THE CITY OF ROSWELL

THE CITY OF ROSWELL
Post-Retirement Benefits Summary for Full-time Employees
Think about retirement from the first day on the job. If your goal is to retire financially secure and at
an age when you will be young enough to pursue other interests, then it is never too early to consider
how you will achieve that objective. It’s very important to understand the workings of Social Security,
a retirement savings account and a pension benefit. Investing in your retirement savings at the start of
your career will make an exponential difference in your savings balance at retirement.
Overview
The City of Roswell sincerely appreciates every employee’s dedication and service. We all look forward to retirement, whether 3
years or 25 years from now. We hope the information below provides you with a better understanding of what you can expect
upon retirement and ways you can plan ahead.
Disclaimer: There is a difference between retiring and terminating employment. If you have specific questions or request more
information, please contact Human Resources. Note this information is provided in summary form and is subject to change. Refer to the original plan documents for exact details.
Retirement Income
The City contributes to your retirement savings through either the Defined Benefit Plan OR the Defined Contribution Plan. The
employee may volunteer to participate in the 457/401a savings plans.
Defined Benefit Plan
For those hired before March 1, 2011 you are eligible for the Defined Benefit Plan (lifetime pension). The plan offered through
Georgia Municipal Employee Benefit System (GMEBS) Retirement Fund provides for payment of monthly benefits to participants for life after retirement.
• The plan requires 5 years of full time employment to be fully vested.
• There are three options available:
1. Early Retirement (10 years of service and have reached age 55)
2. Normal Retirement (5 years of service and have reached age 65)
3. Rule of 80 (a combination - i.e. minimum age 55 w/ 25 service years, or age 60 with 20 years)
• The City of Roswell’s plan specifies the benefit a participant will receive at retirement based on years of service, earnings and
when a participant applies for retirement.
• If you are age 65, there are no state taxes taken out in Georgia.
• FICA is not taken out.
• For more information visit the Georgia Municipal Association website - www.gmanet.com – which oversees City of Roswell’s
Defined Benefit Plan.
• If you are deemed disabled by Social Security Administration within 12 months of termination then you may be eligible for
Disability Retirement from the GMA.
• Death Benefit – benefit payable to beneficiary for rest of their life.
Defined Contribution Plan
For those hired on March 1, 2011 and after you are eligible for the Defined Contribution Plan (investment account) • 10% contribution from the City on regular base pay (goes into the 401a plan)
• 5% match – if participant participates in the match, there is a one to one match, up to 5% (5% employee contribution goes into
the 457b plan, 5% employer match goes into the 401a plan; based on annual approval during the budget process)
• Vesting schedule applies – 20% for each full year of service; after 5 years, fully vested for employer contribution in the 401a
plan
• No loans are available; access to money after termination of employment.
Voluntary 457 / 401a Tax Deferred Compensation Retirement Plan
It is your choice to participate in the deferred compensation plan during your employment.
• The 457(b) Deferred Compensation Plan allows employees to voluntarily supplement their retirement savings through contributing a percent or dollar amount of pre-tax income taken directly out of your paycheck.
• The 401(a) Defined Contribution Plan is the City making a 1% match contribution when an employee makes a minimum 2%
contribution to their 457(B) account (based on annual approval during the budget process).
• These plans are administered by ICMA-RC. ICMA representative Melissa Doughty is available to help answer questions (866328-4673 or [email protected] ). Start with visiting the ICMA website which includes information specific to Roswell
employees at http://roswellatwork.com/457 • Manage your account online at www.icmarc.org
• Learn more about personal finances at www.icmarc.org/learn ; search the ‘library page’ for articles, videos, calculators, retirement planning, and more.
Roth IRA
An additional retirement savings option. This is YOUR CHOICE to participate in, with investment funds of your choice. A Roth IRA
is funded with after-tax money. Your investment grows and you pay no taxes after age 59 ½. Rules govern withdrawal of the
contributions prior to age 59 ½. Contact ICMA-RC or your financial institution for additional details.
Insurance
No one wants to contemplate death, disability or the potential need for long-term care. But you should consider several questions in the retirement planning process.
Medical, Dental, and Vision Insurance - The medical, dental, and vision insurance coverage in effect as of your last day
of employment will end at midnight on the last day of the month in which you terminate your employment. You are eligible to
continue your coverage through the federal law known as COBRA. You have the right to continue the coverage in effect as of
the last date of your employment for a specified period of time (up to 18 months), assuming you pay the full cost of the monthly premiums plus a small administrative fee (2% over the monthly premium). (Does not apply if you are Medicare eligible.)
