0% found this document useful (0 votes)
77 views6 pages

Estimate Letter

Uploaded by

richholzer1978
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
77 views6 pages

Estimate Letter

Uploaded by

richholzer1978
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 6

STATE RETIREMENT AGENCY 410-625-5555 · 1-800-492-5909

120 East Baltimore Street TTY Users call via Maryland Relay
Baltimore, MD 21202-6700 sra.maryland.gov

November 30, 2023

RICHARD E HOLZER ID#: 10749


Doc Type#: 702
Doc#: 17501570
Case#: CAS-1304428-Y7M0L7

Notice of Retirement Allowance Estimate – Your Account Projected to Retirement

Estimate Information

Estimate ID: 735099


Retirement Type: Service Date of Retirement: 6/1/2040
System: Teachers’ Pension System - Alternate Contributory Benefit
Retiree Date of Birth: 9/16/1978
Beneficiary Date of Birth: 8/12/1982 Beneficiary Relationship: Spouse

Member Service Credit

Creditable Service Years Months


Membership 31 09
Total 31 09
Eligibility Service 32

Member Contributions and Interest

Type Contribution Interest Total


Mandatory $169,219.04 $184,790.86 $354,009.90

Other Values Used to Calculate Your Benefit

Average Final Compensation: $115,979.67

Page 1 of 6
Estimate ID: 735099
Notice of Retirement Allowance Estimate - Results

Basic Allowance – Maximum Lifetime Allowance


Retiree Monthly Allowance: $5,549.63
The basic allowance provides the maximum monthly allowance payable for the remainder of your life. All payments
cease at your death. Your designated beneficiary or estate will receive one monthly payment if your death occurs on
or after the 16th of the month. You may change your beneficiary designation at any time after retirement.

Single-Life Annuities

Option 1 – Full Return of Present Value of Retiree’s Basic Allowance


Retiree Monthly Allowance: $5,373.17 Present Value: $1,039,540.28
Option 1 guarantees the full return of the present value of your Basic Allowance computed at the time of retirement.
The Present Value is reduced each month at the monthly declining rate of $5,373.17. If your retirement date is on or
after July 1, 2017, the monthly declining rate will be increased by any future cost of living adjustments. If you die
before receiving the full guaranteed amount of the Present Value, the remainder is paid in a single sum to one
beneficiary or divided equally amongst multiple beneficiaries.

Option 4 – Full Return of Member Accumulated Contributions


Retiree Monthly Allowance: $5,489.51 Present Value: $354,009.90
Option 4 provides a return of your accumulated contributions (member contributions and interest). The accumulated
contributions amount is reduced each month at the monthly declining rate of $1,832.36. If your retirement date is on
or after July 1, 2017, the monthly declining rate will be increased by any future cost of living adjustments
proportionate to the share of the monthly retirement benefit attributed your accumulated contributions. If you die
before receiving the full guaranteed amount, the remainder is paid in a single sum to the retiree's beneficiary or
divided equally amongst multiple beneficiaries.

Dual Life Annuities

Option 2 – 100% Survivor’s Benefit


Retiree Monthly Allowance: $4,810.50 Beneficiary Monthly Allowance: $4,810.50
Option 2 guarantees that after your death the same monthly benefit will continue to be paid to your surviving
beneficiary for his or her lifetime. No further payments will be made after the deaths of you and your beneficiary.
You cannot designate a beneficiary who is more than 10 years younger than yourself, unless that individual is your
spouse or disabled child.

Option 3 – 50% Survivor’s Benefit


Retiree Monthly Allowance: $5,153.64 Beneficiary Monthly Allowance: $2,576.82
Option 3 guarantees that after your death one half of the monthly benefit will continue to be paid to your surviving
beneficiary for his or her lifetime. No further payments will be made after the deaths of you and your beneficiary.

Option 5 – 100% Survivor’s Benefit with Pop-Up Provision


Retiree Monthly Allowance: $4,743.97 Beneficiary Monthly Allowance: $4,743.97
Option 5 guarantees that after your death the same monthly benefit will continue to be paid to your surviving
beneficiary for his or her lifetime. It also provides that your monthly benefit will “pop up” to the basic allowance for
your lifetime if your beneficiary dies before you. No further payments will be made after the deaths of you and your
beneficiary. You cannot designate a beneficiary who is more than 10 years younger than yourself, unless that
individual is your spouse or disabled child.

