Revised
Revised
Revis d
Revised
Revised
2. When did you start City employment?
• if hire date is after July 1 2014, they are in RSP) see RSP enrollment guidelines
• if hire date is before July 1, 2014 ask next question
3. What is the name of your department?
a. Answer- I work for the City school system
4. (use member name) Ms. Jackson- What is your position title?
a. Answer- I am a teacher
Revised
Revised
Revised
Non- City Employees
If they work for PHONE WEBSITE EMAIL
Police officers and Fire fighters only F & P RETIREMENT
410-497-7929
888-410-1600 www.bcfpers.org
100 Light Street 9th Floor ContactBCFP@bcfpers.org
Teachers, Principals/Vice-Principals, Guidance Counselors, and some
Paraprofessionals STATE OF MD RETIREMENT 410-625-5555
800-492-5909 www.sra.maryland.gov
120 E. Baltimore St. sra@sra.state.md.us
Non-ERS Inquiries-
EMPLOYEE BENEFITS:
Health Benefits, Life Insurance, Insurance Cards, Health Plan questions EMPLOYEE BENEFITS
7 E. Redwood St 20th Floor 410 396-5830
410-396-5831 https://humanresources.baltimorecity.gov
Health Benefits Questions Cassandra Harley Cassandra.Harley@baltimorecity.gov
410-396-5830 Sharon Pulliam- Pharmacy
Sharon.Pulliam@baltimorecity.gov
410 396-3881
Revised
BCERS Accounting & Admin contact information
ACCOUNTING
RK Tongue Life Insurance Mark – vendor representative 410 752-4008
Maps Union membership inquiry Mapsbaltimore@gmail.com
SFC Life Insurance 410 337-7577
MECU (voluntary deduction) 410 752-8313
Child Support Deduction 42361 (Starlinda)
Educator Financial (EF) deduction 443 276-3100
ADMINISTRATION
Executive Assistance Rosemary Kourdoglou 42365
Senior Executive Assistance Donna Bowen 43219
Revised
Retirement Savings Plan FAQ
• New Hire Calls- calls from employees who are in their 150-day window and need materials complete MSR form to have materials mailed (this is tracked by RSP) transfer call to Sherry or Brittney
• New Hire Calls- calls from employees who are in their 150-day window and have general questions about the plans- service at point of contact- see comparison chart
• General Plan Information Questions- calls from employees who just want to understand more about their (specific) plan but aren’t new hires- Transfer call to RSP representative @ 443
984-3405
• Vesting Questions- employees calling with questions about when they vest in their employer contributions- service at point of contact- see comparison chart- or if a member has specific questions about their individual vesting transfer call to RSP representative @ 443 984-3405
• Beneficiary Change- employees wanting to make changes to their beneficiaries- refer member to www.retirewithbmore.com or transfer call to Sherry or Brittney
• Distribution Request- employees wanting to take out distributions from their accounts. These calls come from both terminated and active employees – refer member to www.retirewithbmore.com or transfer call to Sherry or Brittney
• Rollover/Transfer Request- employees wanting to rollover/transfer the balance in their RSP account or who are inquiring about doing a rollover/transfer of another retirement plan into their RSP account – Transfer call to RSP representative @ 443 984- 3405
• Accessing Account Online- employees who call and want help viewing/accessing their RSP accounts online- refer member to www.retirewithbmore.com or Transfer call to RSP representative @ 443 984-3405
• Deaths- Complete MSR for benefits department- Transfer Non-hybrid member calls to RSP
• Retirement – calls from members inquiring about steps for retirement- Transfer call to RSP representative @ 443 984- 3405
• Seminars- employees attempting to register for any seminar- go to
https://retirewithbmore.myretirementappt
Revised
Deferred Compensation Plan FAQ
• General Plan Information Questions- calls from employees who have general questions about the plan- service at point of contact- see enrollment guideline changes.
• Enrollment- calls from employees who want to enroll in the plan- – refer member to
www.retirewithbmore.com or transfer call to RSP representative @ 443 984-3405
• Restarting/Changing Contributions- calls from existing DCP members who want to restart or change their contribution amounts – – refer member to www.retirewithbmore.com or Transfer call to RSP representative @ 443 984-3405
• Beneficiary Change- employees wanting to make changes to their beneficiaries – refer member to www.retirewithbmore.com or transfer call to Sherry or Brittney
• Distribution Request- employees wanting to take out distributions from their accounts. These calls come from both terminated and active employees – refer member to www.retirewithbmore.com or transfer call to Sherry or Brittney
• Rollover/Transfer Request- employees wanting to rollover/transfer the balance in their DCP account or who are inquiring about doing a rollover/transfer of another retirement plan into their DCP account- Transfer call to RSP representative @ 443 984-3405
• Accessing Account Online- employees who call and want help viewing/accessing their DCP accounts- refer member to www.retirewithbmore.com or transfer call to RSP representative @ 443 984-3405
• Appointment Requests- employees wanting help with scheduling an appointment- – go to https://retirewithbmore.myretirementappt.com/ or register member for an appointment
• Terminal Leave- employees who are ready to retire and want information around rolling over their unused leave time into the DCP- transfer call to RSP representative @ 443 984-3405
• Purchasing Service in ERS Pension- employees who call and have questions about using their DCP account to purchase service time in the ERS pension- complete MSR form for benefits department email to Benefits manager, Benefits supervisor, and cc Secretary.
• Deaths – calls from individuals reporting a death- Complete MSR for benefits department (for hybrid member/ ERS member) for non-hybrid members,transfer call to RSP representative @ 443 984- 3405.
• Retirement – calls from members inquiring about steps for retirement regarding their DCP account- Transfer call to RSP representative @ 443 984-3405
Revised
ERS Pension Plan FAQ
• Enrollment – members calling to enroll in the ERS pension plan can only enroll in the D plan (hybrid) tranfer call to Benefits Fiscal Tech or take MSR and CC Stacy/ AJ
• General plan information- calls from m mbers who want general pension plan information- service at point of contact see RRS/RES Seminar
• Refund of contributions- calls from members who have departed city service and want to have their contributions refunded through direct payment o rollover- see Non-vested and Term-vested benefits instructions
• ob Abolishment / Layoff – employees who have been laid-off with or without a layoff letter- complete MSR for benefits email to Benefits Manager, Benefits Supervisors, and cc Secretary.
• Transfer Service Credit- calls from members who want to transfer service credit from State of MD retirement or any other city, county or municipal retirement system within MD – complete MSR for benefits see RA I alphabet chart and email instructions
• etirement Application – calls from members who want to retire under normal/early/ vested or disability- complete MSR for benefits email to Benefits Manager, Benefits Supervisors, and cc Secretary.
c c c
c c
• Retirement General question- calls about the retirement process- service at point of contact, see new retirement application guidelines as of 2026.
• Estimate- calls from members requesting an estimate of benefits- refer member to MSS Portal www.bcers.org (click member services tab) or complete MSR for benefits email to Benefits Manager, Benefits Supervisors, and cc Secretary.
• Death – calls reporting death of active or retired member or beneficiary complete MSR for benefits email according to member’s last name to (A – E) Lamonte (F – L) and
CC cc c
• Disability- general calls about disability process- service at point of contact refer to disability sheet. orward member to Karen or Stacy for specific disability
in uiries.
• Annual cost-of-living-adjustment (COLA)- retiree calling about he COLA increase –
service at point of contact- see post retirement RRS chart
• Award letter/ pension verification- retiree request a verification of annual benefit amount- complete MSR or benefits email to S & cc
• Power of attorney inquiry (POA)- member requesting information about submitted POA- complete SR for enefits email to Records Super isor cc Records nager
•Change of address/ Direct deposit/ tax withholdings- retiree making inquiry about the status of forms they have submitted – complete MSR for benefits email to S& cc
• Requesting forms for change of address/ Direct deposit/ tax withholdings- retiree making new request for forms- direct member to www.bcers.org/forms or complete MSR form for benefits email to S & cc
•Lost / missing monthly benefit check- complete MSR for benefits email to
S & cc S
• Tax form 1099R- retirees requesting a duplicate tax form 1099R for the previous tax year- complete MSR accounting team
CALL CENTER ADDENDUM
LOCAL PRINT and LOST CHECKS
Pick-up of local print check(s) – Please make an appointment for the member to come in and send email to Stacy and AJ for assignment. NO MSR NEEDED
Members who call regarding not receiving funds or a local print pop-up message is present in PTG or a member states they normally receive a paper check (lost check) but have not received their check.
Due to the research involved, please do the following:
Submit MSR to Stacy and AJ for assignment/research
ACTIVE SUSPEND
Members who call regarding not receiving funds and a pop-up message is present in PTG stating the member is on Active Suspend status (A/S)
Due to the research involved, please do the following:
Submit MSR to Stacy and AJ for assignment/research
DISCREPENCY with retirement funds (Usually occurs during the beginning of the new year).
Members who call stating there is a difference in their received funds are different
• Go to the Net Payment History screen in PTG.
• At the bottom view the first payment and the last payment that shows a difference.
• Compare the MEDICAL field for the first and last payment to confirm that they are different
If the medical fields are different, please refer the member to health benefits (410-396-5830 and 410-396-5831) to speak to a health benefits representative.
• Also, while in the Net Payment History screen, please view the Federal and State withholding amounts that can be found under the Tax Withholding field in PTG. Confirm the tax withholding amounts for Federal and State; comparing the first and last payment.
If the member wants to modify withholding, please complete an MSR for a W-4P to be mailed or emailed to the member.
POWER of ATTORNEY/GUARDIANSHIP/REPRESENTATIVE PAYEE
Members and/or family members calling regarding the following (also refer to your CC manual)
Submission
• Please refer to Message pop-up notes in PTG to confirm when a POA, Guardian or Representative payee documents were submitted to legal.
Approval
• If approved, the POA, Guardian or Representative payee would be listed on the Contact screen in PTG.
NO MSR NEEDED
STATUS OF CHANGE OF ADDRESS, DIRECT DEPOSIT REQUEST and W-4P forms
If members are calling to see if we received their forms and/or updated their information.
Please pull member up in PTG to see if there is a pop message that indicates receipt of documents and when their change of address, direct deposit or W-4P will be updated to take effect.
If no pop-message is present in PTG, due to the research required, please do the following:
Submit MSR to Stacy and AJ to include the following:
• Confirm with the member what documents they sent along with the way they sent
documents to ERS (i.e., fax, email or mail) and a date they sent documents, if possible.
TRANSFERRING CALLS
When transferring specific calls for an analyst, retirement specialist, disability specialist, manager, or supervisor, please let the party know that they are being transferred and that if the person is not available once they are transferred, to please make sure they leave a message with their name and contact number to ensure a call back can be made when the person is available.
• Please announce the call before transferring the member.
• Before transferring a call, please give the member the ERS/RSP staff’s direct number.
Scheduling In-Person Appointments
• Call center agents are responsible for the initial vetting for in-person appointments
• Complete an MS if the member meets either of the requirements below:
o Member is 55 or older with 5 or more years of pension credit
o Member is applying for a disability retirement
• Follow the normal procedure for submitting retirement application request to
• Inform the member an analyst will return their call within 48 hours to assist them with their appointment request
Remember to assure any member requesting an appointment for service retirement or disability that we are servicing members’ in-person
RSP Appointment
• Transfer all calls for RSP/ Deferred Comp appointments to the 3405 RSP extension.
Non-vested and Term-vested pension benefits
Code 13/ Refund of contribution Code 23 retirement
• Look the member up in PTG to determine if they are eligible for a refund of contributions.
o The member must have less than 10 years of pension service credit to be eligible for a refund of contributions
• If less than 10 years of Pension service
o Complete MSR
o Inform the member they will receive a follow up call or email from an analyst within 2 business days.
• If 10 or more years of Pension service the member is vested in the pension system and therefore not eligible for a refund of contributions. They are eligible for a term-vested benefit
• If the member is 55 with 5 years of pension service they are vested and therefore not eligible for a refund of contributions. They are eligible for a term-vested benefit.
o Inform the member they are vested in the pension system
o Inform the member they will receive a vested letter of benefits from the retirement systems with instructions for applying for their pension benefits within
60 days from their termination date.
o If more than 60-days has passed since termination date complete MSR.
o Refer member to the MSS Portal to obtain an estimate of benefits
The member can get an estimate showing their benefit at Age 55(reduced benefit)
Age 65 (unreduced benefit) Or any age in-between
Note: When looking the member up in PTG their status should be terminated. However, sometimes the status has not being updated and will still list the member as enrolled.
