Have you started to think about retirement?
Do you want to know a little more about the pension system you are enrolled in?
If you are enrolled in the Public Employees’ Retirement System (PERS) or the Teachers’ Pension and Annuity Fund (TPAF), it is never too early to start learning about the benefits to which you will be entitled when you retire. NJEA and the New Jersey Division of Pensions and Benefits both provide many opportunities to help members with their retirement planning. Below is a quick guide to know which resources are best for you at any stage of the retirement planning process.
The XYZs of Retirement workshop
This popular NJEA workshop is an introduction, enabling members to explore the general aspects of retirement. Participants will learn about:
- Pension loans
- Purchasing service credit
- Pension formulas and options
- Post-retirement medical benefits
Members will also learn about important steps in the retirement process, such as accessing the Member Benefits Online System (MBOS).
After the presentation portion, members may ask questions. Individual pension numbers are not discussed during this workshop. Attendees of the XYZs workshop will vary in age and years of service—some will be just beginning their career while others are considering retirement.
NJEA recommends this workshop for all members, particularly those who are considering retirement in the next five years. XYZs workshops are usually given after school throughout the year. To find an XYZs of Retirement workshop near you, contact your county or local education association.
There is no limit to the number of XYZs of Retirement workshops a member can attend.
Online pension webinar
Please make sure your current email address is updated in "My Profile" prior to registering. “My Profile” is located at the top of the page. Instructions and the invitation will be sent to the email on file.
This NJEA webinar is meant for members who will likely retire in the next five years. Many have attended an XYZs of Retirement workshop already or are at least familiar with the retirement system in which they are enrolled. Participants follow along with their own individual retirement estimates as the presenter discusses various retirement options. Retiree health benefits are reviewed along with the important steps to retirement.
After the presentation portion, members may ask questions. Webinars are held in a small group format. These webinars are typically given after school throughout the year.
Members may participate in as many online webinars as they wish.
NJEA’s one-on-one retirement consultation
These consultations are for members who have already chosen their retirement date and are within 18 months of that date. Such members have already attended an XYZs of Retirement and/or online pension webinar and want to review their pension and health benefit options one last time before they fill out their application for retirement.
Consultations are approximately 30 minutes and are scheduled during the day at the member’s regional NJEA UniServ office. It is strongly recommended that members take advantage of all other resources prior to having the individual consultation, as most members will only have one individual consultation with NJEA prior to retirement. To make an appointment, contact your local UniServ office.
There is a limit of one individual consultation every 18 months.
New Jersey Division of Pensions and Benefits’ one-on-one retirement consultation
Consultations are given by the New Jersey Division of Pensions and Benefits staff at 50 West State Street in Trenton. Members usually go to Trenton for these consultations when they are having a pension account discrepancy, a complex purchase problem, an issue with their post-retirement medical benefits, or want a one-on-one retirement consultation from the state.
Consultations are available for anyone in a public pension system, regardless of his or her retirement timeframe. These consultations are scheduled during the day. Members can visit www.state.nj.us/treasury/pensions to schedule an appointment.
There is no limit to the number of one-on-one consultations a member may attend with the state.