Pension and Financial Planning Workshops
New Jersey Principals and Supervisors Association (NJPSA) provides financial planning seminars for its members. This spring we presented a number of workshops addressing current pension regulations and planning information.
Below are recorded segments of our workshops. We hope you find them helpful in your planning.
PowerPoint slides that accompany this presentation can be found in the members-only section here.In the first segment we join Richard Klockner, NJPSA Retirement/Membership Coordinator, as he explains how you can go about getting information from the state about your pension, where on the state's web site the information is found, where to find necessary forms, how to meet in person with the state. He then discusses categories and tiers of retirement, recent reforms, and how to know which category you belong to. He also explains the formula upon which your pension is based.
In part two, Richard Klockner discusses early retirement, years of service needed,
disability retirement and the necessary conditions that must be present, and what
portion of your pension you will be entitled to.
In part three, Richard discusses beneficiary options under each of the retirement
conditions, what happens upon the death of the pensioner, inability to change the
beneficiary, lump sums and what conditions affect lump sums, etc.
In part four, Richard discusses taxes while collecting your pension, when you will
and will not owe income taxes, and outlines a few sample scenarios. Note the slides
in this segment and all other slides to which he refers, are available in the members
only section.
In part five, Richard explains benefits statements, what happens to loans you may
have taken out, changing retirement dates and options, obligations to the board,
and so forth.
In part six, Richard talks about what sort of work you can do while collecting your
pension, some of the complex rules surrounding working while collecting, when you can
take a job, etc.
In part seven, Richard covers life insurance options, how they affect pension, the
importance of checking your beneficiary elections, and the differeneces between life
insurance when you're still working and once you're retired.