Retirement Analyst Is (RAIs) Alphabet Range of Member’s Last Name
For Code 13 & 23
A – E
James Dickey F – M
Trina West N – Z
The Call Center Agents should
1. Email the Members Service Requests (MSR) to the Retirement Analyst for Code 13s (Refund of Contribution)
Code 23s (Terminated Deferred Vested
2. CC cc c
c c c
c
c
ERS Disability General Information
What are disability retirement benefits?
Benefits that are available to members of Employees’ Retirement System (ERS) who have suffered an injury or illness of that precludes him/her from the further performance of the duties of his/her job classification. It is benefits that many times allows retirement when the member does not qualify to retire for reasons such as age or years of service
Are there different types of disability?
There are two types of disability benefits Non-Line-of Duty (NLOD) and Line-of-Duty (LOD). NLOD is illness of such a nature that prevents Claimant from performing the job duties they were hired to do and such incapacity is likely to be permanent. Whereas, LOD has those requirements but differs in that it must also include an accident, which occurred while in the actual performance of job duties which resulted in bodily injury, independent of all other causes. It is also required that the LOD disability claim be filed within five (5) years from the date of the debilitating accident.
What if I am having ongoing treatment for an injury that occurred on the job and I pass the five years?
Then you will not qualify to apply for LOD disability benefits. The member may have a Workers’ Compensation Claim that can drag out indefinitely, however a LOD retirement benefit has specific limitations in this area. Further note that you may still qualify for a NLOD retirement.
Who can file for disability retirement benefits?
Any member, who has acquired 5 years of membership in the Employees’ Retirement System, with the exception of a member who has suffered a line-of-duty injury. In such instance Claimant must be a member of the retirement system, therefore, must have one (1) year of service. Do not confuse the terms “service” and “membership”. Service refers to time that begins the date hired by the City of Baltimore. Membership refers to time accrued as a member of the retirement system which does not begin until an employee acquires one (1) year of service and is eligible to join the retirement system.
What if I am terminated from City employee? Can I still file for disability benefits?
Yes, however, you must file a claim within one (1) year of the cut-off date.
If I should need to file a claim how long does it take?
The process does not have a specific time allotted to process disability retirement claims. On an average it can take up to 3 months for NLOD and can average up to 6 months or longer for LOD. Members should take this into consideration when they become sick or hurt on the job.
What are some of the procedures that I should be aware of?
As required by Article 22 of the Baltimore Code, a form provided by ERS must be completed by a treating doctor of your choice and submitted as evidence of the disabling condition. You must consent to release your medical records and give authorization to ERS to obtain them. You will be required to submit to an independent medical examination scheduled and paid for by ERS. If it is determined that a hearing is necessary, you will be required to attend, give testimony and to answer questions concerning your disability under oath.
What does the hearing consist of?
Since it is an adversarial proceeding, you the Claimant have the burden of proving your claim for disability benefits. It is an opportunity for you to address the Hearing Examiner and testify why you believe that you are entitled to benefits. Testimony is taken under oath, and recorded by a Court Reporter so written documentation (a transcript) of the proceeding is available. The City will be represented by an attorney at this scheduled hearing and the Claimant has the right to be represented also. Neither ERS or the City are responsible for providing legal counsel on behalf of the Claimant, therefore, that responsibility is the Claimant’s if he/she so chooses.
Who makes the determination if I qualify for disability retirement benefits?
There is an independent Panel of Hearing Examiners and each case is randomly assigned to one of them. There are currently six (5) Panel members. Each Hearing Examiner must make the determination based upon the law as stated in Article 22 of the Baltimore City Code. Their decisions can be appealed to the Circuit Court of Baltimore City if ERS or the Claimant is not satisfied with the Hearing Examiners determination.
If I am awarded disability benefits, will I still receive my retirement when I become of age?
No that is why it is called disability “retirement” benefits. There is not a separate fund or monies that are put aside for disability benefits. If disability benefits are awarded it is a lifetime benefit.
What if I am denied disability retirement and wish to appeal the decision?
A copy of the decision will be mailed to you with a cover letter. You have thirty (30) days to appeal the decision to the Circuit Court of Baltimore beginning on the date of the cover letter. You will also be responsible for ordering and paying for the cost of the transcript of the hearing. ERS will provide all the related documents to the Circuit for their review.
BOARD OF TRUSTEES OF THE
RETIREMENT SAVINGS PLAN OF THE CITY OF BALTIMORE MISSED CONTRIBUTIONS MAKE-UP POLICY
Introduction
Retirement Savings Plan (RSP) “Non-Hybrid” members are required to contribute 5% of their compensation to the RSP pursuant to Article 22A, Section 5.2 of the Baltimore City Code. The members’ contributions are mandatory and must be made up under Internal Revenue Code tax qualification rules generally requiring a plan to be administered in accordance with its terms.
Failure to make up the missed 5% mandatory member contributions could adversely affect the RSP’s tax qualified status.
Contribution Deficiency Make-Up Rules
Set forth below is a recommended process for deducting make up employee contributions from future pay. It is recognized that the process cannot address all details of implementation that will arise, which will have to be resolved by the Executive Director.
• A “make-up commencement date” is specified.
• The total amount of missed 5% mandatory employee contributions (“make up amount”) is determined for each member.
o No interest is added to the makeup amount.
• If a member’s make up amount is less than $100.00, that amount is deducted in a single sum from the member’s pay for the first full payroll period beginning after the makeup commencement date.
• Otherwise, the amount to be deducted for any payroll period is 3% of the member’s gross pay for that period, but not less than $50.00. This amount is deducted every payroll period until the entire make up amount is recovered.
• Deducted amounts are credited to the member’s Mandatory Employee Contribution Sub-Account.
• If a member experiences a severe financial hardship due to an Unforeseeable Emergency within the meaning of Section 5.2 of the Deferred Compensation Plan, the member may apply to the Board of Trustees for a temporary suspension of deductions.
• If a member terminates employment after makeup deductions start but before the entire make up amount is recovered, there is no adjustment to the deduction amount from the last paycheck.
• For tax purposes, make up deductions are treated the same as mandatory employee contributions that are made at the correct time (i.e., they are treated as “picked up”).
To prevent inconsistent treatment among members and administrative complications, an affected member’s employer should not be allowed to contribute the makeup mandatory employee contributions on the member’s behalf.
Adopted by the RSP Board of Trustees on April 11, 2019. Amended April 29, 2019.
.
Call Center Codes
Accounting
Benefits
Records
RSP
Non- ERS/ RSP
(1099R) 21
Death Report 04 Address change
01
Deferred Comp 05
DHR benefits 06
Check reissue
03
Disability 08
Award letter 02
New Hire 22
Fire & Police 11
Enrollment 09Direct deposit
07 Hybrid / non hybrid
23 State retirement 17
Estimate 10POA inquiry 13Beneficiary change
24
MSS portal reset
12 (Tax withholdings
WP4) 18Death report 26
Request retirement info 14Distribution 25
Retirement application 15Retirement 27
Seminar registration 28
Transfer service
credit 19
Widow certification
20
Employees’ Retirement System (ERS)
Overview Of Retirement Analyst Supervisor Responsibilities
Tasks & Responsibilities Quentia Thorpe Adrian Brown
Direct Reports Retirement Analyst Is
a. James Dickey
b. Yolanda Greene
c. Trina West
*Invite Christina Boykin, Secretary II, to Team Meetings who supports the Retirement Analyst Teams and the
Retirement Manager. Retirement Analyst IIs
a. Lamonte Atkinson
b. Kim Nguyen
c. Candace Shakir
*Invite Christina Boykin, Secretary II, to Team Meetings who supports the Retirement Analyst Teams and the
Retirement Manager.
General Core Responsibilities Oversee & Assign Duties For:
1. Estimates For NLOD Disability & Service Retirement
2. Service Retirement
3. Refund of Employee Contributions (Code 13s-Non-Vested)
4. Purchase of Service
5. Transfer of Service to ERS
6. Transfer of Service From ERS
7. Non-Line of Duty Disability
8. Change Tickets: Termination Date Change & Salary Change
9. Code 13s (non-vested) – 1st Work-Up & Send Packet
10. Code 23s (Vested) – 1st Work-Up & Send Packet Oversee & Assign Duties For:
1. LOD Disability
2. Service Retirement (2nd Work-Up)
3. Retired Termination Tickets
4. Active Death (LOD/NLOD) Process
5. Retired Death Process
6. Re-Entries (Beneficiary)
7. Change Tickets: Retired/Bene – Active/Suspend
8. Change Tickets: Service Retirement to Awarded Disability (LOD & NLOD) Retirement; Discontinue Worker’s Comp Offset
9. Non-Periodic Payroll: Code 13s; Death-Beneficiaries; Cash Outs
10. Refund of Retired Overpayments
11. Code 13s (non-vested) – 2nd Work-Up
12. Code 23s (Vested) – 2nd Work-Up
Member Service Requests (MSRs) Via Phone Calls
Note: When assigning tasks to RAs, always include the following team members in the email notification.
1. Adrian Brown, RA II Supervisor
2. Quentia Thorpe, RA 1 Supervisor
3. Angela Jackson, Retirement Manager
4. Christina Boykin, Secretary II Oversee & Assign Services For:
1. Service Retirement (Expected Date)
2. Non-Line of Duty (NLOD) Disability
3. Service Purchase
4. Transfer of Service (To ERS/From ERS)
5. Refund of Employee Contributions
6. Estimates for Retirement
Assignment By Last Name of Member:
1. Yolanda Green (A – E)
2. James Dickey (F – M)
3. Trina West (N – Z)
Note: The Call Center Agents (CCA) will automatically send the email notification directly to the RA Is based on the “Alphabet Assignment Schedule” for Transfer of Service (To ERS/From), Service Purchase and Refund of Employee Contributions and cc both RA
Supervisors, Secretary II and Retirement Oversee & Assign Services For:
1. Line of Duty (LOD) Disability
2. Active Death (LOD)
3. Active Death (NLOD)
4. Retired Death
Assignment By Last Name of Member:
5. Candace Shakir (A – E)
6. Lamonte Atkinson (F – L)
7. Kim Nguyen (M – Z)
Note: The Call Center Agents (CCA) will automatically send the email notification directly to the RA IIs based on the “Alphabet Assignment Schedule” for Active Deaths (LOD & NLOD) and Retired Deaths and cc both RA Supervisors, Secretary II and Retirement Manager. All other services will be assigned by the RA II Supervisor,
which includes LOD Disability.
Manager. All other services will be assigned by the RA I Supervisor, which includes Service Retirements, NLOD
Disability, and Estimates.
Website Contact Inquiries Oversee & Assign Inquires For:
1. Service Retirement (Expected Date)
2. Non-Line of Duty (NLOD) Disability
3. Service Purchase
4. Transfer of Service (To ERS/From ERS)
5. Refund of Employee Contributions
6. Estimates for Retirement
Assignment By Last Name of Member:
1. Yolanda Green (A – E)
2. James Dickey (F – M)
3. Trina West (N – Z) Oversee & Assign Services For:
8. Line of Duty (LOD) Disability
9. Active Death (LOD)
10. Active Death (NLOD)
11. Retired Death
Assignment By Last Name of Member:
12. Candace Shakir (A – E)
13. Lamonte Atkinson (F – L)
14. Kim Nguyen (M – Z)
Monthly Payroll Retirement Analyst Assignment Spreadsheet Note: Christina Boykin manages the spreadsheet as services are assigned to RAs and status updates for monthly payroll cycles. Use this spreadsheet as a tool to assign benefit services and to meet monthly payroll deadlines for each payroll
process. Note: Christina Boykin manages the spreadsheet as services are assigned to RAs and status updates for monthly payroll cycles. Use this spreadsheet as a tool to assign benefit services and to meet monthly payroll deadlines for
each payroll process.
