TRS retirement report, a bi-annual newsletter for retired members, Winter 2016

www.TRSGA.com 404-352-6500

TRS RETIREE RETIREMENT REPORT
A BI-ANNUAL NEWSLETTER FOR RETIREES Winter 2016

Legislative Update
February 29th completed the 30th day of the 2016 Georgia General Assembly. Also known as "Crossover Day", legislation must have passed either the House or the Senate by day 30 to have a realistic chance of final passage this year. TRS will continue to monitor the following legislation during the final 10 legislative days.
For detailed information on how retirement legislation becomes law, please visit www.trsga.com/legislation.
HB 250 is a non-fiscal bill that allows a TRS retiree to assign their benefit payment to a self-settled, supplemental needs trust. This bill will further allow assignment of benefits to a spouse for a retiree that is Medicaid eligible and institutionalized in a nursing home, hospital, skilled nursing facility, intermediate care home, assisted living community, personal care home or hospice care. By allowing a retiree to assign their benefit payment to a trust or individual, the retiree would be able to circumvent the rules and regulations regarding eligibility to receive governmental assistance. Did Not Pass Crossover Day.
HB 344 is a non-fiscal bill that would create the Georgia Public Retirement System Trustee Training Council (the Council) effective January 1, 2016. The Council would be comprised of six members and would develop training requirements for public retirement system trustees. Trustees would be required to complete eight hours of a training course established by the Council within one year of appointment. TRS already provides in-house, high-level, executive training to our trustees, including ex-officio trustees, and continuing trustee education with nationally recognized retirement programs on an annual basis. Did Not Pass Crossover Day.
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IRS 1095-C Form
TRS retirees whose health insurance is administered by the State Health Benefit Plan were issued a 1095-C tax form by the State of Georgia. These forms were not issued by TRS. The 1095-C form is a new requirement of the Federal Affordable Care Act and provides required health care information.
The State of Georgia contracted with the firm of Ernst and Young to handle the disbursement of the 1095-C forms. The forms require a valid employer identification number (EIN). Because retirees no longer have an employer contributing to SHBP on their behalf, the vendor defaulted completion of this field to the largest state employer ("Department of Corrections"). Though this has created some confusion, the form you received can be used to complete your tax filing.
You may call the Ernst and Young helpdesk at 1-855-3144222 in you have additional questions or need corrections made to other parts of the Form 1095-C.

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Retiree Statistics

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Working After Retirement

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EFT: No More Late Checks

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2016 EFT Payment Schedule

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Online TRS Account

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Health Care Coverage in Retirement

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Helpful Links and Contact Information

INSIDE

TRS Retirement Report 1

Legislative Update, cont.
SB 335 is a non-fiscal bill that would allow retirement systems to invest in commingled funds and collective investment funds that are maintained by state chartered banks or trust companies. Passed the Senate 02/26/16.
SR 725 proposes an amendment to the Constitution prohibiting investments in foreign state sponsors of terrorism. Public retirement systems shall not invest in a security issued by or on behalf of a foreign state designated as a state sponsor of terrorism by the U. S. Secretary of State. Public funds shall not be used to directly, or indirectly through an account or fund in which shares have been bought by public funds, purchase a security of an entity that engages in for-profit activities related to the provision of supplies or services including military equipment, oil or mineral extraction, or the generation or supply of electricity. Upon ratification of the constitutional amendment, public retirement systems shall divest from all such investments in a manner prescribed by the Georgia General Assembly. SR 725 is not subject to the Crossover Day procedures and remains active even though it has not passed either chamber.
Supporting Legislation To express your support for legislation currently being
considered, please contact your State Representative or Senator, as the Legislature is responsible for enacting Georgia law. Please visit www.legis.ga.gov for more information. z

Retiree Statistics As of March 1, 2016

Total Number of Retirees

114,649

Average Monthly Benefit for All Service Retirees

$3,198

Retirees receiving paper check & subject to postal delays

2,033

Working After Retirement
Once you are a TRS retiree, you may be reemployed in a TRS-covered position on either a full or parttime basis, under certain terms and conditions, and continue to receive your TRS pension. This applies to both service retirees and disability retirees. Before you accept any position with a TRScovered employer, you should contact TRS to ensure the employment does not adversely affect your retirement.
In order to ensure a TRS retiree working in a TRS-covered position is in compliance with Georgia law, TRS must approve the employment prior to the retiree starting the job. It is your responsibility to inform the employer that you are a TRS retiree, and it is the employer's responsibility to report your employment to TRS. If you do return to work, you MUST have a break-in-service of at least one month after your effective date of retirement.
Salary and Service Limitations
All employment in a TRS-covered position, whether directly or indirectly (i.e. independent contractor, private temporary company, etc.) with a TRS employer, is subject to salary and service limitations as outlined in Georgia law and TRS policy.
No Pre-Existing Agreement
Georgia law requires employers to certify to the TRS Board of Trustees the date on which the employee's employment is or will be severed and that no agreement exists to allow the employee to return to service. This includes service as an independent contractor. Any return to employment or rendering of any paid service, including service for an independent contractor, for any TRS employer during the calendar month of the effective date of retirement shall render the retirement invalid and void the application for retirement.
To learn more, please visit our website or read our Member's Guide.

