the Idaho pension to purchase time in the Utah pension in URS. Okay. To do that, to do any of these, you want to contact our pension department directly to help them figure out how much that would be. Okay. The most common credit purchase we see or service purchase we see is the future service credit. This is the one that most people are doing. And that's the one where we have a calculator online. You go to urs.org, click the calculators. You have to be signed in. Um, click the calculator and put in how much service you want to purchase and what your salaries are, what your three highest salaries are or that you're confident they will be. And that will give you an estimated purchase amount for however many
042years you want to purchase. However, there's a couple of stipulations with that. First off, let's say you are still a few years away from retirement, okay? Couple years or something. You can't purchase the future service until the time of retirement. Okay? As as Shell will probably explain, there's a pretty tight window that that money has to fund that purchase prior to your retirement date. Okay? So that money has to be in there settled and paid for in order for that to count towards a ser future service credit purchase. But you can't buy it like three years in advance. It has to be done at the time of of retirement. Okay. Before it has to be purchased before. Yep. Good question. We typically have to have that money in the account about two weeks prior to
043the retirement date. Okay? And we don't care where you get the money. Frankly, most people use their 401ks and things for that purchase. The the the positive thing about doing that is typically when you take money out of a 401k, what happens? You get taxed, right? If you use that 401k money though to purchase service credit, that's a non-t taxable event. It's a trusty trustee transfer. We're cutting a check from our what's called defined contribution department, our savings plan department to our defined benefit department. You're never taking possession of that money. Okay? It's going directly from one trustee to the other. Non-T taxable event and you can use it to purchase that time in the pension system. Okay? Yes. >> Uhhuh. >> It usually works out. So you're asking if we're projecting salaries, right? We
044don't project the salaries if you're when you're making the purchase. Now prior when you're just knocking around calculations, yes, you want to predict your salary, but we're going to use the the current value at the time of retirement of what your three highest salaries are on record or will be once we get that last check from the district. But if you ran the calculator, it's going to say how much it would cost to buy that future benefit. So, there's some discounting there on the calculator versus what you're actually good. Any other questions on purchasing service? >> Yes. That's what your purchase would be based off of. Yeah, >> that's right. That happens in order. I don't I haven't dealt with school districts that have this kind of a bonus program. So that I She was
045talking about that. I'm like, "What? Serious? I want that." Right. Go ahead. So your termination date, right, is it typically May 30th, 22nd, but it's in May. Uh on the retirement date that URS uses, we have to use the 1st or 16th of any month. So you'd use June 1st in that situation as your retirement date. As far as URS is concerned, we throw around the term retirement date thinking we're the only player on the block that uses that term, even though it's not. Right? People think of retirement as the last day of work, but we make a definition between termination date, which has to happen no later than one day prior to your pension retirement date on the 1st or 16th. >> Okay. Yeah, that would be a trustee to trustee transfer as well
046from a 403b trustee to a pension trustee. >> Now, if the check gets cut to you, then yeah, take that check back. But I'm sure they don't do that. Y >> Oh, you have to take it up. Yeah. >> Sorry. >> It is. >> You're You're in bad shape. >> Okay. So, that's purchasing service. And if you have any questions on purchasing service, in that booklet uh I provided on the back there is the pension number towards the bottom. It's an 8013667770 number and that calls our pension department directly. It's just that one number. You tell them what you're after and they they'll get you to the right person to help you with whatever questions you have. Okay? But if it's for a service purchase of any kind, call them, let them know that's what
047you're looking at. They might ask a couple additional questions and then they'll get you in touch with someone who handles service purchases specifically. Okay. All right. Remember when I said there are various options that you can use when you that you can choose from when you actually go to retire. I mean as we speak conceptually about it over your career we've always said it's you know the average of your three highest times the number of years times 2% that's your pension. But in reality there's on that. That is the highest amount you could receive. We call that creatively the option one amount, right? Option one. And if you open your booklets, you'll see this table in there as well. Uh but option one represents the highest pension payment you could receive because it's based on
048your life only. In other words, great if you live into your 90s, you're getting a great pension benefit, but If you're married and you like your spouse and you get hit by a bus, heaven forbid, six months after you retire, the pension just stops. They don't get anything. Okay? So, option one is just based on an individual life, you, the employee. Okay? Option two typically isn't applicable to most people. It's only applicable to people that in the past may have uh participated in what we call the contributo plan. Um, and what that is is an option that's a little bit lower than option one, but in the contributo plan, there's a small balance. Well, not a small sometimes, but there's a balance that you can leave to a non-spouse beneficiary if you wanted to. Okay?
