Presenter 1: Good morning and welcome our.webinar, Your Online Service Retirement Application..In our presentation today, we’ll be walking.you through the online service retirement.application, which you’ll access in your.myCalPERS account..Before we get started, I want to mention that.this webinar, like all of our previous webinars,.will be available as a video on our YouTube.channel..Access our YouTube channel through our website.or directly on the YouTube website at www.youtube.com/CalPERS..Let’s get to the application..There are certain limitations, such as a community.property hold, that will prevent you from.submitting your application online..If one of these limitations applies, you’ll.need to submit a paper application..Keep in mind, we can’t accept your retirement.application, either online or in paper form,.more than 120 days prior to your retirement.date..There are 2 ways you can access your online.service retirement application in your myCalPERS.account..The first way is to go to the Retirement dropdown.and select Apply for Retirement link..The second way is to select the Apply for.Retirement link shown in the Retirement block..Before you complete your application, we strongly.recommend you take a Planning Your Retirement.class and receive an estimate of your retirement.allowance..You can use the Retirement Estimate Calculator.in your myCalPERS account or if you’re within.one year of retirement date, you can request.a CalPERS-generated estimate by submitting.the Retirement Allowance Estimate Request.form..You’re allowed to request two CalPERS-generated.estimates in a year..You should also read the publications, Planning.Your Service Retirement, Publication 1 and.the Service Retirement Election Application,.Publication 43..Once you’ve taken the class, reviewed your.retirement estimates, and have read the publications,.you can apply online at home or schedule an.appointment at your closest regional office..There’s certain information you’ll need.to have ready to complete your retirement.application..These items include your beneficiary’s Social.Security number and date of birth and your.checking or savings account information if.you’d like to set up direct deposit..Now that you’re ready, select the Start.Application button..The Your Application Progress screen shows.your progress for the application..Select Continue Application to move to Step.one, Your Retirement Date..Notice the My Application status box?.This shows you where in the application you.are..For the purposes of this presentation, we’re.going to use our member John Smith, to work.through the application..Presenter 2: John has entered his Retirement.Date and Current Position Title..Your retirement date has to be at least one.day after your permanent separation date with.your employer..Once you’ve entered the required information,.select Save and Continue..I want to point out that you can leave the.application at any time and return later..This link will appear on every step of the.application..Step two asks if you’re a member of another.California public retirement system other.than CalPERS..This is known as reciprocity..Read our publication When You Change Retirement.Systems, which is Pub 16, for more information.about reciprocity..John is a member of the Sacramento County.Employees’ Retirement System, so he uses.the dropdown to select that system and enters.his retirement date with that system..As a side note, see the blue underline link..If you click on any blue underlined link a.box will appear to give you more information.about that subject..John decides that he wants to include a $500.temporary annuity until age 68..Read our publication Temporary Annuity, Publication.13, and get a CalPERS-generated estimate that.includes a temporary annuity before selecting.to receive a temporary annuity..The online retirement estimate calculator.doesn’t allow you to request an estimate.with the temporary annuity included so you.must complete the estimate request form..The last question asks if you’re married.or in a domestic partnership..John is married so he enters the date he got.married..If you’re currently enrolled in health benefits.as the subscriber, you have the option to.decline the continuation of your CalPERS health.coverage in step two..Only select the check box if you’re declining.health coverage..Once you’ve completed section two, select.save and continue..Choose one retirement option in step three..The reason we tell you to get a retirement.estimate before you select your option is.because the option you choose determines how.much you receive in retirement..In this case, John has chosen the 100% beneficiary.option..Presenter 1: The Beneficiaries Overview page.shows you the benefits your named beneficiaries.may receive..Since John has chosen the 100% beneficiary.option, he can only name one lifetime beneficiary..He has chosen his wife, Jane..The system will pre-populate any existing.relationship, but if you want to name a beneficiary.that isn’t listed, select Add a beneficiary..You’ll be required to enter their relationship.to you, name, date of birth, gender, full.social security number, and complete address..All employers contract for the Retired Death.Benefit, which ranges from $500 to $5,000..If you work for more than one employer under.CalPERS and they have contracts for different.retired death benefit amounts, we’ll pay.the highest amount contracted by any employer..John’s employer contracts for a $2,000 retired.death benefit..He chooses his child Jacob for this benefit..Because