Flexible Spending Accounts - If you were participating in either the Medical Care or Dependent Care flexible spending
account(s), you have 90 days from your date of termination to submit eligible expenses to The Benefits Planning Group. Any
expenses incurred after your date of termination are ineligible for reimbursement. Life Insurance - You have the option to convert your current policy to an individual policy within 30 days of your termination
date. This applies to the basic life insurance coverage and optional life insurance in effect for you and/or your dependents as
of your termination date. You will have to confirm with the current City insurance provider for eligibility and rate information.
You will pay periodic premiums (quarterly, semiannually or annually) directly to the insurance provider. Otherwise the life insurance will end at the end of the month of your termination date.
Disability Insurance - This continues after termination if the accident or illness happened while an active full time employee.
Pay Day
Paid Time Off (PTO) - Upon retirement you will be paid for accrued unused paid time off.
Sick Leave – Upon retirement, you will be paid for up to 240 hours of accrued unused sick leave.
Comp Time (non-exempt) – Upon retirement you will be paid for accrued unused comp time.
Service Award/Luncheon – After retirement you will be invited back to the next quarterly service award luncheon.
Continuing Benefits
Recreation, Parks, Historic, and Cultural Affairs
1. Full-time employees will continue to receive a 25% discount off the Recreation Activity Registration fee of any program.
Both non-residents and residents will receive a discount off the respective class fee.
2. Adult Rec Center: Age 50 and over are eligible to participate in all classes. Both non-residents and residents will receive a
25% discount off the respective class fee.
3. Waller Park Gym: Just show your “RETIRED” ID card and you can continue to use the Exercise facility for free.
Roswell Recycling Center – You can continue to recycle items at the Recycling Center at the “employee” discount. Just
show your “RETIRED” ID card and you will not be charged for the following commodities (both resident and non-resident:
televisions, ties, appliances; also for Roswell residents: latex paint.)
Soft Benefits – You will receive a City of Roswell “RETIRED” ID card. At the business owner’s discretion, you may continue
to have access to businesses and community soft benefits you enjoyed as an employee. (Cards will be provided to recently
retired employees starting December 1, 2013)
Position Specific Benefits
I served as a Police Officer…
• Police Officers have the additional option to participate in the Police Officer’s Annuity and Benefit Fund of Georgia
(POAB). This provides both a Retirement Pension as well as a death benefit. For more information go to: www.
poab.georgia.gov. A $20 per month contribution provides a retirement pension after either 10 years or 15 years of
service and reaching age 55, or after 30 years of service. The maximum death benefit is $3,500.
• Police Officers get to keep their gun and badge. You are also given a new ID card that is labeled “retired” just for
ID purposes. This puts you in line with the law to be able to carry around the country.
I served as a Fire Fighter...
• Fire fighters have the additional option to participate in the Georgia Firefighters’ Pension Fund (GFPF). The GFPF
is a voluntary pension system to supplement primary pension benefits. For more information go to: www.gfpf.
org. A $20/month contribution allows for retirement pension collection starting after 15 years of service at age 50,
or after 25 years of service at age 55.
Benefits Available Prior to Retirement
Estate Planning Estate planning and other legal information is available to employees with the Legal Reference Program provided
for Aetna members. Login to the website (www.ichooselegal.com ) to learn about and create your own documents.
FREE templates include Standard Will, Living Will, and Power of Attorney. Also available is an identity theft kit, useful
legal links, and personal information organizer.
Employee Assistance Program (EAP)
FEI/Families First EAP offers confidential counseling and provides guidance with their Work Life Program. Some of the
information includes Child Care, Elder Care, Pet Care, Adoption, College, Financial, and Legal. For more information
visit www.roswellatwork.com or call 800-824-4372.
Other Resources
• www.icmarc.org/realizeretirement/realize/library.html - The ICMA library page provides articles, videos, calculators, retirement planning, and more
• www.thedreambigsite.org - Another ICMA website with information
• www.usa.gov/Topics/Seniors.shtml - Provides government resources for seniors on many topics
• www.socialsecurity.gov - Provides information, publications, and on-line calculators
• www.AARP.org - Provides information, articles, and on-line calculators
• www.atlantaregional.com/aging-resources/overview - Atlanta regional resource for services
• www.retirement-online.com - Provides articles and links
• www.medicare.gov - Provides valuable information with regard to medicare cost, coverage, enrollment and costs
Tips Before You Retire
• Do your homework. Understand the benefits you will receive and learn the tax rules regarding your investments.
• Make a retirement plan. Know how much you can expect to earn on your investments, be realistic about your
expected expenses, and create a budget.
• Get help. Seek guidance to help with the retirement transition. Ask Human Resources or a professional (such as a
Certified Financial Planner) for assistance and guidance throughout the retirement process.