049Most of those people have aged out of the system or are not in there anymore. So, but every once in a while, we run across one. Most of the options we're going to look at here for a spousal benefit are three through six. Okay, very simply, option one in this case, we look at and we look at the ages of the two individuals involved. And if you took a lower amount than 3,000, say with option three, 2634 a month for your life, but if you pass away prior to your spouse, they will continue to receive 2634 a month to the end of their life. And then once you're both gone, all payments stop. Okay, you'll notice all of this is a spousal benefit. There is no way to leave a monthly benefit to children. That
050would make the pension really, really, really expensive. Okay, so only to a living spouse. Okay, option four is a little bit higher than three because in this case, instead of the uh surviving spouse, if you were to pass away, the surviving spouse receives a 50% benefit. they get half of the benefit of of the employee. Okay? So, you pass away first, they'll get half. Don't see this way too often, but sometimes people have his and hers, right? Sometimes it's a second or third marriage and they have their own and and they're going to take care of the kids, but they don't want to leave the spouse high and dry. We'll see option four come into play sometimes. The last two, options five and six are just variations on three and four. I can almost cut
051and paste them over three and four with one primary difference. You'll notice the amount is lower on five versus three. Okay, 25.94 a month. If you pass away, the spouse surviving spouse will continue to receive 100% benefit of 25.94. However, in the event that that spouse passes away before you, the employee, your payment will step up to the single life amount for the remainder of your life. Okay, kind of dark and twisted, right? Don't get any ideas. We don't want this turning into a dine episode or something. Hopefully, that's not enough incentive, right? But but you can see it's you're you're you've got a what $40 difference here between three and five. For some people, they're like, you know what? I'll I'll take the $40 hit to have that potential step up in benefit. And
052the reason we even have that is because as if you've dealt with parents who have passed away or or helped people settle estates, when you've got two people receiving social security, so I'm not talking about URS, but you've got a couple receiving social security. When one of the individuals in that couple passes away, you lose the lower social security amount. That doesn't necessarily mean, however, that your expenses get cut exactly in half. Right? So, this is a way to help push back against that decreased social security benefit is the option five. And the option six, which is like option four, right? If you pass away first, that surviving spouse will get half. But if that spouse passes away before you, they'll step up to the option one amount, single life amount for the remainder of
053their life. Okay? Does that make sense? It's okay if it doesn't. Just tell me. There's a couple, you know, feels like a shell game sometimes, but if you want the step up benefit, you're looking at either five or six. If you just want the higher monthly benefit without a step up, you're looking at three or four. Another way to think of it is Most men just choose three because they're convinced they're going to die first. Most women choose five because they're convinced their spouse is going to die first. And they're not statistically wrong, right? But yeah, >> these percentages the same for all. >> Nope. It's all based on age, your age differences. So if you've got a bigger age difference, like my father-in-law, his wife is almost my age. He's a great guy, but
054you know, his wife's about, I don't know, late 50s. He's 72. Um, it would be a much bigger difference to put a spousal benefit on here. It would be a much bigger difference. But for most folks, within a few years of of each other's birthdays, it's going to look something like this. Okay, any other questions? Good. How long do you want me to go? I'm just gonna go to midnight then. We'll see how long. We'll see who lasts. Oh, I'm sorry. This is exactly what I was talking about before. Like I said, I'm just a little rusty with this particular presentation, but the stepups are the options five and six there. All right. Who's heard of the PLSO or Plazo sometimes people call it? That's this is the lump sum that sometimes people talk about
