1 / 33

Educate

Your Anne Arundel County Public Schools Supplemental Retirement Program Initial Election Period: October 18 – November 30, 2009. Educate. Evaluate. Elect. Meeting Agenda. EDUCATE. What’s Changing? Why Change Now? What are Your Choices? How You Can Prepare Retirement Program Events

cambree-jones
Download Presentation

Educate

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Your Anne Arundel County Public Schools Supplemental Retirement ProgramInitial Election Period: October 18 – November 30, 2009 Educate Evaluate Elect

  2. Meeting Agenda EDUCATE What’s Changing? Why Change Now? What are Your Choices? How You Can Prepare Retirement Program Events Additional Resources Sources of Retirement Evaluate Your Site One-on-One Meeting Provider Comparison Evaluate Your Investment Options Evaluating a Financial Advisor Your Decision Guide Ready. Set. How to Enroll What’s Retirement Manager? How Will You Elect Your New Investment Providers? Using Retirement Manager What Happens After You Enroll Your Action Plan EVALUATE ELECT

  3. EDUCATE • In this section, we’ll discuss: • What’s changing and when • Who are the new investment providers for the AACPS Supplemental Retirement Program • What can you do to educate yourself on your new options

  4. Investment providers will offer mutual funds in the 403(b) and 457(b) plans. No individual annuity contracts will be offered. Advantages include: Lower fees and expenses Flexibility to “mix and match” fund options to meet your needs Easily move balances between funds without penalty (although short-term trading fees may apply) Diverse range of investment options What’s Changing?

  5. IRS has issued new regulations that govern 403(b) plans: AACPS has increased reporting, oversight, and plan administration duties, and Must actively select investment options that are appropriate for the plans to offer Why Change Now?

  6. These investment providers will no longer be offered in 2010: Horace Mann INA Merrill Lynch Northwestern Mutual Financial (John Hancock) Prudential Retirement/Securities Symetra (Safeco) What’s Changing?

  7. Effective January 1, 2010 Choose from: Lincoln Financial MetLife VALIC And a new provider, ING Choose to invest with one or more investment providers What Are Your Choices?

  8. What’s Changing? Investment Options A diverse range of investment options will be available to you. Visit the AACPS intranet for a list of funds in each asset class. Large Cap Value Large Cap Index Large Cap Growth Mid Cap Value Mid Cap Growth Small Cap Value Small Cap Growth Money Market Short Term Bond Core Bond Balanced Extended Market Index International Lifecycle

  9. Look at your recent SRP statement to review your current investment options Brush up on investment fundamentals Time horizon, diversification, compound interest Read all communication materials you receive Meet with one or more investment provider representatives How You Can Prepare

  10. Retirement Program Events

  11. What you’ll find on the AACPS intranet (aacps.org>HR/Employment>Benefits): FAQs and articles Enrollment instructions Links to online resources Fund lineup by asset class How You Can Prepare

  12. These websites can also help: www.retirementweek.org Use tools and online resources to help you plan for retirement as part of National Save for Retirement week www.403bwise.com www.457bwise.com Access online tools, resources and FAQs to get all of your 403(b)/457 questions and concerns answered www.choosetosave.org Tips on how to save for retirement including the ballpark estimate feature that can help you figure out how much you will need for retirement www.finra.org/Investors Learn about investing and how to build your financial knowledge Additional Resources

  13. EVALUATE • In this section, we’ll discuss: • What should you consider as you Evaluate your choices? • What tools will be available?

  14. Social Security + Medicare Sources of Retirement Income You Government-Provided State of Maryland Personal Savings + Supplemental Retirement Program Contributions + Previous Employer Benefits Maryland State Retirement System Target 75% – 90% of pre-retirement income* *The amount of pre-retirement income needed will vary for each individual and could be outside this range.

  15. Career goals How long do you plan to work at AACPS? What is your current and estimated future compensation? Retirement goals At what age do you plan to retire? Will you work part-time? Family needs Are you single or married? Do you have beneficiaries? Investment experience Are you comfortable managing your retirement assets? Do you believe there is risk of inflation? Evaluate Your Situation

  16. Meeting with a representative from one or more of the AACPS investment providers can help you evaluate your options What you’ll need: Current statements for your investments Recent Social Security benefit statement W-2s Recent MSRA statement (if a participant in the MRSA program) and/or other defined benefit retirement plan statement (if you worked with another employer) One-on-One Meetings

  17. Fund performance Fund volatility Fund manager’s history Fees and share classes Diversification among funds Your own personal risk tolerance Evaluate Your Investment Options

  18. Coming to home address in mid October: Detailed comparison of investment providers Easy to read and understand Highlights key decision factors to help you make your investment fund choices Provides contact information forall approved investment providers Your Decision Guide

  19. AACPS Retirement Tools

  20. ELECT • In this section, we’ll discuss: • How will I make my election in Retirement Manager?

  21. Enroll online or in-person during your one-on-one meeting with an investment provider representative Make your elections during the initial Election Period, October 18 – November 30, 2009 Ready. Set. How to Enroll

  22. It’s where you start Your online Supplemental Retirement Program election web site Access from the internet or intranet Links to each of the four investment providers under our program Offers online tools – including calculators, worksheets, reports, and more! What is Retirement Manager?

  23. Go to Retirement Manager web site at www.myretirementmanager.com Make your deferral election Decide how much to contribute per pay period Elect your investment provider or providers If more than one provider, indicate the % to each Submit How Will You Elect Your New Investment Providers?

  24. Go to www.myretirementmanager.com home page: Using Retirement Manager

  25. You will click the “I’m a New User” link at the top and you will be directed to select your school system: Using Retirement Manager

  26. After selecting Anne Arundel County Public Schools, you will enter your data to login: Using Retirement Manager

  27. Using Retirement Manager After logging in, you will see the Anne Arundel County Public Schools Retirement Manager home page: Click here to enroll or make a change.

  28. To select investments with one investment provider: Click on the link to the investment provider from the Retirement Manager Once on the investment provider site, enter your investment allocations in each of your elected funds totaling 100% of your contribution amount Select a beneficiary and include your beneficiary information To select investments with multiple providers: Repeat above steps for each provider elected Establish your account with the provider at each investment provider site, then elect investment allocations, then a beneficiary (or beneficiaries) How Will You Elect Your New Investment Providers?

  29. You will receive a confirmation statement on the website You will also receive a confirmation statement from each of the investment providers you select You may change your elections up until midnight on November 30, 2009 Your 2009 deferrals will be invested in your current contracts through December 31, 2009 Your new deferral amount and investment elections will be effective January 1, 2010 The first payroll deduction will take effect on January 13, 2010 What Happens After You Enroll?

  30. Your future deferrals will be defaulted into a lifecycle fund To change your default election in the future, visit the investment provider web site Your changes will be effective as soon as administratively possible after the first pay of the year If You Don’t Select Investments

  31. Take advantage of your resources Review your current SRP statement Read all materials you receive and go online to learn more Review your overall retirement strategy with a financial advisor Ask each of the investment providers what’s available Make your election! Your Action Plan Your Supplemental Retirement Program investment fund elections must be registered by Monday, November 30 to be effective for the first payroll of 2010.

  32. Introductions ING Room Lincoln Room MetLife Room VALIC Room Breakout Sessions

  33. Educate Evaluate Elect Your AACPS Supplemental Retirement Program.It’s up to you.

More Related