2 Winter 2016

No More Late Benefit Checks: Sign Up for Direct Deposit
Are you a retiree who is currently receiving a paper check delivered to you by the United States Postal Service (USPS)? Don't forget, you can take advantage of having your benefit deposited directly into your bank account each month through Electronic Funds Transfer (EFT).
The option to have your check delivered to you electronically has many benefits, including knowing when you will receive your check and a safer delivery. When you sign up for EFT, your money is deposited into your account on the first business day of the month, preventing your check from becoming delayed, lost, or stolen in the mail.
To sign up to receive payment through EFT, you just need to log into your TRS account.
1. Go to www.TRSGA.com and click on the Account Login button.
2. Click the Retiree link. 3. Sign in to your existing TRS account by
providing your User ID and Password. If you do not have a TRS online account, you will need to create one. Simply click on the Click to Register link under the Sign UpNew Account Registration box on the left of your screen. You will then be asked to provide information to validate your identity and create an account 4. Once you have signed in, click on the Update My EFT Information on the right side of the screen. 5. Complete the online form. You will receive a confirmation letter in the mail after you submit your information. By signing up for EFT you will be joining over 112,000 TRS retirees who know when their check will be directly deposited to their bank accounts. TRS has no control over the USPS and its delivery time, so please take a moment and enroll in EFT. If you have any questions please call (404) 352-6500 or (800) 352-0650.

2016 EFT BENEFIT PAYMENT SCHEDULE

MONTH

PAYMENT DATE

January.......................................................... 4th February.........................................................1st March.............................................................1st April...............................................................1st May...............................................................2nd June................................................................1st July.................................................................1st August............................................................1st September......................................................1st October.......................................................... 3rd November ......................................................1st December.......................................................1st

Retirement & Your Online TRS Account
Don't forget about your online account! After retirement, your online TRS account is a useful tool to find information you may need. Login to access your payment information, update contact information, update EFT information, as well as view your 1099R and account details.

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Health Coverage in Retirement
TRS does not administer health care benefits for retirees, or determine eligibility during retirement. Retirees should direct all questions regarding health insurance to their plan provider.
For retirees eligible to participate in Georgia's State Health Benefit Plan (SHBP), TRS will deduct the monthly premium from your benefit payment, once your enrollment form is approved by the SHBP. TRS does not determine your eligibility for participation in the SHBP and does not provide information on the filing of claims.
Health plan questions should be addressed to the State Health Benefit Plan: (800) 610-1863. You can also visit http://dch.georgia.gov/ z
Helpful Links and Contact Information
Georgia Department of Community Health www.dch.georgia.gov 800-610-1863
Internal Revenue Service www.irs.gov
Visit the website to locate your local IRS office phone number
Social Security Administration www.ssa.gov 800-772-1213
Georgia Breeze www.gabreeze.ga.gov
877-342-7339
Teachers Retirement System of Georgia www.TRSGA.com 404-352-6500 800-352-0650 404-352-4885 (fax)

Post Retirement Workshops
Did you know TRS offers a post-retirement workshop to our retirees? This workshop is aimed at keeping you informed throughout your retirement about what is going on at TRS, a financial update, as well as any legislation that may affect you. TRS proudly partners with the Georgia Retired Educators Association (GREA) and the Georgia Association of Educators (GAE-Retired) to host a post-retirement workshop.
In addition to uniting retired educators for fellowship, support and service, one area of concentration for GREA is focusing on the needs of Georgia's retired educators by distribution of valuable information. Every summer, GREA hosts a "tour" of their area meetings across Georgia. TRS met with over 1,000 GREA retirees during these area meetings during the summer of 2015. For information on GREA, please visit their website at www.garetirededucators.org.
GAE-Retired supports and promotes GAE programs and services to retiring and retired GAE members and other retired educational employees. One program offered by GAE-Retired is their PreRetirement Seminar where TRS is a presenter. For information on GAE-Retired, please visit their Facebook page at www.facebook.com/GAERetired.
If you are a member of a local GREA or GAERetired unit, TRS would be happy to present our postretirement workshop to your group. To schedule a TRS representative for your local GREA unit, please contact Mike Zarem at 404-425-6616.

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