055getting when they retire. This can throw people off a little bit, too. If you look in the in the brochure, it you'll see that table that shows the options and then the monthly payment and then two other columns that show the PLSO. Plso, partial lumpsum option, and it is a one-time payment sourced from your pension. Think of how the pension works. Over the course of your career, every time you got a paycheck, the district had to put money into the pension to cover the cost, future cost of that pension benefit. And so that amount has grown to a certain amount per person. Okay? When you go to retire, we take a look at what that anticipated amount is for you. And if you want to take a lump sum, we'll take out an amount equal
056equivalent to either 12 months worth of pension payments or 24 months worth of pension payments in a lump sum. So one or two years worth of money in a lump sum. Okay? But remember that the source of that money is your pension. So thinking of the pension as a pool of money, if you take a chunk of money out of that pool, that shrinks the pool and will thereby shrink your monthly payment. Okay? So if you take a lump sum, the first thing you want to be aware of is that is going to permanently reduce your pension monthly payment. Okay? So here's an example for this individual. A 12 month PLSO is 36,000 because they were going to get 3,000 a month on that baseline figure. If they go with say option three, right, they
057were going to get 2634, but if they take that 36,000 plso, that's going to reduce their pension by about $200 a month. Okay? So, not a devastating amount, but over a third of someone's lifetime, it's a pretty fair chunk of change to not be getting, right? Or you can take the higher amount double and that would take it down another couple hundred dollar. Now we're at 2409 right in that case. So first off know that that will impact your pension monthly payment. It will decrease it if you take that. The other thing to bear in mind is if you take that directly right say you know what I could use 72 grand. I think I think I want that, right? And I I'm okay with a $400 a month lower pension payment. What do you
058think the issue becomes if you just take that directly? Taxes, right? How is this taxed? Anybody know? It's like you just made it from your job. So you're in the year, say you're retiring this year, you're going to get half year's worth of salary year's worth of salary, right? and then you tack on another 72,000 onto it. Do you think that's going to increase your tax bill a little bit? Yeah, it will. So, typically 20 to 30% is going to go to taxes and you get what's left. Okay. Doesn't mean we're discouraging it necessarily. You don't need it though. I do discourage it frankly. Yeah. Yep. Then you have the 10% penalty as well. Now to avoid the immediate taxation and penalties if you are in that or in any circumstance you can direct us
059on the application say I want my PLSO but I want it to go directly to my 401k and we will do that. That makes it a non-t taxable event. So sometimes people will say, "Yeah, I'm going to take that smaller PLSO, but I want it to go to my 401k." And then in the next year when I don't have any salary in 2027, then I might use some of it because I won't have as high an income amount that year because I won't have earn earned income, right? So that's one way to deal with that, the PLSO. Some people are like, you know what, give me my PLSO, move it to the 401k. I can make more money in the 401k than this is then I'm going to get hit on the downside. It's a
060valid argument in many cases. If you do a one-on-one appointment with us, we'll actually figure how much you would need to make on that money every single year to break even. For most folks in a typical retirement situation, it's six or seven% a year. Okay, that's not that difficult to average, but it's very difficult to get guaranteed every single year, time after time. Okay. So, you will you're taking money from a no risk payment to a market risk fluctuating type of investment in order to do that. Some people are fine with that and that's okay. Just know that. Okay. Yeah. >> You're good. Yep. just just like it'd been sitting there your whole career. Yep. Question. Okay. Another thing sometimes in these scenarios and and not not that fair is a good word to use
