Hello, I'm John Wenzel, co-founder of Arch Vest Wealth Advisors. I want to thank you for watching today's video. In today's video, I want to talk to you about Social Security and government pensions that you may be collecting or considering collecting. There are two important offsetting rules that you need to be aware of: the Windfall Elimination Provision and the Government Pension Offset. These rules may affect your Social Security benefits. Let's start with the Windfall Elimination Provision. This provision applies to individuals who decide to take Social Security benefits based on their work history while also receiving a pension, such as the CalSTRS Pension for teachers. When you receive a pension, there will be a reduction in your Social Security benefits. The reduction amount will not eliminate your Social Security benefits entirely, but it may be reduced. In 2015, the maximum reduction was $413 per month, based on your Social Security benefit. There are a few exceptions to this rule. If you have worked in the private sector and paid into Social Security for more than 20 years, the benefit calculation is adjusted. Similarly, if you have worked in the private sector for less than 20 years and paid into Social Security, your benefit may be adjusted differently. It's important to note that this calculation can be quite complicated. However, the takeaway is that if you are collecting the CalSTRS benefit and you may be entitled to Social Security based on your own work record, it's worth looking into this further. Your benefits may be reduced, but not completely eliminated. Now let's discuss the government pension offset. This offset applies to individuals who are receiving a government pension, such as a CalSTRS pension, and are also eligible for Social Security benefits based on their own work record or their spouse's work...
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How does civil service retirement work Form: What You Should Know
Sep 14, 2023 — Basic Retirement Package Checklist When you retire from Federal employment from a position that is exempt from the basic retirement package, including the Civil Service Retirement System (CARS). A disability is defined as any physical or mental impairment that-- (1) substantially limits one or more major life activities; and (2) seriously and permanently interferes with your ability to perform the essential functions. A major life activity is defined as (a) activities of daily life (such as paying bills, maintaining home or family, or participating in activities of daily life); or (b) any particular type of work or profession (such as driving a car, operating machinery, or working with computers). This form is designed for those who have retired. Basic Retirement Package Checklist Sep 14, 2023 — Voluntary Retirement Package​ Only employees who are retiring from employment based on a disability must complete this form. A disability is defined as any physical or mental impairment that-- (1) substantially limits one or more major life activities; and (2) seriously and permanently interferes with your ability to perform the essential functions. A major life activity is defined as (a) activities of daily life (such as paying bills, maintaining home or family, or participating in activities of daily life); or (b) any particular type of work or profession (such as driving a car, operating machinery, or working with computers). Voluntary Retirement Package Checklist (2018, Sep 14) Sep 14, 2023 — Voluntary Pension Adjustment Package​​ Only employees who are retiring from employment based on a disability must complete this form. A disability is defined as any physical or mental impairment that-- (1) substantially limits one or more major life activities; and (2) seriously and permanently interferes with your ability to perform the essential functions. A major life activity is defined as (a) activities of daily life (such as paying bills, maintaining home or family, or participating in activities of daily life); or (b) any particular type of work or profession (such as driving a car, operating machinery, or working with computers). This form is designed for those who are retired. Voluntary Pension Adjustment Pack-in​ Sep 13, 2023 — Voluntary Retiree Medical Payment Package ​ Only employees who are retiring from employment based on a disability must complete this form.
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