Call Center Agents 1) Karen Banks (Benefits)
2) Dion Fleming (Benefits)
3) Christina Boykin (Benefits)
4) Sherry Golden (RSP)
5) Tiffany Taylor (RSP) 1) Karen Banks (Benefits)
2) Dion Fleming (Benefits)
3) Christina Boykin (Benefits)
4) Sherry Golden (RSP)
6) Tiffany Taylor (RSP)
City of Baltimore Employees’ Retirement System (BCERS)
7 East Redwood Street, 13th Floor Baltimore, MD 21202-3470
Phone: (443) 984-3200 / Fax: (410) 528-8428
Email: Contacters@bcers.org
Change: Effective January 1, 2026 Starting With April 1, 2026 Retirement Date
Submission of Service Retirement Application to ERS Within 90 – 60 Days Prior to Expected Retirement Date
2026 Service Retirement Application Submission Schedule
Instructions: Before you submit your completed Service Retirement Application Packet along with required documents to BCERS, please contact the BCERS Benefits Office at 443-984-3200 to be assigned a “Retirement Analyst” who will properly guide you through the retirement process. Please note that in-person service is by appointments only.
Expected Retirement Date Submit Application to BCERS Between 90 and 60 Days Prior To Expected
Retirement Date By 4:30 pm Direct Deposit of
Retirement Benefit
Payment
04/01/2026 01/01/2026 – 01/31/2026 04/01/2026
05/01/2026 01/31/2026 – 03/02/2026 05/01/2026
06/01/2026 03/03/2026 – 04/02/2026 06/01/2026
07/01/2026 04/02/2026 – 05/02/2026 07/01/2026
08/01/2026 05/03/2026 – 06/02/2026 07/31/2026
09/01/2026 06/03/2026 – 07/03/2026 09/01/2026
10/01/2026 07/03/2026 – 08/02/2026 10/01/2026
11/01/2026 08/03/2026 – 09/02/2026 10/30/2026
12/01/2026 09/02/2026 – 10/02/2026 12/01/2026
Important Note: Your Service Retirement Application Packet must be signed in the presence of a notary and submitted to ERS no earlier than 90 days prior to your expected retirement date and no later than 60 days from your expected retirement date.
Deferred Compensation Plan and the Retirement Savings
• A new investment option is being added to the investment lineup in both the Deferred Compensation Plan and the Retirement Savings Plan Non-Hybrid and Hybrid 401(a) accounts Effective 12/16/2021
Call Center response to this mailing:
• Inform caller No Action is required in response to the new investment option.
• If a plan participant has specific questions regarding the new investment option or their account, transfer the call to 3405.
22 EMPLOYEES RETIREMENT SYSTEMS CALL CENTER FAQ JAN 2021
Instructions for Supporting BOE Employee Mandatory Contribution Call Center Inquiries
Please read all attached pages to prepare yourself to answer inquiries concerning the BCPSS missed mandatory contributions paid on behalf of BOE employees.
When BOE employees call the CC to inquire about the missed mandatory employee contribution letter they received from BCPSS please direct as follow:
If they have a MSS Portal Account:
Instruct them to go to their portal page after October 31, 2023 to see the BCPSS amounts paid on their behalf along with any contribution amounts previously paid by the employee.
If they do not have a MSS Portal Account:
Direct them to our website www.bcers.org , click on member services, select self-services instructions, and follow the instructions to set up a MSS Account.
After October 31, 2023, they will be able to view the BCPSS contribution paid on their behalf along with any contribution amounts previously paid by the employee
After October 31, 2023. The BCPSS employees will see the contribution paid on their behalf by BCPSS on their MSS Portal Data page as shown below.
If you look at the Opening Balance section of the screen shot below for Sandra Milam, you will see “Mandatory Contributions” listed. The amount next to Opening Balance represents the total employee contribution made up to 7/1/2023 including interest. The amount next to Mandatory Contribution represents the total employee contributions made starting 7/1/2023 without interest as of the Closing Balance date (09/12/2023), which is the current date. The interest will not be displayed until the end of the fiscal year 06/30/2024 or when the members terminate from employment.
Sandra Milam’s employee contributions should have started in September of 2016, but did not start until 4/21/23.
This Frequently Asked Question (FAQ) document provides more information about the Baltimore City Employees’ Retirement System (“ERS”) and Retirement Savings Plan (“RSP”) Missed Contributions Letter. Please review to learn more.
1. How did this happen?
Your retirement contributions were supposed to begin upon completion of your first year of employment (for Hybrid members) or upon completion of your first six months of employment (for Non-Hybrid members) in a regular benefit-eligible position with City Schools. Unfortunately, our systems did not appropriately enroll you. City Schools sincerely apologizes for this oversight.
2. Will City Schools make up for my missed contributions?
Yes. City Schools has worked collaboratively with the City of Baltimore and has made a payment to RSP covering your missed employee contributions for this entire period. In addition, City Schools has made a payment to RSP covering your missed employer contributions.
3. When will the missing contribution amounts be placed in my account?
Missed employer and employee contributions will be visible in a member’s account during the month of October 2023.
4. How can I check to see if the missing contribution amounts have been credited to my account?
Members can view the employee transaction activity in the Member Self Service Portal “MSS” at www.bcers.org. Members can view the employer transaction activity in their RSP accounts by going online at www.retirewithbmore.com and viewing their statements.
5. What is City Schools doing to make sure this does not happen again?
City Schools has automated ERS/RSP enrollment for participating staff, to provide safeguards against this recurrence.
6. If I had not already started making employee contributions, when will they start? If you had not previously started making contributions, your mandatory 5% employee contributions will start with your September 15, 2023, paycheck.
7. If I had already started making employee contributions, will anything change about my deductions?
No, if you had already started contributing deductions, your deductions will not change.
8. Who do I call if I still have questions?
If you have questions regarding your enrollment in the retirement plan or your payroll deductions after reading this FAQ, please contact City Schools’ Office of Human Capital at 443-642-3802 for assistance. Office hours are Monday through Friday from 8:30 am to 4:30 pm. If you would like to learn more about your retirement plan benefits, please contact ERS at 443-984-3200 to sign up for a virtual enrollment seminar.
Updated 9/7/2023
September 8, 2023
<Name>
<Address>
<City, State & Zip>
Via US Mail and E-mail
RE: Missed Mandatory ERS Contributions
Dear <FirstName> <LastName>:
Under Baltimore City Code, as a qualifying Baltimore City Public Schools (“City Schools”) employee, you are a member of the Retirement Savings Plan of the City of Baltimore (“RSP”) under the Employees’ Retirement System (“ERS”). The RSP provides participants with the opportunity to prepare for retirement and is an important benefit offered to employees. Specifically, you are a member of the RSP hybrid system, which means that a portion of your retirement plan is in the form of a traditional pension and the remainder is in a 401(a) investment account.
Your retirement contributions were supposed to begin upon completion of your first year of employment in a regular benefit-eligible position with City Schools. Unfortunately, City Schools did not receive your plan selection election, and our systems did not automatically enroll you. We apologize for this oversight, and we have worked collaboratively with the City of Baltimore to make up for your missed contributions.
To fund retirement benefits, each RSP-member City Schools employee is required to contribute 5% of their annual gross salary through payroll deductions on a pre-tax basis starting on the pay period after the effective date of their membership. Your mandatory 5% employee contributions did not begin on your eligibility date, but they will start with your September 15, 2023, paycheck. In addition, City Schools has already made a payment to RSP covering your missed employee contributions for this entire period, which will be updated to your pension account by October 31, 2023. After this date, you may view your pension account via the Member Self Service Portal (“MSS”) at www.bcers.org.
In addition, City Schools should have contributed 3% into your RSP Hybrid 401(a) investment account since your effective date. City Schools has already made a payment to RSP covering your missed employer contributions. This principal amount plus interest of 3% per year compounded annually will be deposited into your RSP Hybrid 401(a) investment account as soon as the calculations are completed. Interest calculations will be complete on or before October 31, 2023. After this date, you may view your 401(a) account at www.retirewithbmore.com.
We recognize that you might face significant hardship if City Schools were to require immediate repayment of this entire missed contribution amount or the excess salary overpayment that resulted
from the delay in starting your payroll deductions. To minimize the adverse impact, City Schools will waive reimbursement of these amounts. Our effort is to make your retirement account whole without financial difficulty to you.
We have provided a Frequently Asked Questions (FAQ) document with this letter. If you have questions regarding your enrollment in the retirement plan or your payroll deductions after reading the FAQ, please contact City Schools’ Office of Human Capital at 443-642-3802 for assistance. Our office hours are Monday through Friday from 8:30 am to 4:30 pm. If you would like to learn more about your retirement plan benefits, please contact ERS at 443-984-3200 to sign up for a virtual enrollment seminar.
Again, we apologize for any inconvenience this error may have caused. Sincerely,
Emily Nielson
Chief Human Capital Officer
Membership Feature RSP Hybrid Membership Defined Benefit and 401(a) Defined Contribution Account RSP Non-Hybrid Membership 401(a) Defined Contribution Account
Decision Date 150 days from date of hire; this decision is irrevocable 150 days from date of hire; this decision is irrevocable
Overall Plan Components • Defined benefit plan – the Baltimore City Employees’ Retirement System (ERS)
• Employer-funded RSP 401(a) defined contribution account • RSP 401(a) defined contribution account that is employee
and employer funded
Contribution Details Defined Benefit Plan
You must contribute 5% of your earnable compensation per pay period after you have completed one year of service.
401(a) Plan
The City generally contributes 3% of your earnable compensation per
pay period after you have completed one year of service, although that contribution can be reduced to 1.5% of your earnable compensation based on the funding status of the ERS. • You must contribute 5% of your earnable compensation per pay period after 180 days of service.
• The City contributes 4% of your earnable compensation per pay period after 180 days of service.
• If you participate in the Deferred Compensation Plan (DCP), the City will match your contributions up to 1% of your earnable compensation per pay period.
Vesting Defined Benefit Plan
You are vested after 10 years of credited service or upon satisfying the eligibility criteria for early retirement or normal retirement.
Employer-funded 401(a) account You become vested in the employer contribution portion of your 401(a) defined contribution account
after five years of service. Employee-funded 401(a) account
You are always 100% vested in the account balance of the 401(a) defined contribution account that is based on your contributions.
Employer-funded 401(a) account You become vested in the employer contribution portion of your 401(a) defined contribution account
after five years of service.
Investing involves risk, including possible loss of principal. Information provided by retirement specialists is for educational purposes only and is not tax, legal or investment advice. Retirement Specialists are registered representatives of Nationwide Investment Services Corporation,
member FINRA. © 2021 Nationwide. NRM-17135MD-BT.1
What is the RSP?
The Retirement Savings Plan (RSP) was created by City Ordinance and covers employees who are hired or rehired on or after July 1, 2014. The RSP is responsible for the administration and operation of the 401(a) defined contribution component of the Hybrid and Non-Hybrid plans. Participation in the RSP is mandatory for all fully benefits eligible employees:
MANDATORY:
Hybrid membership OR Non-Hybrid membership
VOLUNTARY:
Deferred Compensation Plan
5 Things to Know
Have 150 days from the date of hire to elect a plan. Plan membership is mandatory.
Is irrevocable after 150 days. You cannot change plans.
Contribute 5% of earnable compensation withheld pre-tax.
Rehire Rules
In many instances, rehire contributions begin after 30 days
Non-vested RSP members who terminate and are reemployed within 30 days by a participating employer will not have their City contributions forfeited.
City Contributions
RSP Enrollment Process
Receive a letter and enrollment packet from The Retirement Savings Plan shortly after your hire date
Attend New Employee Orientation
Attend New Employee Enrollment Seminar
Speak with a RSP staff member
Complete the Participation Agreement and return to the RSP office or directly to Nationwide prior to your 150-day deadline
Create an online account at www.retirewithbmore.com
Non-Hybrid Membership
Employer contributes 4% of earnable compensation
Contributions begin after 6 months of service
Amount withheld pre-tax each pay period and deposited into 401(a) account
5 year vesting or upon reaching age 65
Can be taken as needed or left with the City upon separation
Employer Contributions
Employer matches 50% of any voluntary deferrals to the 457(b) deferred compensation plan that do not exceed 2% of your earnable compensation for that pay period.