061if you have children. I hate using the word fair because it seems to come up a lot, right? But if you're a single individual and you don't have a spouse, you're basically left with option one, right? And if you were to pass away soon after you retired, money just stopped, right? Nothing went to anyone. Another thing that you can do with this PLSO, now take care of yourself first. Get make sure you're getting enough monthly income, but you could elect to take the PLSO, either one of them. Have it moved directly to your 401k. Invest it. If you're conservative, invest it conservatively. If you're aggressive, invest it aggressively. Or anywhere in between. That way, if something does happen to you in the first couple years of retirement, you carved out a piece of your pension
062for your children. Okay? Something you can do as as a single individual with children if that's the case, right? Or anyone. It doesn't have to be your children. Could be my children if you'd like and I'll give you their names and birthdays. Okay. All right. Online calculators. Anybody used any of our calculators online? They're not always the most intuitive, but typically you you can get things figured out after a little bit. What if you die before retirement? Okay, first off, there's two components. First off, your primary beneficiary on your pension, okay, is going to receive a one-time payment equal to 75% of your highest annual salary. Okay, that's the first component. And that can go to a non-spouse beneficiary. that part can. Okay, single payment equal to 75% of your highest salary. Now, if you
063are married and you've been married for at least six months before you pass away and you either qualify for retirement but are not yet retired, so you're either 65 or have 30 years of service, or you have at least 15 years of service, then there is a career death benefit, basically a monthly pension benefit to that surviving spouse. How it works is if you've been with URS at least 15 years in the system, we'll run the pension calculation based on the years you have and then uh they will get a third of what that pension benefit would be. Okay. If you have 15 to 20 years, they'll get twothirds of what your pension benefit would be. And if you have over 25 years, we're just going to give them what that benefit would be. >>
064Yeah. They're going to get option three actually. >> Yep. It's the option three. Good question. Someone, somebody's always clever that way. It's the option three. Okay. So, heaven forbid something happens between now and retirement, but you're getting close to retirement, your your spouse will be taken care of. Yeah. The spouse All right. This is the process steps to retirement. In that booklet I gave you, there's a double page uh or or a two-sided page in there. You want the one that says retirement checklist, and that has, I believe, a three-year time frame and then a 90-day time frame. That's what we're talking about. So once you're within two to three years of retirement, call our pension department and get an official estimate. Okay? If you've met with one of the adviserss and we sat down
065and we ran an estimate, that is not an official estimate. That is a ballpark. It's usually pretty good. We're pretty good, but it's a ballpark. You need an official estimate on file before you can apply for retirement. Some people get these a lot in those last three years, some people don't. I tell people definitely don't wait. I mean, at least get it once you're within six months of retirement because that way they take it takes two months for those to get put together because our pension department will go back through every single pay period that you've had and calculate the benefit or an estimated benefit based on everything we have historically up to now to make sure you're getting credit for everything. Um, but then when you go to actually retire and request the application
066as long as that estimate is no more than six months old, they can use that and you don't have to wait for them to refigure an estimate. Okay? So, I tell people, you know, get it once you're six months out, but some people like to get it sooner. You can do it within three years. >> Yes, that is the same. Thank you. I forget it's online. It's only been there for five years, but yeah, I still forgot. So, you can go to the URS website, make sure you're logged in, and then request a pension estimate. Like I said, it takes a couple weeks for them to put it or couple months for them to put it together. But then you have it so that when you're ready to retire, it's a phone call or again,
