THE STAFF VOICE

FALL 2004

By Martha Phillips
mphillips@iclega.org

When it comes to creating, I like to consider myself an amateur at a lot of things and a pro at nothing-that way I can have fun with many different creative outlets. If I become a pro at anything, I will have to focus on one thing and not enjoy all the other creative things with which I dabble. Benefits from the Teachers Retirement System of Georgia will enable me to accomplish many goals "when I retire."

The Grand Teton Range - Just Before the Storm" by Martha Phillips

What does all the above have to do with the title "Taking Steps for Your Future!"? I am sure you want to retire and I hope you have that wonderful experience. Planning my retirement took me to a seminar at the UGA Training and Development Center (T & D) classroom. I waited until I was within two years of retiring before signing up. I was overwhelmed by the information offered at the day and a half seminar. Much to my regret, the T & D Center had not been a big item on my radar screen before retirement issues came up. Let me encourage you, as employees of UGA, to take advantage of the courses that will further your career and help you have a successful personal life. The T & D Center offers computer courses, supervisory and managerial courses, accounting and budgeting courses as well as safety courses to assist you with your career. Some of the courses can be taken sitting at your desk at work or at home through a program called Element K. Check out the last couple of pages of your next T & D Schedule for Element K courses. The T & D Center also offers courses to help you with personal issues, i.e., eldercare, money and credit management for your life, and of course, those great mid-career and retirement preparation courses. UGA's retirement system is one of the best. Acquaint yourself with how it can work best for you. Take advantage of these opportunities and the advantage will be yours-for the rest of your life!

At the retirement seminar, the T & D staff presented information regarding options for potential retirees. The choices depend on marital status and/or dependents or spouses who need continued income after your death. The staff presented answers regarding how much health insurance will cost in retirement and if life insurance can go with you into retirement. I found out that retirees get a three percent raise each year (1.5% in January and 1.5% in July). Did you know you have a counselor in the benefits department assigned to you for answering your questions? The pluses go on and on. An attorney and a financial planner gave crucial information and answered attendees' questions. The attorney covered many legal issues, such as when you need a "Power of Attorney" for yourself or your spouse as well as different types of "Powers of Attorneys." I learned I could be the "Power of Attorney" for health decisions for a friend without being financially responsible for his health costs. The attorney talked about wills and estates as well as many other important legal issues.

The financial planner provided information about how to get and use an equity loan as well as how to use the equity loan and/or your 403(b) to buy retirement years. I had heard of buying "air" time. I wasn't sure what it meant. I knew I wanted it. You can buy retirement years if you have worked with another school system or if you have worked with the U.S. Department of Defense (the military). Working for the U.S. Department of Interior does not count. I did and I was told I could not buy time with it. However, "air" time is named that because it is not connected to any earned time. They truly pulled it out of the air. Since the retirement seminar, I have purchased one year of retirement by rolling over money from a 403(b) account. The money will come back to me in retirement after my tax bracket has dropped and the tax-deferred money will be taxed at a lower rate. There are ways to put money aside for your children's college fund-to your advantage.

"Wyoming Buffalo" by Martha Phillips

I have been with UGA for more than twenty-five years. How could I have not known so much? I wonder now if I thought I would absorb needed facts via osmosis. Being at UGA, creating personnel reports, working with the University's Human Resources Department and even supervising did not acquaint me with all the benefits available to me. I have all the usual excuses, such as I was too busy doing my job to check on personal needs or to take a course that would enable me to better use my income and on and on. I did take a few courses but not nearly as many as I should have.

Much of the information I missed simply was from my not being aggressive. If someone slapped me in the face with information, I took it and did something with it. Such was the time our former director talked with our entire staff about how we could place money into a 403(b) tax deferred annuity-the program from which I have greatly benefited. Money can be deferred from taxes for child-care and medical expenses. For so many years I was a single parent and lived off no-bounce checking for weeks at a time. Many of the programs in place now were not available at that time. As benefits became available, I became more complacent and did not keep up with the changes. I regret not staying on top of all the advantages created at UGA for me. Longevity is great at UGA. It is not an excuse for letting benefits slip by. Today, with the computer, the information is truly at our fingertips. The UGA Staff Council continues to work on our behalf. Shared leave and other successful projects by Staff Council continue to improve employee benefits. Keep abreast of the latest information and participate in Staff Council's efforts made on your behalf. The decisions you make today will impact your retirement.

The dictionary describes retirement as (ri-tir-ment) n. 1. The act of retiring; 2. The state of being retired from one's occupation. For me, retirement means "freedom": freedom to choose how I spend my time, freedom to create, freedom to do nothing. Freedom must be planned.