Option 6 – 50% Survivor’s Benefit with Pop-Up Provision


Retiree Monthly Allowance: $5,115.20 Beneficiary Monthly Allowance: $2,557.60
Option 6 guarantees that after your death one half of the monthly benefit paid to you will be paid to your surviving
beneficiary for his or her lifetime. It also provides that your monthly benefit will “pop up” to the basic allowance for
your lifetime if your beneficiary dies before you. No further payments will be made after the deaths of you and your
beneficiary.

Page 2 of 6
Estimate ID: 735099
Important Information Regarding Your Estimates

Single Life Annuities


These options are classified as "single-life" because they provide benefits over your lifetime only. Upon your death,
any reserve funds remaining in your account are distributed in a one-time, lump-sum payment to your designated
beneficiary (ies). Multiple beneficiaries may be named under these options. You may change your beneficiary (ies)
at any time.

Dual Life Annuities


These pay benefits over two lifetimes. They provide a benefit throughout your life as well as a continuing lifetime
monthly benefit to a sole surviving beneficiary. The monthly benefit amount is based on your age and the age of
your beneficiary at the retirement date.

Only one beneficiary may be named under the dual-life annuities. This beneficiary may be changed, but it will cause
a recalculation of your benefit amount. In most cases, the recalculated amount may be less than the current amount.

Dual-life annuities may provide continuing healthcare coverage for eligible beneficiaries of qualifying state retirees.
Your employer can provide you with details on any available healthcare benefits.

Option selection requirement


You cannot change your option selection after your first payment becomes normally due. We urge you to discuss
your needs with your family and financial advisor and carefully review your financial circumstances before selecting
an option. You will want to consider how much income you will need to maintain an acceptable standard of living
during retirement as well as the needs of your survivor(s) who may rely upon you for continuing income after your
death.

Average Final Compensation (AFC)


The average of your 3 highest consecutive annual salaries during your career.

Note: With the exception of salary increases due to promotions, any increases exceeding 20% are excluded from the
calculation of average final compensation unless approved by the Board of Trustees.

State Pension law requires the Agency to exclude any salary increase from the calculation of a member’s average
final compensation for pension purposes if it is an “extraordinary salary increase” under regulations adopted by the
Board of Trustees. By regulation the Board has defined an extraordinary salary increase as an increase in excess of
20% of the prior year, except if the increase is the result of a promotion or appointment/election to a public office, or
if including the increase would not increase the member’s allowance by more than $25 per month. This estimate
does not reflect any adjustment for any extraordinary salary increase, which, if applicable, will only be applied at
time of retirement.

Page 3 of 6
Estimate ID: 735099
To Retire
In order to retiree, obtain the required applications for retirement from your employer’s retirement coordinator or
download the applications from the State Retirement website at sra.maryland.gov. The following retirement
applications are required: Application for Service or Disability Retirement, Federal and Maryland State Tax
Withholding Request, and Direct Deposit – Electronic Funds Transfer Sign Up Form

Filing Requirements
In order to ensure timely processing, file all retirement applications at least 30 days before the effective date of
retirement. You must file the required retirement applications to actually retire. Failure to file all valid forms prior to
your effective date of retirement may jeopardize your eligibility to retire on the date you selected or it may delay
payment of your monthly benefit allowance.

Notarization
It is extremely important that on applications requiring a notary signature, you must sign those documents in the
presence of the notary. The notary must then sign and date the form in your presence. If the date the notary
signs as a witness to your signature differs from the date you signed the application, your application will be
rejected. You will then be required to refile all applications and your date of retirement may be delayed.

Health Insurance Eligibility


The selection of the basic allowance or some option selections may disqualify your spouse or dependent child from
health insurance eligibility. Contact your Personnel Department to obtain more information on health insurance
coverage for retirees and their beneficiaries.

Questions
Please contact the Agency’s Member Services Unit at (410) 625-5555 or (800) 492-5909 to speak with a Retirement
Benefits Specialist if you have any questions regarding this notice.

Page 4 of 6
Maryland State Retirement
and Pension System
120 East Baltimore Street
Retirement Checklist
Baltimore, MD 21202-6700
800-492-5909 ● 410-625-5555
sra.maryland.gov ● [email protected]

Congratulations and thank you! You’ve spent years in public service. Now you deserve a secure and enjoyable retirement.

We’ve designed this checklist to help you keep track of everything you need to do with us. And we’ve listed other steps
that might be helpful to you. We want to make your transition to retirement as easy as possible.