067you can also apply on the website now, actually apply for retirement. Um, as long as that estimates no more than six months old, you're going to get that application pretty quickly. If you don't have an estimate on file, then you're going to be waiting for two months just to get your application while they figure out that estimate. Okay? And that gets really frustrating for a lot of people and I've just lost all sympathy for people that do that. No, I'm just it's a dog ate my homework kind of thing, right? So, uh but you can call for that any time anywhere within three years of your anticipated retirement date. It does not commit you to retire on that date. Okay? You are not committing to that in any way, shape, or form. It's just an
068estimate. Okay? Like I said previously, you have to use the 1st or 16th as your URS pension official retirement date. And you cannot have that same day be your last day of work. It has to at least be the day prior. So if you're going out on June 1st, it can be no later than June 30th as your last day of work. Has to be a bonafide termination. You are no longer with the district. Okay. All right. Now, once you're within three months of retirement, that is when the window opens that you can actually request the application. This is the big thing everybody wants to know when we talk to them is when can I actually request the application? Once you're 90 days out from your anticipated retirement date, okay? You can call our pension
069department on the number here in the brochure or go online to request the application. All right. But on the application, it's going to have a few pieces of information that we require. Okay. Oh, also you can make an appointment to go in and meet with a pension representative in our downtown office if you want to go through that paperwork. It's fairly straightforward paperwork, but just like with anything, if you're not familiar with it, sometimes people make mistakes. I do. If you'd rather go in and meet with someone, that's fine. Nowadays, the application, if you unless you tell us otherwise, is an online application via the website. So, it won't let you make contradictory choices. actually makes it better to do it through the website, which I know a lot of people don't believe, but but
070that way it it eliminates things that used to take us like our processing time was cut by about 30 days once we went to the online system. So, so it's pretty straightforward, but if you want to, you can set up an appointment to go to our downtown office in Salt Lake, meet with a pension representative, and complete your paperwork. What we will need from you? Copy of your birth certificate. This can just be a copy. We don't need raised seals. We don't need originals. Can just be a photo copy. You can scan it in, take a picture, send it in with your application via the website on our message center. It'll walk you through how to do that. Or just send it by mail. Even fax. Have a fax there somewhere. Um, you send that
071birth certificate in just a copy. spouse's birth certificate if you're married and then a copy of a marriage certificate. Again, just a copy. You don't need an original. Okay? If you don't have these, check with the states where you were born or got married. Typically, you can get that from them. Okay? A lot of times you just do it online. We couldn't find our marriage certificate. We needed that for something and we got married in Washington State. Got online, requested it, and we had it within a week or two. I think you can do that. Then if in that application the electronic packet that's where the application will be that's where you're going to choose I want option three no plso or yes plso I want the 24 month send it to my 401k type
072of thing. That's where you make that choice is on the application. Okay. Then there's a W4 form. The pension is taxable federal and state. Especially if you're in Utah we've got state tax. If you move to another state where they don't, that's great. Just stop your Utah tax withholding. Okay? Move to Nevada, cool. Just stop your Utah tax withholding. Um, but there will be the W4 tax withholding form in there and a reference to a worksheet if you're trying to figure out how much you should have withheld. Okay. Also, the beneficiary form will be in there, a direct deposit form so we know where to send the money. Notice of bonafide termination requirements. You'll have to sign saying that yes, I will not be working for any URS employer at the time of my application.