Employee Contributions
Employee contributes 5% of earnable compensation
Amount withheld pre-tax each pay period and deposited into 401(a) account
Contributions begin after 6 months of service
Can be taken as needed or left with the City upon separation
Fund Lineup Ticker
American Funds 2010 Target Date Retirement RHATX
American Funds 2020 Target Date Retirement RHCTX
American Funds 2030 Target Date Retirement RHETX
American Funds 2040 Target Date Retirement RHGTX
American Funds 2050 Target Date Retirement RHITX
American Funds 2060 Target Date Retirement RHKTX
JP Morgan Emerging Markets Equity Fund JEMSX
Hartford International Opportunities Fund IHOTX
MFS Blended Research Small Cap Equity Fund BRSUX
Fidelity Mid Cap Growth Index Fund FMDGX
T. Rowe Price Large Cap Growth Fund TRLGX
Vanguard FTSE Social Index Fund VFTSX
Nuveen Real Asset Income Fund NRIIX
Dodge & Cox Income Fund DODIX
Fidelity US Bond Index Fund FXNAX
Impax International Sustainable Economy Fund PXNIX
Payden Low Duration Fund PYSBX
Kerusso Capital Large Cap Value CIT
Hybrid Membership
Employer contributes 3% of earnable compensation
Contributions may be reduced to 1.5% if the funding status of Class D drops below 85%.
Amount deposited into 401(a) account
Employer Contributions
HYBRID
Members may participate in the voluntary 457(b) Deferred Compensation Plan (DCP). There is no additional employer matching contribution.
Contributions begin after 1 year of service
You become vested in the employer funded 401(a) Defined Contribution account after 5 years of service or upon reaching age 65.
Can be taken as needed or left with the City upon separation
Class D Enrollment Process
Enrollment Checklist
Class D Membership begins after 1 year of service Membership Enrollment Packet from ERS
will be sent via email after 1 year of service
Completed Beneficiary Designation Form is required SPECIAL NOTE: Custodian Designation Form is required for beneficiaries who are minors
Copies of supporting documents are required such as birth certificate, marriage certificate, divorce documents, passport, etc.
Military Affidavit (Form DD214)
Employee Contributions
Employee contributes 5% of earnable compensation
Amount withheld pre-tax each pay period and deposited into ERS
Contributions begin after 1 year of service
Calculation of Benefits Hybrid
Examples
Ms. Smith retires with 20 years of credited service and an AFC of
$50,000
1.0% x AFC x Years of service= 1.0% x $50,000 x 20
The defined benefit is $10,000 annually
If you retire at 62 years of age or older with at least 20 years of service credit, your benefits and service years are multiplied by 1.1%
Member: Mr. Smith, Age 62 with 30 years of service credit
Average Final Compensation (AFC) =42,000 1.1% x AFC x Years of service =
1.1% x 42,000 x 30
Benefit
Mr. Smith: 13,860/year ($1,155/month)
*In addition, you will receive an RSP benefit*
Benefit Payment for
Hybrid
If you leave service with the City of Baltimore prior to becoming vested, you will receive a refund of your accumulated employee contributions.
Accumulated contributions = the total of your contributions with 3% annual interest
Refund of Contributions
Vesting
As a Class D Hybrid member, you become vested when you have 10 years of service credit. Once you are vested in the ERS you are guaranteed a retirement benefit.
*You can become fully vested at Age 65 with at least 5 years or vested for early retirement starting at Age 55 with at least 5 years of service*
Service Retirement
The following applies to Hybrid members:
30 years of membership service credit regardless of age
or
Age 65 with five years of membership service credit
Normal Retirement
Early Retirement
(reduced benefits)
Age 55 with five years of membership service credit
Receive ½ of full benefit if taken at age 55
Receive ⅔ of full benefit if taken at age 60
New Employee Enrollment Seminar (NEES)
Other Sources of Service Credit
Disability Benefits
As a Class D member, your benefit will be paid in the event of a work-related accident or
injury that occurs while performing your job duties.
• Must be a member
• Injury sustained must result in a 50% total anatomical loss of one or more body parts/functions, or 25% loss of two body parts/functions
• Claim must be filed within five years of injury
Benefit = 66 2/3% x AFC
Line-of-duty disability benefit
As a Class D member, your benefit is paid in the event of a non work-related accident.
• Must have five years of service credit
• Must have a permanent mental or physical disability
Benefit = The greater of: 15% of AFC
Or
Current calculated service retirement benefit (no age restriction)
Non-line-of-duty disability benefit
(NEES)
New Employee Enrollment Seminar (NEES)
Line-of-duty death benefit
Cause of death must be work-related
Must be an active member of the ERS
Eligible designated beneficiary (spouse, minor children, or parents) will receive a pension equal to 100 percent of the member’s current salary
If the designated beneficiary is someone other than the spouse, minor children or parents, a non-line-of-duty death benefit will be paid.
New Employee Enrollment Seminar (NEES)
Non-line-of-duty death benefit
Death occurs while actively employed or within 30 days after retirement.
Must be an active member of the ERS for at least one year Cause of death is non work-related
Three payment options are available:
• 40% survivorship benefit
• 100% survivorship benefit
• Lump-sum payment
Summary
Employee = 5% of pay for defined benefit (pension)
Employer = 3% of pay to a 401(a) defined contribution account
Contributions Begin
5% starts after 1 year of service 3% begins after 1 year of service
Vesting
100% in employee contributions Defined Benefit = 10 years of credited service
401(a) Defined Contribution Account = 5 years of credited service or age 65
HYBRID NON HYBRID
Employee = 5% of pay to a 401(a) defined contribution account
Employer = 4% of pay to a 401(a) defined contribution account
Employer = Additional matching contribution up to 1% of pay to a 401(a) defined contribution account
Contributions Begin
5% starts after 6 months of service 4% starts after 6 months of service 1%, if applicable, starts after 6 months of service
Vesting
100% in employee contribution bucket (5% contributions)
Employer contribution bucket (4% and 1%, if applicable) after five years of service or age 65
PHONE ERS/RSP: 443-984-3200
EMAIL
contactERS@bcers.org
Contact Us
WEB
bcers.org www.retirewithbmore.com
OFFICE LOCATION
7 E. Redwood Street Floors 11 (RSP) & 13 (ERS) Hours: 8:30am-4:30pm
Deferred Compensation Plan (DCP)
The DCP is the City’s voluntary retirement plan that enables all permanent City employees and Baltimore City Public Schools employees not eligible for participation in the Maryland State Retirement system to accumulate additional retirement savings on a pre-tax and/or after-tax basis.
How does my 457(b) plan work?
Pre-tax and /or Roth Options
Optional/ Voluntary
Minimum of $10 per pay
Additional match for NH participants
Start, stop, increase, decrease at any time
No in service loans or withdrawals -hardship provisions only
Protect and grow your retirement future
One on one meetings with experienced, local Retirement Plan Specialists to discuss your personal objectives
Professionally Managed Account Solutions
Certified Financial Planner available
Investment Options
Fund Lineup Ticker
American Funds 2010 Target Date Retirement RHATX
American Funds 2020 Target Date Retirement RHCTX
American Funds 2030 Target Date Retirement RHETX
American Funds 2040 Target Date Retirement RHGTX
American Funds 2050 Target Date Retirement RHITX
American Funds 2060 Target Date Retirement RHKTX
JP Morgan Emerging Markets Equity Fund JEMSX
Hartford International Opportunities Fund IHOTX
MFS Blended Research Small Cap Equity Fund BRSUX
Fidelity Mid Cap Growth Index Fund FMDGX
T. Rowe Price Large Cap Growth Fund TRLGX
Vanguard FTSE Social Index Fund VFTSX
Nuveen Real Asset Income Fund NRIIX
Dodge & Cox Income Fund DODIX
Fidelity US Bond Index Fund FXNAX
Impax International Sustainable Economy Fund PXNIX
Nationwide Fixed Fund
Kerusso Capital Large Cap Value CIT
A new way to help balance
principal protection with upside potential
Nationwide Indexed Principal Protection®
is a group fixed indexed annuity that guarantees principal — no matter the market conditions or where the participant is in their retirement journey — while offering the opportunity to grow* assets within their retirement plan.
Take advantage of the following benefits:
• Protection from volatility
• Growth potential when markets are increasing
• Gains locked in and become part of the principal at renewal
Common Retirement Savings Options:
Fixed rate
annuity
Nationwide Indexed Principal Protection®
Group fixed Indexed annuity
Products with guarantees offered by insurance companies
Variable
annuity
• Two easy contribution options: payroll deduction & exchange-in
*Fees associated with plan recordkeeping may still apply, and in some instances, result in a reduction in principal
.
Important things you should know
This material is not a recommendation to buy, sell, hold or roll over any assets, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.
The “S&P 500” is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by Nationwide Life Insurance Company (“Nationwide”). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); DJIA®, The Dow®, Dow Jones® and Dow Jones Industrial Average® are trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide. The Nationwide Indexed Principal Protection group fixed indexed annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions or interruptions of the S&P 500.
Group fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. The index does not include dividends paid on the underlying stocks and therefore does not reflect the total return of the underlying stocks; neither a market index nor any fixed indexed annuity is comparable to a direct investment in the equity markets. When you purchase Nationwide Indexed Principal Protection, you are not directly investing in a market index. The actual return of the index account will be based on the performance of the underlying index. It is important to understand that actual returns may be less than the return of the index due to the index cap. Past index performance is not a guarantee of future performance.
Group fixed indexed annuities are contracts purchased from a life insurance company. They are designed for long-term retirement goals. Withdrawals are subject to income tax, and withdrawals before age 59½ may be subject to a 10% early withdrawal federal tax penalty. Nationwide Indexed Principal Protection is a group fixed indexed annuity issued by Nationwide Life Insurance Company and held in the general account.
Guarantees are backed by the claims-paying ability of the issuing insurance company. Transfers out of this contract to other funding providers are subject to certain restrictions. Contact your plan sponsor for information regarding these restrictions.
NCIT American Funds Lifetime Income Builder Target Date Series
A series of target date funds (TDFs), each structured as a collective investment fund. This simple and automatic solution features all of the benefits of a traditional target date fund while also providing the opportunity to
• Help optimize growth opportunity
• Build and protect future income
• Generate income from your highest captured value
• Guaranteed lifetime income
NCIT American Funds Lifetime Income Builder Target Date Series
This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.
The Nationwide Collective Investment Trust (“NCIT”) is a bank-sponsored collective investment trust (“CIT”) and not a mutual fund. The NCIT is composed of individual collective funds including the NCIT American Funds Lifetime Income Builder Series (“Series”) of target date funds (“Funds”). Because the CIT is not registered with or required to file prospectuses or registration statements with the SEC or any other regulatory body, neither one is available. Investors should consult the Offering Memorandum for the Series and carefully consider the investment objectives, risk, charges, and expenses of the Funds before investing. It is possible to lose money by investing in the CIT. Global Trust Company (“GTC”) is the CIT Trustee and maintains ultimate fiduciary authority over the management of, and investments made in, the CIT. The CIT is exempt from registration under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended. Nationwide Fund Advisors (“NFA”) is the investment advisor to the Series.
Important things you should know
Participation in collective investment funds is limited to qualified defined contribution plans and certain state or local government plans and is not available to IRAs, health and welfare plans, certain Keogh plans, or the general public. Collective funds may be suitable investments for participants seeking to construct a well-diversified retirement savings program, but diversification does not assure a profit, nor does it protect against loss of principal.
Target Date Funds are designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. In addition to the expenses of the Funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds . Each Fund is subject to different levels of risk based on the types and sizes of its underlying asset class allocations and its allocation strategy.
Each Fund in the Series invests primarily in underlying funds that are selected by NFA and managed by Capital Group; NFA determines the underlying funds and their allocations subject to the approval of the Trustee. Each Fund in the Series also invests in a group annuity contract issued by Nationwide Life Insurance Company (“Nationwide”), an affiliate of NFA. All contractual guarantees are backed solely by Nationwide’s claims-paying ability and NFA has no responsibility for investment decisions related to the group annuity contract
Key Risks: Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. Each Fund’s underlying funds may be subject to specific investment risks, including but not limited to: stock market risk (equity securities); default risk and interest rate risk (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent offering memorandum for a more detailed explanation of the Fund’s principal risks. There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a non-diversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.
Nationwide, Capital Group, home of American Funds and Global Trust Company are separate and non-affiliated companies. The third-party marks and logos listed are the intellectual property of each respective entity and its affiliates.
