INQUIRY , Personal Benefits Statement | National Finance Center

 

personal statement of benefits

The statement also includes estimated annuity benefits and account balances from Thrift Savings Plan, Social Security (OASDI (Old Age and Survivors Disability Insurance)) and/or Medicare (HIT (Hospital Insurance Tax)) benefits. The Personal Benefits Statement is produced annually (calendar year) and is available to the Agency through RPCT and. Your current beneficiaries are listed at the bottom of page 2 of your Personal Statement of Benefits. It is vital to keep beneficiary choices up to date. When a member dies during active membership, survivor benefits are paid to the most-recently designated beneficiary (ies) on file. Benefits Statement. The annual statement of employee compensation and fringe benefits, the Benefits Statement, is the estimated value of benefits available to an employee or his/her survivors in the event of voluntary retirement, disability retirement, or death.


Personal Financial Statement Definition and Example


Some employees will personal statement of benefits receive personal statement of benefits benefits statement for the following reasons:. The benefits statement also will not be issued to employees with the following work schedule codes:. The following provides an explanation of the statement. This is not the final authority, but is written to explain items that are computed for the statement.

Some items appear only on selected statements and are clearly stated in the text of the description. Note: If this date is invalid, incorrect, or missing, the employee will not receive a statement. This amount is displayed either as a dollar amount or percentage rate.

For U. Annual Salary is computed as follows:. For all employees, the adjusted salary salary has been modified for the following conditions:. AUO administratively uncontrollable overtimepersonal statement of benefits, availability pay, personal statement of benefits, and standby pay are generated from PAYE Payroll Computation System as of the last pay period of the personal statement of benefits year.

For most employees, the annual salary is the personal statement of benefits salary as of the last pay period of the prior year, personal statement of benefits. For part-time employees Work Schedules PQSpersonal statement of benefits, and Tthe hourly rate of pay is obtained from the employee's personnel history as of the last pay period of the prior year.

Annual salary is computed as follows:. Customs employees covered by COPRA Customs Officer Pay Reform Act personal statement of benefits, this amount reflects the employee's prior year annual salary plus benefits and is computed in one of the following ways:. If the prior year balance is negative, zeros are displayed. If any full-time employee is enrolled in a health benefit plan in PP Pay Period 01 but no deductions were recorded, this figure is obtained from TMGT Table Management System TableHealth Benefit Rates, in order to reflect the expected biweekly deduction amount for the current year.

Manual payments and adjustments are not included in this amount. If the employee is enrolled in a health benefit plan in PP Pay Period 01 but no deductions are recorded, this figure is obtained from TMGT Table Management System Table in order to reflect the expected biweekly contribution amount for the current year, personal statement of benefits.

This total is the sum of the employee and Agency current year costs. Contact appropriate office or individual as designated by your employing organization for details is displayed. Contact appropriate office or individual as designated by your employing organization for details.

This total is the sum of the employee and Agency prior year costs. This total is the sum of the employee and Agency costs. Contact appropriate office or individual as designated by your e mploying organization for details. Displays the employee's optional life insurance amount payable at death from any cause. This amount equals FEGLI Federal Employees' Group Life Insurance basic life insurance coverage plus the basic amount payable if death is not accidental but with no extra benefit for age.

This amount is the same as the amount payable if death is not accidental. Displays the amount payable to the employee for accidental loss of limbs or eyesight under accidental dismemberment insurance. Displays the amount payable to the employee for the accidental loss of one limb or one eye under accidental dismemberment insurance, personal statement of benefits. This amount is one-half of the amount paid for accidental loss of limbs or total eyesight.

Contact the appropriate office or individual as designated by your employing organization for details. Contact the appropriate office or individual as designated by y our employing organization for details. Displays the total amount of the biweekly non-tax-deferred Roth contributions to the employee's TSP Thrift Savings Plan account during the prior calendar year.

This balance is computed according to the following format:, personal statement of benefits. The rate used in is 2. Displays the employee's age at the estimated retirement date. This is determined by subtracting the date of birth from the applicable optional retirement date. Displays the estimated single life annuity level payments, no added features at the age displayed in the If You Retire At Age field.

For all other employees, this will correspond to the earliest group of retirement annuities displayed under If You Retire At Age under Regular Service. The annuity factor tables used in these estimates are effective July until superseded. See www. Displays the estimated personal statement of benefits life annuity level payments, no added features at the age displayed in the If You Retire At Age field.

For all other employees, personal statement of benefits, this will correspond to the earliest group of retirement annuities displayed in the If You Retire At Age under Regular Service field. Displays the amount paid by the Agency each pay period toward the employee's retirement account for the current year.