073Okay. And the notice of the postretirement employment restrictions. Lots of people have questions on these, right? Some people come back and work at the district. I'm sure you've probably all seen people that do it. If you want the full green light to do that, make whatever you want and get whatever benefits are in store, wait a year. Okay? wait a year before coming back to any URS employer if you just want to keep receiving your pension payment and make as much as you want. We have a couple of Oh, let me get back to this and then I'll hit that in a minute. Your first check may take up to 90 days to arrive. I would say plan on it taking 90 days to arrive. Okay. The good thing it seems like with teachers though
074is you get paid through the summer typically. Correct. And that money was earned though in the past school year, right? So you can still be terminated from employment but still get those checks because you earned them previously. So a lot of times 90 days works great. Teachers get their a check in June, July, and August and by then the pensions start. Okay, that first pension check will be retroactive to your retirement date. So it will be a bigger check. Okay. But then plan on it being your your estimated amount or close to that estimated amount. We always send those out or send them out. Deposit them electronically. Deposit them on the last business day of every month. Okay? Depending on how quickly your bank credits them. I talk to people who get them at the
075last of the month and people who get them at the first of the month depending on what their bank does. Okay? But that's when we send those out. And when we send it, you'll also get an emailed uh like a pay stub, right? You'll get it says this is your pension amount. This is what was withheld for state. This is what was withheld for federal. This is what you're receiving net of of your tax. Okay? And then at the end of the year, you'll instead of getting a W4 like you've been getting while you're working, you'll get a 1099R. R is for retirement. that tells you how much you received from your pension in the past year to file your taxes. And it's treated just like ordinary income. Like I said, the one tax you
076won't pay on it, and it's been alluded to here earlier, you won't pay FICA tax on your pension check. FICA tax will only apply to wage-based earned type income, not pension benefits, not 401k withdrawals. Okay? So, you won't have that to deal with. There's also a cost of living adjustment built into the pension. Okay? It occurs annually on the anniversary of your retirement. It is equal to the rate of inflation of the prior year based on the consumer price index. If you want to get technical, it's the all urban consumer price index. And it is a simple cola but will never go up by a factor greater than 4% from one year to the next which used to be a non-issue for a long time till we hit what 2020 right so what happens is
077we always look to that first year's amount and then look at the prior calendar year's CPI the inflation rate for the prior calendar year we take that multiply up to a 4% limit and apply it to that first year's pension payment. Whatever the result is of that calculation, we then add it on to your pension. So, it's not a compounding rate where we're always looking at the new year's increasing amount to to to increase that pension. It's a simple cola. We always go back to that year, but then that first year, but then we add it on to your monthly payment going forward. So, it does go up. Takeaway is it it goes up a little bit each year, but it's not enough to send you on a cruise or something, right? In those years
078though, that we do have inflation rates higher than 4%, which we've seen, let's say it was a 6% inflation year, what we do is we'll you'll get a credit based on the 4% cap. We will bank the difference, that 2%. And then in a later pension year, if the inflation rate is lower than four, we'll add enough back on to get that to the 4%. Until that banked amount is gone. So it's not totally lost. It's just there so that couple crazy inflation years don't swamp the pension. Okay? There's safeguards built into it. That makes some level of sense. So just plan on it going up a little bit every year around the anniversary date of your retirement. Okay. Here's the cola history. So, 2021, 2022, we've got people in 2024 and 2025 who uh
079are getting some of that banked amount if they were retired prior to 2022 and 2021. Okay? So, the bank amount is carrying over to these people. All right. The other thing, taxes. We've alluded to these. It is subject to federal and state. You can holdings though at any time. So you're not locked into whatever you choose when you fill out your paperwork. If you're getting a significant check back at the end of the year more than you were expecting, then maybe back off your withholdings, right? If you're having to write checks that seems to get people's attention more than anything at the end of the year because you didn't withhold enough, go in and change it and withhold more in your taxes. If you really want to dial it in and you've got a CPA,
080talk to them and let them look at your overall financial picture to get some help with whatever that whatever amount you want to. Um, yes. And you receive that 10 1099R each year to file your income taxes. Okay. Now, let's talk postretirement employment. Here are there's tanches of time you want to be aware of. First and foremost, never, ever, ever come back and work for a URS employer within 60 days of your retirement date. Ever. Ever. That will stop your pension payments. You'll have to repay those pension payments along with interest and you'll start acrewing new service in whatever job you're doing, but it's going to take some time for those years to vest again as well. Okay? So, don't do that. just don't I've only seen one person that ever did. He was really