3 Different Ways To Invest
Target Date Fund — Help me do it
Your own strategy — Do it yourself
ProAccount — Do it for me
Reasons to keep your money in the plan
Online Planning Tools- 24/7/365 Account Access
Rob Gill, CRPC® 443-675-2903
gillr9@nationwide.com
LOCAL OFFICE
7 E. Redwood Street 11th Floor www.retirewithbmore.com DCP: 443-984-2389
Retirement Resource Group 1-888-401-5272
Denton Smith 240-643-4451
smitd28@nationwide.com
Please schedule an appointment at https://retirewithbmore.myretirementappt.com
The DCP is the City’s voluntary retirement plan that enables all permanent City employees and Baltimore City Public Schools employees not eligible for participation in the Maryland State Retirement system to accumulate additional retirement savings on a pre-tax and/or after-tax basis
Why is your DCP account important for retirement?
Nationwide Retirement Specialists are registered representatives of Nationwide Investment Services Corporation. The information they provide is for educational purposes only and is not intended as investment advice.
Nationwide ProAccount neither guarantees a profit nor eliminates risk. Investment advice for Nationwide ProAccount is provided to plan participants by Nationwide Investment Advisors, LLC and is an SEC-registered investment advisor.
3 Major Costs in Retirement
Inflation
Health and Long Term Care
Longevity
Where do you want to be?
Where’s the money going to come from?
How does a 457(b) plan work?
Investing over
the long term Pre-tax and /or
Roth Options
Optional/ Voluntary
Minimum of $10 per pay
(2025 Limit-
$23,500)
Start, stop, increase, decrease at any time
No in service loans or withdrawals
Investing involves risk and possible loss of principal.
Investment Options
FUND TICKER FUND TICKER
American Funds 2010 Target Date Retirement RHATX American Funds 2020 Target Date Retirement RHCTX
American Funds 2030 Target Date Retirement RHETX American Funds 2040 Target Date Retirement RHGTX
American Funds 2050 Target Date Retirement RHITX American Funds 2060 Target Date Retirement RHKTX
JP Morgan Emerging Markets Equity Fund JEMSX Hartford International Opportunities Fund IHOTX
MFS Blended Research Small Cap Equity Fund BRSUX Fidelity Mid Cap Growth Index Fund FMDGX
T. Rowe Price Large Cap Growth Fund TRLGX Vanguard FTSE Social Index Fund VFTSX
Nuveen Real Asset Income Fund NRIIX Dodge & Cox Income Fund DODIX
Fidelity US Bond Index Fund
FXNAX
Impax International Sustainable Economy Fund
PXNIX
Fidelity Total Market Index FSKAX Fidelity Total International Index FTIHX
Kerusso Capital Large Cap Value CIT Fidelity Inflation Protected Bond Index FIPDX
Nationwide Fixed Fund
Target Date Fund — Help me do it
Your own strategy — Do it yourself
ProAccount — Do it for me
Age 50 Option
Ages 60-
63
Option
Special Catch
Up
• May use an alternate increased amount of $10,000 (or 150% of the age 50+ catch-up limit for that year, if that amount is greater).
• Retiring/terminating City employees have the ability to rollover unused leave time up to the annual maximum minus year to date contributions.
• Employee must bring a recent paystub and any information they have about their unused leave to the appointment.
• At least 30 days prior to anticipated retirement date, employee should make an appointment to meet with a Nationwide Retirement Specialist.
• A deferral amount will be estimated based on anticipated termination date, unused leave pay, and the annual deferral limits. If the employee decides to rollover unused leave time into the 457(b) plan, they would need to complete a terminal leave deferral form.
Required Minimum Distribution (RMD)
IRS requires minimum distributions from retirement plans annually after age 73
As long as your assets remain in the City of Baltimore Deferred Compensation Plan, we’ll take care of the RMD for you
Payout Options
Partial lump sum
Systematic withdrawal
Lifetime payout
What is ERS?
The City of Baltimore Employees’ Retirement System (ERS) is a defined benefit plan established by City Ordinance on January 1, 1926.
The ERS uses preset formulas to determine your pension benefits.
Class C Membership
service credit does not accrue during the first year of City
Service Retirement
30 years of membership service credit regardless of age
or
Age 65 with five years of membership service credit
Normal Retirement
Early Retirement
(reduced benefits)
Age 55 with five years of membership service credit
Receive ½ of full benefit if taken at age 55
Receive ⅔ of full benefit if taken at age 60
Retirement Ready Seminar (RRS)
Benefit Payment Options
Maximum retirement allowance Reserve guarantee option
100% survivorship option
50% survivorship option
100% pop-up survivorship option 50% pop-up survivorship option
Retirement Ready Seminar (RRS)
Benefit Payment Options
Maximum retirement allowance
Highest possible retirement benefit/dollar amount a member can receive during lifetime
Upon member’s death, the eligible beneficiary will receive monthly benefit payments of 40 percent of the member’s retirement allowance
Surviving spouse (must have been married one year prior to member’s retirement; benefit ends upon remarriage)
Child up to age 22 (if there is no surviving/eligible spouse)
Beneficiary is eligible for health insurance coverage
If no eligible beneficiary is eligible for this benefit, remaining accumulated contributions will be paid to designated beneficiary on the active beneficiary form or to the estate
Beneficiary cannot be changed once you have been retired for 30 days
Benefit Payment for Class C
Member: Mark Doe, Age 53 with 30 years of membership service credit
Example
Beneficiary: Mary Doe (wife of ten years)
Mary Doe: (after Mark’s death): 40% of member’s benefit: $8,064/year ($672/month)
Average Final Compensation (AFC)
$42,000
1.6% x AFC x Years of service = 1.6% x $42,000 x 30
Benefit
Mark Doe: $20,160/year ($1,680/month)
*Average final compensation (AFC) = Average compensation from three consecutive years with highest salaries
Retirement Ready Seminar (RRS)
Benefit Payment Options
Reserve Guarantee Option
Benefit is permanently reduced to provide for a lump-sum payment to your beneficiary
The cash refund amount is determined by the life expectancy of the member
May be desirable to member who has a terminal illness
Beneficiary is not eligible for health insurance coverage
Beneficiary can be changed at any time
Retirement Ready Seminar (RRS)
Benefit Payment Options
Example: Reserve guarantee option
Member: John Doe, age 53, life expectancy: 76 Beneficiary: Mary Doe (wife of ten years) Maximum retirement allowance: $1,200/month Reserve guarantee benefit: $1,000/month Expected lifetime benefits to John Doe: $276,000
If John Doe dies one year after retirement:
12 payments x $1,000 (monthly benefit) = $12,000 (total benefits paid)
$276,000 (Reserve guarantee lifetime benefit)
-$12,000 (Total benefits paid)
$264,000 (Payment to Mary Doe)
Vesting
As a Class C member, you become vested when you have 10 years of service credit. Once you are vested in the ERS you are guaranteed a retirement benefit.
*You can become fully vested at Age 65 with at least 5 years or vested for early retirement starting at Age 55 with at least 5 years of service*
Retirement Ready Seminar (RRS)
Other Sources of Service Credit
Job Abolishment/Layoff Benefit
Class C Membership
If you have at least 5 years of service credit and your job is eliminated or you are laid off through no fault of your own, you will become vested in the System.
Members with 20 or more years of service credit, regardless of
age:
Members age 55 with five or
service credit
Members under age 55 with five or more years of service credit
If you leave service with the City of Baltimore prior to becoming vested, you will receive a refund of your accumulated employee contributions.
Accumulated contributions = the total of your contributions with 3 percent annual interest
Refund of Contributions
Disability Benefits
As a Class C member, your benefit will be paid in the event of a work-related accident or
injury that occurs while performing your job duties.
• Must be a member
• Injury sustained must result in a 50% total anatomical loss of one or more body parts/functions, or 25% loss of two body parts/functions
• Claim must be filed within five years of injury
Benefit = 66 2/3% x AFC
Line-of-duty disability benefit
As a Class C member, your benefit is paid in the event of a non work-related accident.
• Must have five years of service credit
• Must have a permanent mental or physical disability
Benefit = The greater of: 15% of AFC
Or
Current calculated service retirement benefit (no age restriction)
Non-line-of-duty disability benefit
Facts about disability benefits
De-··
Line-of-
duty death
Retirement Ready Seminar (RRS)
Line-of-duty death benefit
Cause of death must be work-related
Must be an active member of the ERS
Eligible designated beneficiary (spouse, minor children, or parents) will receive a pension equal to 100 percent of the member’s current salary
If the designated beneficiary is someone other than the spouse, minor children or parents, a non-line-of-duty death benefit will be paid.
Retirement Ready Seminar (RRS)
Non-line-of-duty death benefit
Death occurs while actively employed or within 30 days after retirement.
Must be an active member of the ERS for at least one year Cause of death is non-work-related
Three payment options are available:
• 40% survivorship benefit
• 100% survivorship benefit
• Lump-sum payment
Retirement Ready Seminar
Non-line-of-duty death benefits
(RRS)
Lump-Sum Payment
• Benefit = Accumulated contributions + greater of:
• 50% of current annual salary
• or
• 50% of Average Final Compensation (AFC)
• Benefit will be paid to the designated beneficiary in a one-time lump-sum
*No beneficiary health insurance provided under this option.
Retirement Ready Seminar
Non-line-of-duty death benefits
(RRS)
Survivorship Option
Monthly payments for life- including healthcare benefits- are available under certain conditions
-This option depends on the age of the member, how much service credit he/she has, and who the beneficiary is in relation to the member
-Please keep an updated beneficiary form on file with the ERS
The MSS web portal service will allow you to access your retirement information and process your retirement estimates online.
To access the portal, visit bcers.org and click on the Member Services tab.
Retirement Process: Overview
Apply by mail 30-90 days before planned retirement date
Retirement Ready Seminar (RRS)
Retirement process: Application
The following forms need to be completed and returned to ERS by mail:
*=must be notarized
Application For Service Retirement *
Election Of Maximum Retirement Allowance & Beneficiary Designation Under Maximum Retirement Allowance*
Application For Pre-Employment Military Service Credit*
Designation of Custodian For Member’s Minor Child*
Active Death Beneficiary Designation Form*
Form W-4P Withholding Certificate
Direct Deposit Request (Attach a Voided Check or Direct Deposit Authorization Form from Banking Institution)
Acknowledgement Re-employment After Retirement*
Marital status affidavit
Retirement Ready Seminar (RRS)
Retirement process: Application (cont’d)
The following documents must be submitted to ERS:
Copy of birth certificate
Copy of photo ID (Valid Driver’s License/State Issued ID)
Copy of your marriage certificate(s) (if you are or have ever been married during your employment with Baltimore City)
Copy of spouse’s birth certificate (if married)
Copy of birth certificate for children up to age 22
Copy of divorce decree(s) (if you are or have ever been divorced during your employment with Baltimore City)
Copy of spouse’s death certificate (if you are or have ever been widowed during your employment with Baltimore City)
Copy of Military DD214 form
Retirement Ready Seminar (RRS)
Retirement process: Verification
Retirement Ready Seminar
Post retirement
(RRS)
Double-dipping policy (returning to work)
Retirees who return to work with Baltimore City have benefits suspended
Notify ERS prior to re-employment
If benefits continue during re-employment, must repay the overpayment to ERS.
Upon re-employment within 6 months, you return to Class C immediately and retain prior service. Otherwise, you must enter the RSP Non-Hybrid retirement plan.
Retirees may return to work contractually after 90 days of retirement.
Exception: contractual or temporary employees
Annual cost-of-living-adjustment (COLA)
• Retirees and beneficiaries are entitled to an annual cost-of-living-adjustment (COLA) on their benefits each January following their one year anniversary of retirement.
• The COLA is a 1.5 percent increase annually for retirees under 65 and 2 percent for retirees 65 and older
Keep your information current!
Remember to notify the ERS as soon as possible if any of your information changes
• Beneficiary status
• Address
• Direct deposit information
• Tax withholdings
Forms are available on our website: www.bcers.org
*Note: you will receive an annual 1099-R from ERS showing your benefit payments and withholdings for that year
OFFICE LOCATION
7 E. Redwood Street Floors 11 & 13
Hours: 8:30am-4:30pm
PHONE ERS: 443-984-3200
RSP: 443-984-3401
DCP: 443-984-2389
WEB
bcers.org www.retirewithbmore.com
Contact Us
EMAIL
Email: contactERS@bcers.org
2025
Pre-Retirement Seminar
Baltimore City Retirees Department of Human Resources Office of Employee Benefits
»49
Agenda
Introduction
Review
Power Point Presentation
Questions
What’s New for 2025
New this Open Enrollment, the United Concordia dental plan will no longer be offered through United Concordia. The “NEW” dental plan, effective January 1, 2025, will be with CareFirst Dental. CareFirst® will be managing the City’s new dental plan beginning 1/1/2025 for all City Employees and non-Medicare Retirees and their dependents. On or after 1/1/2025, you’ll be able to register at CareFirst. com, where you can see your plan information, check dental cost and coverage, find personalized savings opportunities and much more.
