Summer 2013

Pension Perspectives

If Frank can retire… so can youAfter 34 years of work as a Saskatchewan civil servant in the field of historic sites and archives, Frank Korvemaker didn’t think he would ever retire. “I loved my job, so I didn’t want to retire — I also didn’t think I’d ever have enough saved to live comfortably in retirement.”

It turns out Frank did have enough to retire; but, he only found that out after meeting with Dara, a Public Employees Pension Plan (PEPP) staff member.

Any member can book free one-on-one meetings with PEPP staff. They are available to answer questions about your PEPP account, provide you with information about your options at retirement, and help you with general retirement planning.

After discussing his financial situation, potential retirement income, and anticipated years in retirement, Frank had a change of heart. He described his decision to retire like this: “A little light turned on in my head. I thought to myself: why the heck am I still working?”

After meeting with Dara, Frank attended a RetireWithEase workshop. In hindsight, he said it would have been beneficial to attend the workshop before meeting with PEPP staff because many of his questions were answered there. “I feel much more comfortable about retirement now than I did a year ago.

A number of my concerns were just because of my lack of knowledge.”

When asked what he thought of the RetireWithEase workshop, Frank said, “It should be compulsory.” He added that he learned a lot from hearing about other people’s situations at the workshop. “The more questions people ask, the more you can learn.”

In the year and a half before Frank retired, he took advantage of many support services offered by PEPP. He scheduled several meetings with PEPP staff to work through the paperwork of preparing for retirement. “At a time like this, it’s really nice to have somebody hold your hand. It was great to have someone walk through all the fine print with me,” said Frank.

Frank retired from Saskatchewan Archives on June 1, 2013. He says he feels wonderful about retiring, “PEPP helped me resolve my questions so that I was able to make the decisions I needed to make. It was very reassuring.”

At 65 years of age, Frank doesn’t plan to sit back and relax just because he’s retired. He plans on dedicating his time to researching subjects that

interest him personally, like the Saskatchewan construction and brickmaking history. “I’ve enjoyed the thrill of discovery throughout my career and fortunately, I can still get that by going to the archives, pulling a box and opening the lid.”

Frank got ready for retirement with help from PEPP staff, and you can too. If you have any questions about planning your retirement, give PEPP a call, check out our website or send us an email. We are here to make your transition to retirement easier.

-c mmLess clutter and more flexibility,

sign-up for e-Comm on the PEPP homepage today.

www.peba.gov.sk.ca/pepphome.htm

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Congrats, you’ve been hired by an employer who wants to help you save for your future. Since you started work, your employer has been putting money into your Public Employees Pension Plan (PEPP) account, in addition to paying you a salary.

You’ve also been putting a percentage of every paycheque into your PEPP account. And that money isn’t just sitting there; the funds in your PEPP account are being invested so they can grow.

When your summer job is over, you’ll be able to

withdraw the money you’ve put into your PEPP account, but you might not want to do that. By taking your money out, you won’t have access to the money your employer has been putting into your PEPP account on your behalf.

If you want to access this money, you have to leave all the funds in your PEPP account for at least a year. After one year, you can withdraw your entire PEPP account balance (as long as it does not exceed $10,220 in 2013). But, why take it out when there are so many great reasons to

Pension Perspectives online at www.peba.gov.sk.ca

Public Employees Pension Planc/o Public Employees Benefits Agency1000 - 1801 Hamilton StreetREGINA SK S4P 4W3

This newsletter provides general information about the Public Employees Pension Plan and its operation. It does not replace or supercede the legislation governing the Plan.

Website: www.peba.gov.sk.ca Email: pepp@peba.gov.sk.ca Phone: In Regina: 306-787-5442 Toll free: 1-877-275-7377

Trending: Summer students investing for the future

As part of the GET MORE campaign, introduced last year, we’re pleased to announce the next initiative… GET MORE Guidance. This initiative is all about offering you more support and tools to make well-informed decisions about your pension.

At PEPP, we recognize there is a lot for you to consider when deciding how much income to withdraw throughout retirement. That’s why we offer a variety of ways for you to meet with us and get a little extra guidance, all at no charge!

GET MORE guidance

leave your money invested in PEPP?

Grow your money — You have the opportunity to grow your account balance in one of PEPP’s seven professionally managed investment options. This means you could make even more money by the time you’re ready to withdraw your account balance or transfer it to another registered retirement savings vehicle.

Avoid the tax man — Any money you make on your investment will not be taxed. On the other hand, if you want to take money out of your PEPP account (so you can spend it like cash) you will have to pay tax on the amount you withdraw.

Get a head start on your future — Even small amounts add up over time. It’s been proven that people who start saving early have to take less out of their pockets in the future to prepare for retirement.

You don’t have to start from scratch — If you’re ever hired by a PEPP participating employer in the future, you can make contributions to your existing PEPP account instead of starting with a zero dollar balance.

It may be tempting to empty your PEPP account when your summer job ends, but the benefits of leaving it in just might be worth the investment in the long run.

● Sign up for a RetireWithEase workshop ● Request a personal retirement estimate ● Come in for a one-on-one meeting with PEPP staff

to talk about your pension options and make a retirement plan.

We’ve also got valuable retirement planning resources like the Retire@Ease calculator.

Soon you will be able to use some new Retire@Ease features as a guide to help make your money last throughout retirement. Watch for more information in the next issue of Pension Perspectives.