Displays the total amount paid each pay period toward the employee's retirement account for the current year. Displays the amount paid by the Agency toward the employee's retirement account for the prior year. Manual adjustments and manual payments not included in this amount. Displays the total amount paid towards the employee's retirement account for the prior year, personal statement of benefits. Contact appropriate office or individual as d esignated by your employing organization for details.

In computing the High-3 Average Pay, the personal statement of benefits of basic pay is used, not the actual pay received by the employee. Invalid means the 6c retirement date is not a valid date, is earlier than the employee's retirement SCD service computation dateor is later than the statement date. The following steps explain the approach used in determining the employee's High Displays the employee's age associated with the earliest eligible retirement date.

This is obtained by subtracting the employee's date of birth from the earliest retirement date. Displays the employee's length of service associated with the earliest eligible retirement date.

This field is computed as follows:. The full length of service is used in each annuity computation. The final annuity computation is then prorated for tour of duty. This method is used because the full tour of duty is not available. Up to four options may be displayed. All others will show personal statement of benefits with three options. This is the date at which the employee will have 20 years of special service at ages 50, 55, or This estimate is used because the complete tour-of-duty proration is not available.

All others will show up to three options. Displays the employee's age at the eligible retirement date under regular service. Up to three options may be displayed. This is obtained by subtracting the employee's date of birth from the eligible retirement date. Displays the employee's eligible retirement date under regular service.

Displays the estimated annuity with no survivor benefit that the employee will receive at the specified age and date under regular service. This estimate is used because the complete tour-of-duty is not available. Displays the estimated annuity personal statement of benefits full survivor benefit that the employee will receive at the specified age and date. Displays the estimated annuity with full survivor benefit the employee's spouse will receive at the specified age and date.

Displays the employee's Disability High-3 as of the statement date, Disability and survivor benefits payable are estimated using a Disability High-3 consisting of the employee's Adjusted-Salary averaged over a 3-year period prior to the date of the personal statement of benefits. Actual pay Annual Salary is determined using the total hours the employee personal statement of benefits in each of the 3 years. Annual schedule is calculated as follows:.

Displays the employee's estimated monthly disability pension. Disability and survivor benefits payable are estimated using the Disability High Creditable service is computed using the employee's Retirement SCD service computation date. For employees with 18 months or more of creditable service, the monthly disability pension for the first year is computed as follows:. Replace Retirement High-3 by Disability High If the employee's past creditable service is less than 18 months, then no monthly disability pension is allowed.

If the employee does not have 25 years of special service and is not at least 50 years of age with 20 years of special service, see steps above for FERS Federal Employees Retirement System employees.

If the employee is at least 50 years of age with 20 or more years of special service, or has 25 years of special service at any age, the monthly pension is computed as follows:. For employees with 5 or more years of creditable service, the monthly disability is computed as follows:. If the employee is 60 years of age or older, the monthly annuity is computed as follows:. If the employee is less than 60 years of age, the monthly annuity is computed as follows:. If the employee's past creditable service is personal statement of benefits than 5 years, then no monthly disability pension is allowed.

If the employee is at least 50 years of age with 20 or more years of special service:. For employees with 5 or more years of creditable service, the monthly disability pension is computed as follows:, personal statement of benefits. If the employee is 60 or more years of age, the monthly annuity is computed as follows:. For employees with more than 18 months of creditable service, the monthly disability pension is computed as follows:. Displays the age at which Social Security disability benefits would be replaced by old age benefits.

This is determined according to the following table. Displays the additional amount payable for the Basic Employee Death Benefit. Displays the estimated monthly annuity that the employee's eligible spouse may receive under survivor's income. This amount only applies to employees with 18 months or more of creditable service as of the statement date.

If the employee is at least 50 years of age with 20 or more years of special service. Displays the employee's current year biweekly Social Security benefits.

 

Personal Statement of Benefits

 

personal statement of benefits

 

Your annual Personal Statement of Benefits (sometimes called your “Member Statement”) provides detailed information about the benefits available to you as an active IMRF member—retirement, disability, and survivor benefits. It includes your IMRF account activity for as well as an overview of past service, contributions, and employers. To administer the survivor, disability, and retirement benefits of the System's participants. Skip to main content Skip to site navigation Maryland State Retirement and Pension System. The statement also includes estimated annuity benefits and account balances from Thrift Savings Plan, Social Security (OASDI (Old Age and Survivors Disability Insurance)) and/or Medicare (HIT (Hospital Insurance Tax)) benefits. The Personal Benefits Statement is produced annually (calendar year) and is available to the Agency through RPCT and.