For more information regarding the CareFirst dental plan, please contact the Office of Employee Benefits at 410-396-5830.
What benefits am I eligible to continue as a retiree?
Medical Coverage
The medical coverage options available to retirees are:
• BlueChoice Advantage PPO High Option Plan or Standard Option Plan (this plan is for non-Medicare retirees and their non-Medicare dependents.)
• Aetna Open Choice PPO (this plan is for the retiree or dependent of the Medicare member enrolled in the Aetna MAPD plan.)
• Aetna Medicare Advantage Plan (MAPD) ( this plan is for Medicare retirees and their Medicare dependents, Must have Medicare Part A & B)
• Kaiser Permanente HMO ( this plan is for non-Medicare retirees and non-Medicare dependents and retirees with Part A only and or Part B only. )
• Kaiser Permanente Medicare Advantage Plan (MAPD) (this plan is for Medicare retirees and their Medicare dependents, Must have Medicare Part A & B)
What benefits am I eligible to continue as a retiree?
Dental Coverage
• Dental Coverage is provided by CareFirst Dental. Members that reside in MD and PA will follow CareFirst DHMO benefits and non-Medicare members that reside outside of MD and PA will follow CareFirst PPO benefits.
• Kaiser Permanente plan provides their own dental plan, for more information please contact Kaiser.
• Medicare members are not eligible for dental coverage
Prescription Drug Coverage (Rx Coverage is tied to your medical plan selection)
• High Option & Standard Option (For non-Medicare retirees and non- Medicare dependents)
• Medicare Advantage Prescription Drug Plan (MAPD)
Vision Plan Coverage
• Only MAPS, Fire & Police are eligible to continue vision coverage
Basic Life Insurance
Important Information About The Kaiser Permanente HMO Medical Plan
(Non-Medicare)
Highlights of the HMO Medical Plan
Requirement for Kaiser Primary Care Physician
Primary Care Coordinates Specialty Care
No out-of-network benefits (except in cases of emergency)
Important Information About The Kaiser Permanente Medicare Advantage (MAPD) Plan
(Medicare)
Your Kaiser HMO medical plan will become the Kaiser Medicare Advantage Plan.
Highlights of the Medicare Advantage Plan
Requirement to use only Kaiser Physicians.
No out-of-network benefits (except in cases of emergency).
Must be enrolled in Medicare Part A and Part B.
Prescription drug coverage is included at Kaiser Permanente or affiliated pharmacies.
**Medicare rules do not allow group Medicare Advantage Plan with outside/ standalone Part D Rx coverage.**
Any questions or to cancel the Kaiser Medicare Advantage plan, please contact the Office of Employee Benefits at 410-396-5830.
Important Information About the Aetna Medicare Advantage (MAPD) Plan
(Medicare)
Highlights of the Medicare Advantage Plan
Freedom to see any provider as long as they are eligible to receive Medicare payment and accept your plan.
No referrals to Specialist required.
No out-of-network benefits (except in cases of emergency).
Must be enrolled in Medicare Part A and Part B.
Prescription drug coverage is included. May use affiliated pharmacies.
**Medicare rules do not allow group Medicare Advantage Plan with outside/ standalone Part D Rx coverage.**
Any questions or to cancel the Aetna Medicare Advantage plan, please contact the Office of Employee Benefits at 410-396-5830.
Important Information About The PPO Medical Plans: CareFirst BlueChoice
(Non-Medicare)
Highlights of the PPO Medical Plans
Freedom of Choice
Coverage in-network as well as out-of-network
No Primary Care Physician selection required
High Option Standard Option
No Deductible Deductible Requirement
Higher Premium Lower Premium
Lower Co-Pays Higher Co-Pays
Standard Option Medical Plan Information
Co-Insurance
The Standard Option BlueChoice PPO plan includes co-insurance payments for services in network and out-of-network.
Co-Insurance In-Network Out-of-Network
Plan Pays 90% 70%
Member Pays 10% 30%
Standard Option Medical Plan Information
Deductibles
The Standard Option BlueChoice PPO plan includes annual deductibles, which count toward the annual out-of-pocket maximum.
BlueChoice PPO Standard OptionBlueChoice PPO High OptionKaiser
HMO
In NetworkOut-Of-NetworkIn NetworkOut-Of-NetworkIn Network
Deductible
$250 per individual
$500 per family
$500 per individual
$1,000 per family
Only Under Major Medical
Only Under Major Medical
N/A
Medical Plan
Out-of-Pocket Maximums
BlueChoice PPO Standard OptionBlueChoice PPO High OptionKaiser HMO
In-NetworkOut-Of-NetworkIn-NetworkOut-of-NetworkIn- Network
Out-of-Pocket Maximum $1,500 per individual
$3,000 per family $3,000 per individual
$6,000 per family $1,000 per individual
$2,000 per family
N/A $1,100 per individual
$3,600 per
family
Important Information About The CVS CareMark Prescription Drug Plan
(Non – Medicare Retirees)
The CVS CareMark Prescription Drug plan options for Non-Medicare Retirees are based upon Medical Plan selection.
If you enroll in the BlueChoice PPO Standard Option plan and you want Rx, you will need to enroll in the Standard Option CVS CareMark Prescription Drug Plan.
If you enroll in either the Kaiser Permanente HMO or the BlueChoice PPO High Option plan and you want Rx, you will need to enroll in the High Option CVS CareMark Prescription Drug Plan.
If you enroll in the Aetna PPO medical plan, you will need to enroll in the High Option CVS CareMark Prescription Drug Plan. ** Please note you cannot have a standalone Rx plan
Prescription Coverage for Retirees without Medicare
High OptionStandard Option
Deductible None $50 per member per year
Co-Pays
Retail
Up to a 31 day supply $5.00 – Generics
$30.00 – Formulary Brands
$50.00 Brand and Specialty $5.00 – Generics
$30.00 – Formulary Brands
$50.00 Brand and Specialty
Retail /Mail Order
Up to 90 day supply $12.50 – Generics
$75.00 – Formulary Brand
$125.00 – Brand and Specialty $10.00 – Generics
$60.00 – Formulary Brand
$100.00 – Brand and Specialty
Important Information About Kaiser and Aetna MAPD Plans
(Medicare Retirees)
Both Kaiser and Aetna Medicare Advantage Plans includes prescription drug coverage
Please note you cannot have a standalone Medicare Rx plan selected directly from Medicare
Retirees are required to pay a monthly premium
Retirees are required to enroll in a medical plan to be eligible for Rx coverage
Retirees enrolled in the Kaiser or Aetna MAPD plans have three options to fill their prescriptions:
Up to a 31-day supply at a local retail pharmacy
Up to a 90-day supply by using either Kaiser or Aetna’s MAPD plan mail order program
Up to a 90-day supply at a local retail (MDP) pharmacy
Both MAPD plans are subject to a $100.00 deductible for prescriptions. The deductible must be met before the plan will provide prescription drug coverage.
Rx Copays for Retirees Enrolled in Medicare $100 deductible
Tier 31-Day Supply
(Retail) 90-Day Supply
(Mail Order) 90-day Supply
(Retail MDP)
Generic $5.00 $12.50 $15.00
Preferred Brand-Name
(Formulary) $30.00 $75.00 $90.00
Non-Preferred Brand Name
(Non-Formulary) $50.00 $125.00 $150.00
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Vision Coverage
Retirees, other than MAPS, Police/Fire, are not eligible to continue vision coverage once retired.
If you are a MAPS, Police/Fire retiree your vision coverage will continue.
If you are not eligible to continue your vision coverage as a retiree, you have the option to purchase coverage through COBRA for up to 18 months unless there is Medicare.
Vision Benefit
The vision benefit for retirees allows one exam and one pair of glasses once per calendar year.
For more information regarding the vision benefit and if you are eligible to continue coverage as a retiree, please contact the Office of Employee Benefits at 410-396-5830.
Life Insurance
Basic Life Insurance for Retirees (Policy # 34019)
You will continue to have a basic life insurance plan provided by the City; however, the benefit will reduce to the amounts shown below:
Life benefits are determined by your Union Affiliation
• CUB- $5,000
• MAPS- $15,000
• Local 44- $5,000
• Local 558- $1,500
• Local 2202- $5,000
• Fire & Police- $10,000
Retirement is a great time to update your Life Insurance Beneficiary! Contact Metlife directly to make your beneficiary designation!
www.metlife.com/mybenefits or call 1-866-492-6983
Life Insurance
Optional Life/AD&D* (Employee Paid Life Insurance)
Retirees are not eligible to continue optional Life/AD&D through pension deduction.
If you are enrolled in Optional Life/AD&D as an active employee and want to continue this coverage as a retiree, you will have to convert to an individual policy through MetLife Insurance.
Please contact MetLife Insurance before you retire!
PLEASE NOTE: you will have 45 days from your retirement date to convert your Optional Life/AD&D coverage. Conversion rates can be obtained by contacting
MetLife.
Retirement is a great time to update your Life Insurance Beneficiary! www.metlife.com/mybenefits
or call 1-866-492-6983
Actively Working with the City of Baltimore At Age 65 & Older
Are You Still Working but you are age 65 or Older?
What should I do if I am still actively employed and enrolled in health benefits with the City of Baltimore when I turn age 65?
STOP, READ, Contact your Local Social Security Office!
If you are still actively working at the time you become qualified to enroll in Medicare Part B, it may make more sense to delay enrolling in Medicare Part B (and continue to use the City’s health insurance plan) until you RETIRE.
If you’re still working and decide to waive Medicare Part B, you can do that under certain situations and circumstances; please contact Social Security at 800-772-1213 with details about your situation to make sure you won’t be penalized for waiving your Medicare Part B enrollment and enrolling at a later date.
Important Information About
Medicare Parts A & B
Who’s eligible for Medicare Parts A and B?
Retirees age 65 and over
Retirees under age 65 who are determined disabled by Social Security Administration
Retirees with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant)
Do I have to enroll in Medicare if I’m 65?
Yes, the City of Baltimore requires you and any dependents to enroll in Medicare if you are 65 years of age AND RETIRED. (i.e. when you no longer have access to active health insurance through your employer or your spouse)
Important Information About
Medicare Parts A & B
When and how do I enroll in Medicare Parts A & B?
Approximately 3 months prior to your 65th birthday you should contact the Social Security Administration to apply for Medicare Part A and Part B.
Do I need to notify the City of Baltimore once I enroll in Medicare Parts A & B?
Yes, you need to provide the City of Baltimore with a copy of your Medicare card that has your MBI number and your Part A and Part B effective dates of coverage. You may email your Medicare card to openenrollment@baltimorecity.gov or you may fax to 410.396.5216 Attention: Employee Benefits. Or you may mail your Medicare card to DHR – Office of Employee Benefits, 7 E. Redwood Street, 20th Floor, Baltimore, MD 21202.
Important Information About
Medicare Parts A & B
What should I do if I am eligible for Medicare due to a disability?
Once you (or your spouse or child) have enrolled in Medicare Part A and Part B due to a disability determined by Social Security Administration and have received your Medicare card, you must notify the Office of Employee Benefits.
Important Information About
Medicare Parts A & B
What will happen to my City of Baltimore medical coverage once I have Medicare Part A and Part B?
If you are enrolled in the BlueChoice Advantage PPO Medical Plan, your coverage will become the Aetna Medicare Advantage Plan (MAPD) once you have completed the age in process or approved by CMS.
If you are enrolled in the Kaiser HMO Medical Plan, your coverage will become the Kaiser Medicare Advantage Plan (MAPD), once you have completed the age in process or approved by CMS.
Important Information About
Medicare Parts A & B
I am a new retiree but not 65 yet, what are my plan options?
New retirees who are pre-Medicare age (prior to age 65), at the time of retirement, their medical enrollment options would be Kaiser HMO, BlueChoice Advantage PPO and CVS Caremark Prescription Drug Plan, CareFirst Dental and National Vision Administrators (MAPS, Fire and Police only).
