New Faculty Workshop
If you missed Russ Stanton's New Faculty Workshop on September 10th, here is the link to the video:
The workshop for new faculty was held from 1:30 pm to 2:30 pm on Tuesday, September 10th in CMU 203 and covered:
* A feature-by-feature comparison of IRAP and TRA, as well as the strengths and weaknesses of each plan. This comparison is designed to help faculty members choose the plan that best fits their career pattern.
* An explanation of the various components of MnSCU’s retirement plans, including Social Security and Medicare, the basic pension plans (IRAP and TRA), the College Supplemental Retirement Plan, Tax Sheltered Annuities (including the Roth TSA), the State Deferred Compensation Plan, and the tax-free healthcare savings plans.
Faculty Nearing Retirement Workshop
If you missed Russ Stanton's Faculty Nearing Retirement Workshops on September 9th and 10th, here is the link to the video:
The workshops for those faculty nearing retirement (contemplating retirement within the next 5 years) and considering an early separation incentive package were held from 12:30 to 1:30 pm on Monday, September 9th and 8:00 to 9:00 am on Tuesday, September 9th in CMU 203 and covered:
Contractual and statutory provisions relating to retirement including:
• The final year two-step increase.
• The early separation incentive.
• Severance pay.
• Retiree health care and the postretirement tax-free healthcare savings plan.
• The career steps.
• TRA: Annuitization options, acceleration options, postretirement cost of living adjustments.
• Phased retirement and the Annuitant Employment Program.
• Tax sheltering options, including the new Roth TSA.
• Healthcare Reimbursement Arrangements (HRA’s) and how they relate to retirement.
In addition, Russ provided updated information on the overhaul of the TRA program and the effects of the federal health care reform legislation on faculty nearing retirement.
At the workshop, Russ distributed retirement preparation checklists, information on notification dates, form letters for giving retirement notification and applying for benefits, and a list phone numbers, addresses, and Internet locations of retirement planning resources.