John chose to include a temporary.annuity to his retirement, he must name a.beneficiary for the balance of his temporary.annuity if he passes away before his temporary.annuity ends..He chooses Jacob for this benefit as well..If your employer contracts for survivor continuance,.you’ll need to tell us if you have an eligible.survivor..The system recognizes that John has a spouse,.but he still needs to tell us if he has another.possible eligible survivor..John doesn’t so he selects no to the remaining.three questions..Your pension is taxable, so you’ll need.to make an election for how you want us to.withhold both federal and state taxes..You have three choices when making a federal.income tax withholding election in step six..Choose not to withhold federal income taxes,.use the tax tables, or choose not to make.a tax withholding election..If you choose not to make a selection, we.are required by law to withhold federal income.tax as if you are married with three allowances..John chooses to withhold federal taxes based.on the tax tables at married with zero allowances..With California Income Tax Withholding, there.are a few more options..You can choose not to withholding California.income taxes, withholding a flat dollar amount,.withhold using the tax tables, choose not.to make a tax withholding election, or withhold.10% of the federal income tax amount..Keep in mind, we cannot withhold another state’s.taxes..John again chooses to withhold based on the.tax tables at married with zero allowances..If you have questions about what you should.be withholding, contact a tax professional..We cannot give tax advice..Choose how you’d like to receive your retirement.check..John wants to make his check to a personal.account..Had he chosen a trust account, he would need.to provide the name of the trust, date the.trust was filed, and the city and county where.the trust was filed, federal tax ID, and address..You have three payment method choices: direct.deposit, paper check mailed to you or, paper.check mailed to your bank..Direct deposit ensures that your monthly payments.are automatically and securely deposited at.your financial institution..It offers you a reduced risk of loss, theft,.or possible forgery of your retirement check.and the immediate availability of funds when.you’re away from home or unable to receive.mail..John chooses to direct deposit his pension..John chooses to deposit his pension into his.checking account, which is not a joint account..Your routing number is a nine-digit number.usually located on the bottom left-hand corner.of your check..Your account number is usually to the right.of your routing number..Confirm the financial institution..You have the choice to receive your benefit.statement either online in your myCalPERS.account, or have it mailed..Even if you choose to have your statement.mailed to you, you’d still be able to see.it in your myCalPERS account..John chooses to receive his statement online..Presenter 2: Step 8 allows you to review your.entire application..If there’s anything you want to change,.select the edit link for that section..John is happy with his application, so he.continues with his application..John’s wife will have to sign the Spousal/Domestic.Partner Notification Form within 30 days of.him submitting his application..He can either upload the completed form or.mail it into us..John reads the Electronic Signature Agreement.and agrees, so he selects “I agree to the.following Electronic Signature Agreement”..If you don’t want to sign and submit online,.you can print the retirement application forms.and mail them to us..John agrees to the Retirement Application.Certification that says the information he.has submitted is true and correct to the best.of his knowledge under penalty of perjury..John’s last acknowledgement is for direct.deposit..He agrees then selects the Sign and Submit.button to submit his retirement application..John has successfully submitted his application..His last step is to submit the signed Spousal/Domestic.Partner Notification form, which he can do.electronically..You may need to submit other documents, such.as a marriage license or birth certificate..These can also be uploaded..Select the Return to Apply for Retirement.link..On the Apply for Retirement page, you can.view or cancel your application, and this.is where you’ll go to upload any necessary.documents..So what happens after you submit your application?.After we receive your application, we’ll.send an acknowledgment letter to you and your.employer..Once we process your application, we’ll.send another letter providing the issue date,.gross amount of your first check, and some.tax information..If you’ve continued your CalPERS health.benefits into retirement, you’ll receive.another letter confirming your enrollment.in retiree health benefits..Finally, if you have specific questions regarding.your retirement, contact us using Messages..In most cases, we’re able to provide a personalized.response..When we answer your inquiry, you’ll be notified.by email that you have a message waiting in.myCalPERS..Simply log in to review the response..Our presentation today was intended to provide.you with information about the Online Service.Retirement Application..You can find more detailed information on.our website and through the publications we.recommended..And remember, this webinar, like our previous.webinars, will be available as a video on.our YouTube channel..Thank you for taking time out of your day.to attend our webinar and have a great rest.of your day..