New retirees who are post-Medicare (age 65 or older), at the time of retirement, their medical enrollment options would be Aetna PPO, Kaiser HMO and CVS Caremark Prescription Drug Plan, CareFirst Dental (Non-Medicare participants only) and National Vision Administrators (MAPS, Fire and Police only) until they become Medicare eligible and enrolled in a MAPD plan. Retirees cannot enroll in a MAPD directly, you must be approved and accepted by CMS first.
Important Information About
Medicare Parts A & B
What if I (or my spouse) am not eligible for Medicare Part A?
If you (or your spouse) are not eligible for premium-free Medicare part A because you did not pay enough Medicare taxes while you worked and you are age 65 or older, you will not be eligible to enroll in the City’s MAPD plans but you will have the option to enroll in the Aetna PPO or Kaiser HMO plan offered by the City at the higher monthly premium.
However, you must enroll in Medicare Part B through your local Social Security office at the time you become eligible for Medicare.
Important Information About
Medicare Parts A & B
What will happen if I do not enroll in Medicare coverage when I’m eligible?
The age-in process can take 1-3 months before you are moved to the Aetna or Kaiser Medicare Advantage Plans (MAPD). If you (or your spouse/child) do not enroll in both Medicare Parts A & B when you are eligible, the only plan option available will be the Aetna PPO or the Kaiser HMO plan until you can obtain your Medicare card that has Part A and Part B effective dates.
You will pay a higher premium than you would if you enrolled in either the Aetna or Kaiser MAPD plans when eligible.
How to Enroll in Retiree Benefits
As a new retiree/beneficiary, you are entitled to enroll in retiree health benefits through the City of Baltimore using your Retiree Health Benefits Enrollment Form that will be enclosed in your retiree packet.
Your enrollment deadline is normally 60 days from your date of retirement.
Retiree Benefits Enrollment
You will have 60 days, from your date of retirement to enroll in health benefits. You will receive your Retiree Enrollment packet in the mail during the first month of retirement.
Once you receive your enrollment package, please read carefully!
Enclosed in this packet will be your Retiree Health Benefits Enrollment Form, 2025 Retiree Benefits Booklet; and required dependent documentation form.
Benefits will technically be effective on the first day of retirement but, coverage will need to be backdated due to the City’s retiree enrollment process.
Retiree Benefits Enrollment
If enrollment is completed within 60 days of the enrollment deadline date, the benefits will be retro-active to the first day of retirement.
Complete your Retiree Health Benefits Enrollment Form and required documentation, if applicable and email to openenrollment@baltimorecity.gov or you may fax to 410.396.5216 Attention Employee Benefits. Or you may mail your form and documents to DHR – Office of Employee Benefits, 7 E. Redwood Street, 20th Floor, Baltimore, MD 21202 before your enrollment deadline.
Retiree Benefits Enrollment Deadline
If you do not re-enroll in your health benefits by completing your Retiree Health Benefits Enrollment Form during your 60-day enrollment period, your Medical, Prescription Drug, Dental and Vision benefits, if eligible, will default to “No Coverage” at the end of your enrollment period.
You will not be allowed to enroll in these benefits unless you experience a qualified life event within 60 days of the event or until the City’s next annual open enrollment period, which is customarily during the fall of each year for an effective date of January 1.
Retiree Benefits Enrollment Deadline
If a retiree experiences a qualified life event, they must request and complete the Qualified Life Event Enrollment Form, attach the supporting and required documentation, then return all documents to Office of Employee Benefits within 60 days of the qualified life event.
If the Qualified Life Event Enrollment Form along with the required documentation to the Office of Employee Benefits is not completed and returned within 60 days of the event date, the retiree must wait until the next annual open enrollment period to make the benefit changes.
»78
Questions?
If you have any questions regarding your health benefits through the City of Baltimore, please contact the Office of Employee Benefits at 410-396-5830 TTY 711 (Maryland) and select option 2 and then option 1 if you are a City retiree or select option 3 and then option 1 if you are a BCPS retiree.
»79
Enrollment Guide
Your guide to preparing for a more secure retirement through the City of Baltimore Retirement Savings Plan and Deferred Compensation Plan
retirewithbmore.com (855) 826-5407
Let’s get started
Use this booklet to learn about the City of Baltimore Retirement Savings Plan and Deferred Compensation Plan.
Step 1: Choose your savings approach
The Employees’ Retirement Systems (ERS) provides three retirement savings options for eligible Retirement Savings Plan employees.
Employees are mandated to elect one of two options (termed “memberships”). The third savings option is a voluntary election.
Eligibility
You are eligible to participate if you are:
Newly hired or rehired after July 1, 2014 by either:
• the City of Baltimore
• Baltimore City Public Schools and you are not eligible for membership in the State of Maryland
In a job classification that requires more than 500 hours of work and you are not:
• eligible for membership in the Baltimore City Fire and Police Employees’ Retirement System
If you meet these eligibility requirements, you are eligible to participate in the Employees’ Retirement Systems (ERS).
Membership options
Choose a membership
Election Type Hybrid Membership* Non-Hybrid Membership
Mandatory election – 401(a) ERS defined benefit plan AND a 401(a) defined contribution retirement plan 401(a) defined contribution plan
Voluntary election – 457(b) 457(b) Deferred Compensation Plan (DCP) 457(b) Deferred Compensation Plan (DCP) with an employer match
* IMPORTANT NOTE: The Hybrid Membership option will be automatically selected for you if you do not make an election between Hybrid or Non-Hybrid membership within 150 days from your date of hire.
About the Plans
Plan Type Hybrid Membership Non-Hybrid Membership
ERS Defined Benefit Plan (Class D) (Mandatory election option) Formula:
1% X your years of pension service X your average highest three years of base salary.
*This formula may vary for participants who meet certain age and years of service requirements.
Contribution requirement:
You must contribute 5% of base salary after you have completed one year of service. N/A
401(a) Defined Contribution Plan (Mandatory election option) Generally, your employer contributes 3% of your base salary. This contribu-tion can be reduced to 1.5% of your base salary based on the funding status of the ERS. You must contribute 5% of your base salary commencing after 180 days of service. Your employer will contribute 4% of your base salary.
457(b) Deferred Compensation Plan (DCP) (Voluntary election option) Minimum contribution is $10 per pay period, not to exceed $18,500 this calendar year for those under age 50. For those 50 and older, the maximum contribution is $24,500. Minimum contribution is $10 per pay period, not to exceed $18,500 this calendar year for those under age 50. For those 50 and older, the maximum contribution is $24,500.
Your employer matches 50% of any contributions you make that do not exceed 2% of your pay. Note: if you elect this option, this means that the additional 1% match brings the total employer contribution to 5%.
Special 457(b) Catch-up Provision:
In the three calendar years prior to normal retirement age, you may be able to contribute up to twice the annual contribution limit to the 457(b) DCP ($37,000 this calendar year).
About Vesting
Vesting Hybrid Membership Non-Hybrid Membership
ERS Defined Benefit Plan (Class D) You are vested after 10 years of credited service or upon satisfying the eligibility criteria for early retirement or normal retirement. N/A
401(a) Defined Contribution Plan You become 100% vested:
– after 5 years of eligible vesting service
– if you reach normal retirement age (age 65) and are still employed, or
– upon disability or death You are always 100% vested in the portion of your 401(a) account balance attributable to your own contributions and gains or losses on those contributions.
You become 100% vested in the portion of your 401(a) account balance attributable to employer contributions and gains or losses on those contributions:
– after 5 years of eligible vesting service
– if you reach normal retirement age (age 65) and are still employed, or
– upon disability or death
457(b) Deferred Compensation Plan You are always 100% vested.
About Distributions
Distributions Hybrid Membership Non-Hybrid Membership
While employed No loans or in-service withdrawals are permitted.
After separation from service and before you are vested If you separate from service before you are vested in your ERS defined benefit plan benefit, you will receive a lump sum payment equal to your
contributions to the ERS, plus interest.
Your 401(a) defined contribution plan account is forfeited in its entirety. The portion of your 401(a) account balance attributable to your own contributions, and gains or losses, remains vested.
The portion of your 401(a) account balance attributable to employer contributions, and gains or losses, is forfeited in its entirety.
After separation from service and fully vested Timing of ERS defined benefit plan distributions:
– If you separate from service after you are vested but before you are eligible for early retirement, you may receive a deferred vested benefit at a later date.
– If you separate from service after you are eligible for early or normal retirement, you may receive an immediate benefit.
The following 401(a) distribution options are available:
– Leave your account with the Plan to continue to receive the same low cost solutions and personal service.
– Receive your account balance as a lump sum or in installments, or
convert your account balances to an annuity.
– Move your account balance to an Individual Retirement Account (IRA) or another qualified employer plan. The following 401(a) distribution options are available:
– Leave your account(s) with the Plan to continue to receive the same low cost solutions and personal service.
– Receive your vested account balance as a lump sum or in installments, or convert your account balances to an annuity.
– Move your account balance to an Individual Retirement Account (IRA) or another qualified employer plan.
Retirement realities
On average, your Hybrid membership (with pension component) or Non-Hybrid membership will provide about 45% of current income.1 Experts suggest you may need 70-90% of your current income just to maintain your stan-dard of living in retirement,2 so you may be looking at a gap between the income you need through
retirement and what your Hybrid or Non-Hybrid membership may provide.
However, few of us are “average.” Besides, you may want to consider:
• Increases in medical and long-term costs
• Benefits not keeping up with inflation3
• Possibility of career changes before you become fully vested in your Hybrid or Non-Hybrid membership
• Outliving your resources
$245,000
Amount a 65-year-old couple can
expect in total out-of-pocket health care expenses through retirement.5
Age that an estimated one-in-four 65-year-olds today will reach.
One-in-ten are expected to live past 95.6
All things considered, relying on your Hybrid or Non-Hybrid benefits and Social Security benefits may lead to an income gap, especially in the latter years of retirement.7 That’s where Step 2 comes in. Let’s learn more about steps you can take now to supplement your pension and reduce your potential income gap!
1 Net Pension Replacement Rates, Organisation for Economic Co-operation and Development (2014).
2 Do I really need 100% of my pre-retirement income, CNN Money (July 2012).
3 The COLA crunch: Why Social Security isn’t keeping up with seniors’ costs, Reuters (October 2014). The annual Social Security cost of living adjustment (COLA) tends to lag the inflation seniors experience by a year or more.
4 National Retirement Risk Index, Center for Retirement Research at Boston College (September 2016).
5 Health Care Costs for Couples in Retirement Rise to an Estimated $245,000, Retirement Health Care Cost Estimate, Fidelity Investments (October 2015) Estimate based on a hypothetical couple retiring in 2015, 65-years-old, with average life expectancies of 85 for a male and 87 for a female.
6 Data compiled by the Social Security Administration (accessed October 2016). Average life expectancy for a male is 85 years; for a female, 87.
7 Hewitt Study Reveals Widening Gap Between Retirement Needs and Employee Saving Behaviors (July 2008).
Step 2: Learn about deferred compensation
Sometimes, less is more. Retirement is not one of those times.
Your 401(a), pension (if applicable), and Social Security benefits may not provide the income you may need through retirement. That’s why the City also offers a 457(b) Deferred Compensation Plan — a tax-advantaged long-term investment savings plan created specifically for public employees like you.
Automatic
Earnings are reinvested, harnessing the power of compounding
Access
You can withdraw 457(b) assets without penalty when you leave service or retire, regardless of your age
You can also withdraw your assets when you reach age 701/2, while still employed, or as an unforeseeable emergency
Easy
Flexible
Change your investment mix or contribution
amount at any time
457( b)
Low-cost
Through group buying, we negotiate lower fund fees than individuals may be able to get on their own
Tax Flexibility
Tax-deferred contributions give your account a chance to grow more quickly8
Roth after-tax contributions allow you to plan for tax-free retirement income9
Portability
Payroll deduction
means your contributions are
automatic
If you leave your job, you may be able to roll your assets into another eligible retirement plan, or IRA
8 Under current tax law, you would pay ordinary income taxes when you take withdrawals.
9 Withdrawals would be tax-free as long as you’re at least 59½, and do not take withdrawals from your designated Roth account for at least five years after your first contribution is made to your Plan.
The earlier you start saving, the less it may cost per pay period to reach your goal.
That’s because your biweekly contributions and any earnings get continually reinvested. This process, called compounding, uses time to help your money make money for you. Like all investing strategies, compounding is not guaranteed to provide enough money through retirement. But it can be a powerful engine for potential asset growth, especially through long-term savings programs such as a 457(b) deferred compensation plan.
