MBOS Estimate / Retirement + ALAN



Dear NORMA ISABEL TERRIGNO

 Please call our office before Sunday, April 15, 2018 and ask for Mrs. Mealy. The telephone number is 877-593-3955 ext. 60440. We need to talk to you about:

  Your Medicare entitlement.

 When you call our office, please have this letter with you. It will help us to serve you more quickly.
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Laura Pometti
777 Terrace Avenue, Suite 108  March appointment @ 10:45  MARCH 22 / Thursday
Hasbrouck Heights, NJ 07604
njea.org   Questions?


EASIEST PENSION CALCULATOR
http://www.publicsectorinc.org/calculator/NJ/
 
NORMA TERRIGNO          (01-0422094)       Wed 2/7
This acknowledges the successful submission of your Application for Retirement Allowance to the Division of Pensions and Benefits. Your employer will be asked to submit a Certification of Service and Final Salary to the Division 60 days before your retirement date.  You will receive notification from the Division if additional documentation is required.  If you have any questions, please contact the Division at 609-292-7524 or email us at pensions.nj@treas.nj.gov.



Please notify your Certifying Officer. The Certifying Officer will then provide you with access to EPIC. You will be notified of your access through an e-mail from the Division of Pensions and Benefits that includes your EPIC Authentication Code. If you still have EPIC questions or access concerns please contact the Division's Employer Education Unit at (609) 292-7524.


For any Pension Information
Please contact the Division of Pensions directly:
Phone: 609-292-7524 (from 7:30am to 4:30pm Monday-Friday)
Our suggestions is to call at 7:30am for the shortest wait time.

This estimate is prepared from salary and service information provided by Norma Terrigno.
The retirement date indicated is June 1, 2018 with 28 years and 5 months of service and a salary of $107,000.00.
Pension Estimate
Retirement Type: Service Retirement
Based on the information you provided, your Maximum Option is estimated at $55,283.33 per year, or $4,606.94 per month. Under the Maximum Option you continue to receive your monthly retirement benefit for your lifetime.
You can also select Option 1 for an estimated retiree amount of $4,298.28 per month with an Option 1 Reserve amount of $453,323.33. — Under Option 1 your monthly amount is reduced and a reserve fund is established. The reserve is reduced each month by the amount of your monthly retirement benefit. Upon your death, the balance of the reserve, if any, is paid to your beneficiary. If you deplete your retirement reserve, you will continue to receive your monthly retirement benefit for your lifetime. However, upon your death, no retirement benefit is payable to your beneficiary.
Life Insurance Estimate
Upon retirement you are eligible for Group Life Insurance coverage from the Teachers' Pension and Annuity Fund of $46,812.50 at no cost — provided that you retire with at least 10 years of pension service credit.
You are also eligible to convert your remaining Group Life Insurance in the amount of $327,687.50 for a cost of $1,831.77 per month.

For more information about conversion, see Fact Sheet #13, Conversion of Group Life Insurance. To begin the conversion process, contact the Prudential Insurance Company at 1-855-364-7783 or see your local Prudential agent. You will need the Teachers' Pension and Annuity Fund Group Life Insurance policy numbers which are G-14800 for the Noncontributory Group Life Insurance and G-14300 for the Contributory Group Life Insurance.

This estimate of insurance coverage assumes that both Noncontributory and Contributory Group Life Insurance are in effect at retirement. If you have waived or voluntarily terminated all or any portion of your Contributory insurance, contact the Prudential Insurance Company for a revised estimate. This estimate may vary from the actual conversion amount as quoted by the Prudential Insurance Company due to differences in the salary or age information provided or the rounding of conversion factors used in this calculation. This is only an estimate and is not an application for conversion nor is it a guarantee of eligibility for conversion of Group Life Insurance from the Division of Pensions and Benefits or the Prudential Insurance Company.
This is not an official estimate! If you are within two years of retirement you can get an online Retirement Estimate using your current, posted salary and service information through the Member Benefits Online System (MBOS). Registered users can also apply for retirement online through MBOS. Click here to "Logon to MBOS" or find out how to become an MBOS Registered User.

Retirement Estimates are also available over the phone to members within two years of retirement by calling the Division's Automated Information System at (609) 292-7524.

MEDICARE INFO  Must apply / Soc Sec Office in Hackenssack

https://www.medicare.gov/sign-up-change-plans/get-parts-a-and-b/when-how-to-sign-up-for-part-a-and-part-b.html#collapse-5774

You must print this page or write down the re-entry number.

Re-entry Number: 21466183
If something causes you to exit or you choose to save and return at a later time, you must use this number to continue your saved application process.
If you lose your re-entry number, log into your my Social Security account, or register for an account, to view your re-entry number. Social Security employees will never ask for your re-entry number, or will have access to it. This is to protect your privacy.

Things you should know about your application

We may use 03/29/2018 as the official date of your application for Medicare coverage. In order to use 03/29/2018, we must receive the signed application by 09/30/2018 or you may lose Medicare coverage.
If any of these dates fall on weekend or federal holiday, we must receive the signed application by the following business day.
  



Apply for Benefits


Thank you for applying for Medicare online.

Your Confirmation Number is: 21466183
You can check the status of your application by logging into your my Social Securityaccount, or registering for a my Social Security account.
We will contact you with any updates or questions we may have about your information.
We recommend that you keep a copy for your records.
Thank you for filing your  Social Security application online . Our Social Security Office in BALTIMORE, MD received your claim and will be working with you to process it. Our goal is to process all applications efficiently.
A representative may call you for more information at the phone number you provided on your application. Please be aware that our representative may call you outside normal business hours, such as on a weekend or during the evening. If we are unable to reach you by phone, we may also contact you by e-mail or U.S. mail.
You should receive a letter in the mail within 30 days with a decision or to request additional information. If you have a future month of entitlement, you should receive a letter in the mail approximately thirty days before your benefits should start. Also, you can check the status of your application at Status of your application or you may call us at (877) 593-3955 with questions. Please wait five days from the time that you filed before checking the status online.
If you have not done so already, please log onto my Social Security will provide you with quick and easy access to many of our services.


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Retirement plans are either noncontributory or contributory. The amounts you report depend on the type of plan you have.

Note: Withdrawals from an IRA (Individual Retirement Account) are calculated differently than pensions and annuities. If you need information on IRA withdrawals, see Tax Topic Bulletin GIT-2  470KB, IRA Withdrawals. 

Noncontributory Plans
If you were not required to contribute to your retirement plan while you were working, it is a noncontributory plan. All the amounts you receive from that plan are fully taxable.

Contributory Plans (Other Than IRAs)

If you were required to contribute to your retirement plan, it is a contributory plan. Contributions are usually made through payroll deductions, and, in general, have already been taxed. Your contributions are not taxed when withdrawn. However, any employer contributions and earnings that have not been taxed must be reported.
NOTE:  SocSec=$15,000 taxed about $1,000
             TeachPen  55,000                      3,000
Then $70,000-$4,000 = about $65 to $66,000...still plenty of cash!!! $1,250 weekly
                                                                                                               5,000 monthly

$40,000 - $75,000

5.525%  ($3,080 from $55,000)




















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