Note on Forms:
 Please fill out the most recent version of our forms.
 You can find those (and other info) on our website: sra.maryland.gov.
 If you’re still working, you can also get the forms from your Retirement Coordinator. (Check
with your Personnel Office if you don’t know who this is.)

If you have questions, we can help. You can reach us at 410-625-5555 or 800-492-5909. Or email us at
[email protected].

What to Do Now That You Have Your Estimate


 Review your estimate carefully. We designed it to help you make a decision that’s right for you and your family.

 Decide: Do you need another estimate? You may need to select a different retirement date. Or you may need to
add or change a beneficiary. If so, you can either:
1. Use our secure website: mySRPS. In mySRPS, you can create as many estimates as you wish. You’ll get the
results on the spot. To sign up, go to: mysrpsusers.sra.maryland.gov. –OR–
2. Submit another Service Retirement Estimate Request form. We’ll send you another estimate within a few
weeks.

 Determine: Do either of these situations apply to you?


1. Additional Service Credit: Do you have any other service credit that you can purchase? For example, you might
have this if you worked for another government employer. Or if you took a leave of absence or withdrew funds. If
you are eligible, you may be able to increase your monthly allowance. What to do: Fill out and submit Form 26:
Request to Purchase Previous Service. (That form lists all the possible situations that might allow you to
purchase service.)

2. Military Credit: Were you in the military? If so, you may be able to claim additional service credit. That could
increase your monthly allowance. What to do: Fill out and submit Form 43: Claim of Retirement Credit for
Military Service.

 Learn about the overall retirement process. We have two good sources of information for you:
1. Pre-retirement seminars and webinars. These give you a broad overview of retirement. Topics include your
SRA plan, Social Security, and retirement planning. Visit our website to see the schedule and sign up. Just go to
the Members tab. Then click on Seminars & Webinars.
2. Pre-retirement videos. We have a number of videos that explain the retirement process at SRA. On our website,
go to the Members tab and click on More Resources. Then click on Videos.

Page 5 of 6
Maryland State Retirement
and Pension System
120 East Baltimore Street
Retirement Checklist (continued)
Baltimore, MD 21202-6700
800-492-5909 ● 410-625-5555
sra.maryland.gov ● [email protected]

What to Do Now That You Have Your Estimate (continued)


 Consider financial planning. You have an estimate of your SRA monthly payment. You can also:
 Make an appointment with one of our Retirement Benefit Specialists. You can discuss your estimate and get
your questions answered. Just go to our website and click on Make an Appointment (at the bottom of the screen).
Or you can give us a call.
 Contact your employer to find out what happens with your employer benefits after you retire. For example, will
you be eligible for health insurance?
 State employees should contact DBM for this information. You can reach them at 410-767-4775 or 800-307-
8283. Or visit their website: dbm.maryland.gov/benefits.
 Non-State employees should contact their Personnel Department.

 Set up an on-line account with the Social Security Administration. You can find out what your Social Security
payments would be depending on when you file. And you can get information about Medicare. Just visit the SSA
website at ssa.gov. Or reach them at 800-772-1213.
 Create a budget based on your retirement income and expenses. Review with a financial advisor. The decisions
you make now will affect the rest of your life. You may find it helpful to get professional advice.

What to Do 2 Months Before Your Retirement Date


 Make sure you have the most recent version of the right retirement application. (See Note on Forms, pg. 1.)
 Employees, Teachers, Correctional Officers: Form 13/23
 Maryland State Police: Form 14/24
 Legislators: Form 15
 Judges: Form 16
 Law Enforcement Officers: Form 98/101

 Fill out these 3 forms:


1. Retirement application (see list above)
2. Form 766: Federal and Maryland State Tax Withholding Request
3. Form 85: Direct Deposit Electronic Fund Transfer Sign-Up

 Meet with your Retirement Coordinator to confirm that you have all the right forms and have filled them out
correctly. (Contact us if you need help but are no longer working.)

 Determine whether you need to send us any other documents. Did you choose Option 2, 3, 5, or 6 as your form
of payment? If so, you’ll need to give us proof of your beneficiary’s birth date.

 File your retirement paperwork with us.

 Ask your employer for any forms you need to continue your employer benefits. (These may include health
insurance, life insurance, etc.) You must submit those forms to your employer, not to us.

We hope you find this checklist useful. We look forward to helping you make a smooth transition to retirement!

Page 6 of 6

You might also like