The snowball effect of compounding
In the example below, Investor #1 invests $2,000 per year beginning at age 30 and then stops investing after 10 years ($20,000 total contribution). Although she’s no longer contributing to the account, she leaves her money in the account to grow for an additional 25 years.
Investor #2 procrastinates and doesn’t start investing until age 40. He contributes $2,000 per year for a total of 25 years up until the day he retires ($50,000 total contribution).
Although Investor #1 invested $30,000 less than Investor #2, she ended up with a much higher account balance at retirement. That’s because she gave her money 10 more years to grow.
Investor #1’s
Account
$160,474
AT RETIREMENT
$135,353
AT RETIREMENT
Age
65
This illustration is a hypothetical compounding calculation assuming a 7% annual rate of return. It is not intended to serve as a projection or prediction of the investment results of any specific investment. Investments are not guaranteed. Depending on your underlying investments, your return may be higher or lower. Interest compounded annually based on beginning-year contributions. No taxes or fees are reflected in this example, which would lower the results displayed.
Source: Nationwide® (2014).
The language of investing.
The core investment options available to you through the City of Baltimore’s Retirement Savings Plan and Deferred Compensation Plan are mutual funds. Each fund is managed by a professional money manager and has a stated objective or investment style. Mutual funds may include a mix of investments such as stocks, bonds, and/or instruments designed for capital preservation.
International stock funds invest primarily outside of the United States, which involves risks not associated with investing primarily in the U.S., such as currency fluctuation, political instability, foreign regulations, differences in accounting and limited availability of information.
Small-cap stock funds refer to mutual funds that invest primarily in companies with market values under $2 billion.
These funds may have less liquidity, may be subject to greater price volatility and may involve greater market risk than the overall market.
Mid-cap stock funds refer to mutual funds that invest primarily in companies with market values between $2 and $10 billion. These funds may have less liquidity, may be subject to greater price volatility and may involve greater market risk than the overall market.
Large-cap stock funds refer to mutual funds that invest primarily in companies with market values greater than $10 billion. These funds can be appropriate for investors who have longer-term investment timelines, or looking for stability as they enroll in the retirement plan.
Bond funds refer to mutual funds that invest primarily in bonds. These funds have the same interest rate, inflation and credit risks associated with the underlying bonds owned by the fund. These funds may be categorized by the types of bonds the manager invests in.
Capital preservation funds refer to mutual funds that invest primarily in options that can be turned into cash relatively easily.
Returns may not keep pace with inflation, and may produce a negative rate of return when fund expenses are factored in.
Every investment has a risk level associated with it. That risk level also corresponds
with the likelihood of a reward. Use the chart to the left to better understand the components of mutual funds available through the City’s Deferred Compensation and Retirement Savings Plans. The higher the risk, the greater the potential for growth, but at a higher risk of losing value. The lower the risk, the less the potential for return, but at a lower risk of losing value.
Investing involves market risk, including possible loss of principal. No investment strategy can guarantee a profit or avoid loss. Actual results will vary depending on your investment and market experience.
Step 3: Choose an investing approach
Depending on your age, risk tolerance, investing experience and personal preference, you may consider one of these investing approaches a good fit for you.
Nationwide Investment Advisors, LLC (NIA) provides investment advice to plan participants enrolled in Nationwide ProAccount. NIA is an SEC-registered investment adviser. NIA assesses participants an asset-based fee for the managed account services.
Retirement products are offered by Nationwide Trust Company, a division of Nationwide Bank®, or Nationwide Life Insurance Company.
Please remember there is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Asset allocation and diversification do not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.
Target Date Retirement Funds typically invest in underlying funds to reach their investment objectives. Therefore, in addition to the expenses of the Target Date Retirement Funds, an investor indirectly pays a proportionate share of the applicable costs and expenses of the underlying funds. These funds use a strategy that reallocates equity exposure to a higher percentage of fixed investments over time. It’s important to remember that no strategy can assure a profit or prevent a loss in a declining market. A Target Date Retirement Fund’s principal value is not guaranteed at any time, including the target date, and is not guaranteed to provide enough income through retirement.
Choose convenience. Consider a Target Date Retirement Fund.
How you split up the money you invest may be the most important decision you make for your retirement account. Target Date Retirement Funds can help make that decision easier for you. Just select one — and only one — of these funds for all assets in your retirement account. This is our “help me do it” approach.
Help me do it
Features and Benefits
Simplifies investment decisions by allowing you to select one fund based on goals and needs
Provides asset diversification by investing in a broad variety of asset classes in a single fund
Attempts to maximize return at a risk level that is comfortable for you
Manages investment mix to become gradually more conservative as the retirement date described by the fund’s name approaches
Potentially lowers overall cost by having some underlying assets in lower-cost index funds
Because Target Date Retirement Funds invest in other funds, investors pay a proportionate share of the costs and expenses of those funds. However, you can feel more confident about your investment decision because — in addition to the features and benefits above — the manager of the fund you select continually monitors the underlying funds and their managers.
Please remember there is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Asset allocation and diversification do not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.
Target Date Retirement Funds typically use a strategy that reallocates equity exposure to a higher percentage of fixed investments over time. It’s important to remember that no strategy can assure a profit or prevent a loss in a declining market. A Target Date Retirement Fund’s principal value is not guaranteed at any time, including the target date, and is not guaranteed to provide enough income through retirement.
To do it yourself, know your investing style.
There’s more than one way to get to retirement. Your primary goal might be to keep your risk low or maybe you just want to maximize possible reward. Maybe you’re concerned with how much time you have to save before you retire. That’s why it’s important to identify a personal investing style that can help you reach your specific goals.
Take a look at the sample profiles below to see what fund mix might make sense for your portfolio. All the fund types are color-coded according to the previous Risk vs. Reward chart on page 9 so you can see how risk and reward relate to aggressive, moderate and conservative profiles. For example: the Aggressive profile has more international funds, the Conservative profile has more bonds, and the other three profiles fall somewhere in between. You’ll also see how time factors into things in the descriptions below the chart.*
AggressiveModerately Aggressive
ModerateModerately Conservative
Conservative
International 30% 24% 19% 14% 9%
Small-cap 5% 5% 4% 2% 1%
Mid-cap 11% 9% 7% 6% 4%
Large-cap 44% 37% 30% 23% 16%
Bonds 7% 18% 28% 38% 40%
Short-term Investments 3% 7% 12% 17% 30%
311443057752493718
1228194730
1723381426
309116440
Aggressive
Appropriate for an investor with both a high tolerance for risk and a long time horizon.
Moderately Aggressive
Designed for an investor with a high tolerance for risk and a longer time horizon.
Moderate
Best suits an investor who seeks relatively stable growth and a low level of income.
Moderately Conservative
Appropriate for an investor who
seeks both modest investment value increases and income from his/ her portfolio.
Conservative
Designed for an investor with a low risk tolerance and/ or a short time horizon.
Choose confidence. Choose professional account management.
You can be more confident about reaching your retirement goals when you have Nationwide ProAccount® making the investment decisions for you. The City has selected Nationwide ProAccount as the managed account service available to participants. When you enroll, you complete a Risk Tolerance Questionnaire that tells us about you and your personal tolerance for risk, then we use that information to provide professional management of your investments.
Ask your Retirement Specialist for more information about Nationwide ProAccount.
Enrollment Guide Changes
Page 1
The Employees’ Retirement Systems (ERS) provides three retirement savings options for eligible Retirement Savings Plan (RSP) employees.
Eligibility
You are eligible to participate in the RSP if you are:
• A permanent officer or employee that is newly hired or rehired on or after July 1, 2014 by either:
• the City of Baltimore
• Baltimore City Public Schools and you are not eligible for membership in the Maryland State Retirement and Pension System.
• Enoch Pratt Free Library and you are not eligible for membership in the Maryland State Retirement and Pension System.
• In a job classification that requires more than 500 hours of work and you are not:
• an elected official
• eligible for membership in the Baltimore City Fire and Police Employees’ Retirement System (F&P)
*Please note that although elected officials and active members of F&P are ineligible for participation in the RSP they are able to participate in the optional Deferred Compensation Plan.*
Membership Options
Election Type Hybrid Membership Non-Hybrid Membership
Mandatory election – 401(a)ERS Defined Benefit Plan AND a 401(a) Defined Contribution Plan
401(a) Defined Contribution Plan
Voluntary election – 457(b)
457(b) Deferred Compensation Plan (DCP) 457(b) Deferred Compensation Plan (DCP) with an employer match
Page 2
About the Plans
Plan Type Hybrid Membership Non-Hybrid Membership
Defined Benefit Plan (ERS Class D) Formula:
1% X your years of pension service X your average final compensation. *This formula may vary for participants who meet certain age and years of service requirements.
Contribution requirement:
You must contribute 5% of earnable compensation after you have completed one year of service.
NA
401(a) Defined Contribution AccountGenerally, your employer contributes 3% of your earnable compensation after you have completed one year of service. This contribution can be reduced to 1.5% of your earnable compensation based on the funding status of the ERS.
You must contribute 5% of your earnable compensation commencing after 180 days of service and your employer will contribute 4% of your earnable compensation.
457(b) Deferred Compensation Plan (DCP)
Minimum contribution is $10 per pay period, not to exceed
$19,500 this calendar year for those under age 50. For those 50 and older, the maximum contribution is $26,000. Minimum contribution is $10 per pay period, not to exceed $19,500 this calendar year for those under age 50. For those 50 and older, the maximum contribution is $26,000.
Your employer matches 50% of any contributions up to 1% of pay. Note: if you elect this option, this means
that the additional 1% match brings the total employer contribution to 5%.
Special 457(b) Catch-up Provision:
In the three calendar years prior to normal retirement age, you may be able to contribute up to twice the annual contribution limit to the 457(b) DCP ($39,000 this calendar year).
PAGE 3
Vesting
Vesting Hybrid Membership Non-Hybrid Membership
Defined Benefit Plan (ERS Class D)
You are vested after 10 years of credited service or upon satisfying the eligibility criteria for early retirement or normal retirement. NA
Note: if you are rehired after having a vested benefit with another City of Baltimore retirement system, you are automatically enrolled in the 401(a) as a Non-Hybrid participant.
401(a) Defined Contribution
You become 100% vested:
– after 5 years of eligible vesting service
– if you reach normal retirement age (age 65) and are still employed, or
– upon disability or death while an active employee You are always 100% vested in the portion of your 401(a) account balance attributable to your own contributions and gains or losses on those contributions.
You become 100% vested in the portion of your 401(a) account balance attributable to employer contributions and gains or losses on those contributions:
-after 5 years of eligible vesting service
– if you reach normal retirement age (age 65) and are still employed, or
– upon disability or death while an active employee
457(b) Deferred Compensation Plan (DCP)
You are always 100% vested.
PAGE 4
Distributions
Distributions Hybrid Membership Non-Hybrid Membership
While employed No loans or in-service withdrawals are permitted.
If you separate from serviceThe portion of your 401(a)
before you are vested in youraccount balance attributable to
defined benefit component,your own contributions, and
you will receive thegains or losses, remains
contributions you made to thevested.
ERS, plus interest in a lump
sum distribution.The portion of your 401(a)
account balance attributable to
The 401(a) employer sub-employer contributions, and
account is forfeited in itsgains or losses, is forfeited in
After separation from service and before you are vested entirety unless you return to employment within 30 days of termination. its entirety unless you return to employment with 30 days of termination.
After separation from service and fully vested Timing of ERS Defined Benefit Plan distributions:
• If you separate from service after you are vested but before you are eligible for early retirement, you may receive a deferred vested benefit at a later date.
• If you separate from service after you are eligible for early or normal retirement, you may receive an immediate benefit.
The following 401(a) distribution options are available:
• Leave your account with the Plan to continue to receive the same low cost solutions and personal service.
• Receive your vested account balance as a lump sum or in installments, or convert your account balances to an annuity.
•Move your account balance to an Individual Retirement Account (IRA) or another qualified employer plan.
The following 401(a) distribution options are available:
• Leave your account(s) with the Plan to continue to receive the same low cost solutions and personal service.
• Receive your vested account balance as a lump sum or in installments, or convert your account balances to an annuity.
• Move your account balance to an Individual Retirement Account (IRA) or another qualified employer plan.
