We’re often asked to explain what service credit is and how it works. Customers want to know about topics related to service credit, such as portability (also known as reciprocity), dual membership and out-of-state credit. Here’s a rundown along with some links to helpful resources. Retirement service credit basics Service credits are the units used…
Tag Archives: Retiring
Required minimum distributions begin at 73
Do you have DCP or Plan 3? If so, keep in mind that if you are separated from employment, federal law requires you to withdraw a minimum amount from your investment account when you reach age 73. The DRS record keeper, Voya, calculates this Required Minimum Distribution (RMD) and pays this amount to you automatically…
Episode 49 – Social Security basics
We dive into the essentials with Kirk from the Social Security Administration. He answers questions about creating a My Social Security account, its benefits, and how to use online resources for your retirement planning. Find out how to qualify for Social Security retirement benefits, understand the calculations behind your benefit amounts, and get insights into…
Managing health care in retirement
As life expectancy increases, the possibility that some Americans may face a physical or mental decline at some point in their lives is very real. Care can require considerable resources – physical, mental and financial. Now is the best time to create a plan that considers how you and your family will handle the potential…
DRS annuity options
What’s an annuity? An annuity is a guaranteed income plan you purchase with pre-tax money such as DCP. The money you receive from your annuity is in addition to the money that you receive from your pension. With annuities, you take money out of market risk and use it to give yourself a monthly lifetime…
Episode 45 – First month of retirement; what to avoid
We dive into the common challenges faced right after retirement. DRS team member John shares insights about handling the transition period and offers practical advice to avoid pitfalls. Whether you’re planning to buy a house, plan to travel, or trying to navigate insurance coverage, this episode provides valuable tips to help ensure a smooth post-retirement…
Retirement taxes FAQ
These are the tax questions we’re asked most often. Keep in mind you’ll need to work with a tax advisor if you have questions beyond the information we can provide. DRS and the investment record keeper Voya are not able to offer tax advice. Will my monthly DRS pension payments be taxed? Yes. Whether you…
Episode 35 – Beneficiary vs survivor
These two terms are commonly used for retirement plans, but what’s the difference? If you haven’t retired from your plan, you only have beneficiaries. If you are retired, you could have both. In this episode, we take a look at the difference between these two terms and what they can provide for your loved ones.…
Episode 31 – PEBB and Medicare overview
As a retired public employee, you have access to insurance options through the Public Employees Benefits Board (PEBB). And when you retire at age 65 or more, you’re required to enroll in Medicare. Find out more about Medicare and what options you have for a PEBB retiree health plan. Our guest is Ellen, from the…
Episode 19 – How SHIBA helps with Medicare questions
Some of the biggest decisions you’ll make in retirement are around your health care. Luckily, the Statewide Health Insurance Benefits Advisors (SHIBA) offer a free, unbiased service. Our guest Tim explains how SHIBA volunteers help people of all ages and backgrounds with their Medicare questions and options. Episode transcript: [musical intro] Jenny Welcome back to…