081bitter too. Um you can however after 60 days you can come back and work for URS employer any UR employer but you can't make more than about 20,000 a year and you can't receive any additional benefits. Okay. So no healthcare. So it's that's the these might be people that come back and work occasionally as subs or something maybe. Right. and they a few days a year or something just to kind of stay with things, right? Um so this is the 60 if you return after 60 days and within 12 months retirement check continues work in a non-pitted position salaries limited to that 20,893. Okay, this is a new one. This uh came into being in July of last year. This is the new 90day window. Okay, so If you come back and work for a
082UR employer within 90 days, you can do that. Granted, you have to work that out with the new employer. You have to let them know that that's the case. Um, and they have to offer that to you. It's not just a blanket, everyone gets it, but you have to be offered that job. Your retirement check will continue, but at a reduced rate, okay, 80%. So, your pension payment goes down by 20% while you're working for that URS employer. And you do not participate in the colas, the cost of living adjustments while you're working for that employer. But you can work in a benefited position as in make as much money as they're willing to pay you. There's no cap on that. Okay. Yeah. >> First or 16th Yep. So, >> till you stop working for
083that employer again. Yeah. Okay. Good on that. Oh, back here. Yeah. Sorry. >> I believe so. That's a good question. I have not heard anything that excludes them from that and I know this applies to the tier 2 system. So I would think it applies across all systems. It does for the public safety system for instance. So yeah, I would think so. But if you want to make sure, call that number that's on the pamphlet and and ask for sure if you're contemplating that. It's a good question. Okay. If you decide to come back after a year, most people just keep getting their retirement check, okay? And then take whatever salary and benefits are offered with the position. They don't acrue new pension credit though, unless they suspend their pension check. So if you want
084to acrue new service in, you know, coming back after a year, you can do that, but you have to stop your pension. I've never seen anybody do that. But it could be viable if someone's willing to pay you enough that those extra two years make a big difference in your pension payment, right? But for most folks, they just keep getting their pension and then they get their salary and they live large. It's my father-in-law. He's 72. He's still teaching. Uh but he left I think what in ' 08 or so? 0708. Yeah. So they live a lot better than they did early in his career. Let's put it that way. Okay, everything that we've been talking about here so far has been pension related. Are there any pension questions out there that haven't been addressed
085that aren't just like, you know, really unique one-offs? I can answer those after, but is there anything out there? Yes. Yeah. Was some weird kind of bonus, but it's normally it's just all included in your Right. Things you don't get credit for is if you have like a cell phone allowance or or car. I'm sure a lot of you get Alpine District cars to drive around, right? So now that's the only stuff that really doesn't count for the pension. Any other pension questions? Good. Okay. Savings plans. So now we're talking about 401ks, 457s, Roth IAS, the traditional IRA. We've got those four plans. Um, most people have something in their 401k. So, um, if you want some help, if you're saying, "Hey, you know, I haven't changed my 401k since I started back in 1994
086or whatever, right?" You can go online, take a questionnaire. So, go into our our education piece. You have to be logged in, click this investor profile, and then you can answer 10 questions. It takes about 5 to 10 minutes and it will suggest an investment for you. Okay? Or you can sign up to meet with one of us at URS. Talk about how to do that in a second. Once you leave, you are not required to roll over your account. A lot of people think that you're not. What we have a saying at URS, once a member, always a member. You can keep your accounts with us. We do not charge you maintenance fees unless it gets down to like I don't know 100 bucks or something and then I think we charge you a
087$15 maintenance fee or something like that. But but for the most part there's no additional costs. All of our investment funds are very low cost internally. Um you can always change your beneficiaries. You can reallocate your investments and change uh deferrals if you're still working. Then if you're not working, you can still go in and change your investments. You also have the ability to go in and meet with the URS representative still, even if you've stopped working and you're like, "Hey, why is my account doing this? What's going on here?" And we can talk through it and maybe help you choose a better investment, a more suitable investment. Withdrawal options. Yes, you can take your you can leave your funds with URS. You can roll them over to another account. Uh or you can withdraw
