Winston-Salem/Forsyth County Schools / Front Page



WS/FCS RETIREMENT INFORMATION SESSIONSFREQUENTLY ASKED QUESTIONSReturn to WorkQ. I’ve heard that the principal can allow me to return to work sooner than 6 months after retirement?A. IRS rules governing retirement require that you be “retired” for at least 6 months before resuming employment with any state agency or school district. We cannot promise, guarantee or employee a retiree in any position until 6 months has passed after the retirement effective date. VolunteeringQ. May I volunteer after retirement?A. Yes, you are permitted to volunteer in any capacity that another volunteer could perform. If you wish to participate as a chaperone for field trips with children/grandchildren, work concessions or proctor tests; you may do so provided you register and are approved as a volunteer. You cannot “volunteer” in a position that is not open to the general volunteer population, such as teaching, or a position that has the same duties as your pre-retirement role, etc.TaxesQ. What will my tax rate be at retirement?A. You will have the opportunity to choose your withholding for federal and state income taxes. Your tax rate will be dependent upon your pension amount and the number of exemptions you elect.InsuranceQ. Do I need both Parts A and B Medicare?A. If you are actively working at the time you reach Medicare eligibility (typically age 65), you only need Part A (hospitalization). If you are no longer working in a position that provides insurance coverage including prescription drug coverage, you will be required by the State Health Plan to add Part B (outpatient care), and you will want to carefully consider adding Part D (prescription medications).Q. What will happen to my health insurance?A. The Retirement system (TSERS) will automatically enroll you into a health insurance plan, with coverage effective the first day of the month following your retirement. Q. What if I have other coverage, and don’t wish to have coverage under the Retiree plan at this time? A. You can decline the coverage. You will be able to enroll in the future during open enrollment, or with a qualifying event such as loss of coverage, etc.Q. Once I retire and enroll in Medicare at age 65, is my health insurance any good?A. If you are not actively working and covered by an employer’s plan, Medicare becomes your primary coverage at age 65. The retiree health plan can then become your Medicare supplement plan. You can compare plans by searching the internet for , then clicking at the top of the page for a comparison of retiree plans, and the United Health Care base plan. There is no charge for the UH base plan. Flex CardQ. How does the Flexible Spending Account (FSA) work when I’m preparing to retire?A. It’s recommended that you try to anticipate the amount of FSA money that you will need during the open enrollment period prior to your retirement date. You are not entitled to a refund of excess contributions if you do not use all of your contributions prior to your last working day. ................
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