088your funds, spend your money, right? Just be aware that anything you pull out of those tax deferred plans has a tax consequence to it. It will add on to your income for that year you take the dispersement. How to do it? We have different withdrawal options. We've got a form online that you can fill out. If you have questions, again, call us at that number and we can get you to our savings plan department. Um, if you want the full balance, great. Partial. Or what a lot of people do is just take periodic payments. Maybe they want a certain amount a month. We'll even run a life expectancy type of calculator and say, "Okay, based on the amount you have here and projected returns, we're saying you could reasonably take out, you know, $300 a
089month or something." Okay, we can help you with that. These are the different options. Like I said, a lot of people do it monthly, some people do it annually, but there's all kinds of different ways you can take it. And you're not locked into these, okay? Once you start it, you can always adjust it, change the amount, increase it, decrease it, stop it. That's under your control. Okay, just another thing, you might look at your account and it might say something like target date 2035 fund. Okay, that doesn't mean that you can't touch your money until 2035. That is just telling you what kind of investment mix you have that it's appropriate for someone who's retiring around the year 2035 because that one fund has about 11 different funds in it. Some more aggressive, some
090more conservative and the lower that year, the less aggressive the account. So like a 2025 fund is less aggressive than a 2030 target date 2035 fund. But it has no bearing on when you can use your money. Okay. To set up an individual retirement planning session, those are all handled online. If you called us, we can't schedule it for you just because you call our number. Um, it's all handled via the computer. So, you do have to log into your URS account, go to the education tab, and then click on one-on-one sessions, and it will show you our schedule, where we are. We do these all throughout the state. various times. I'll do some out here occasionally upcoming. Uh and then we always have our virtual appointments. Those are the most popular, maybe not most
091popular, but most widely used. And that, you know, we just talk over the computer and I can share my screen and go over how much time you've got in the system. We can run a couple scenarios, give you an idea of what you're looking at in terms of retirement and by looking at your own specific numbers. So, it's very individualized. There is a weight on these. Right now, we're probably about three weeks booked out. Um, inside baseball, we upd up update those every Monday morning. So, if you're looking to get an appointment, you're not seeing anything, go in around Monday around 10:00, 10 10:30. That's probably your best bet of getting a spot. Okay. We have increased the number of people in our office though, and I've noticed that the wait time has compressed a
092little bit, so it's not quite so tough. We're always doing them in person, though, in our downtown office in Salt Lake. if you'd rather be in person or you can wait until I come out here. Or if you notice that there's something, you know, maybe out at there, I don't know, at American Fork City a particular day, you can still sign up for that. It doesn't need to be at Alpine School District. You can go to any location, sign up for one. Okay, that is pretty much it for what I have. Any questions on that? Yes. >> Anything else? Questions, rumors? No. Okay. Well, good luck. Yes. Go ahead. Go ahead. >> Uhhuh. >> It can. Yeah. So, if your pay went up by a factor greater than 10% from one year to the next
093in the average in your average years, then that pay jump will not fully count towards your average salary. And we saw this a lot during like 2021 and stuff. I saw it. I worked with corrections at the time and they were getting like three raises in a year and they were going from like 70,000 to $100,000. And and when that happens, if it's not due to a promotion, then a lane a lane change is not a promotion. um then yes the only that year jump will only count by a maximum of 10% from the lower year. In other words, say you went from 80,000 to 100,000 from year three to year two, right? Well, what's 10% of 80,000? 8,000. So you'd be at 88,000 for your second year, not 100,000 for your second year. But
094if it's due to a promotion, you're fine. Doesn't count against you. Yes. >> No. No. >> You'd want to get I mean, frankly, you'd want to get four years at the full-time amount in order to get the full payout. No, they're still going to look at what you earned between those differences in the two years when they go to figure up your purchase. So, it will make your purchase cost less because it'll be discounted because of the four years, but but it won't increase your salary. Right. But but we're going to use whatever salaries are on file to compute your purchase. Well, we we look at three years of well, we look at four years of salary history, but take the three highest unless the fourth year is greater than a 10% difference. So, if
095you probably want to call and get an estimate if you're within three years, call and get an estimate and let them know that's what you're trying to figure out. And then they can run that for you. Okay. All right. Thanks everybody. Cleared out half the room.