January 20, 2022
The start of the new year means new opportunities to plan for the year ahead. This year, you can follow these easy goals to help you get started with planning for your future retirement.
1. Sign Up for MemberDirect
MemberDirect is your one-stop-shop for keeping track of your earned COAERS benefits. The web tool allows COAERS members to access your retirement account, review your accrued earned benefits and service credits, calculate estimates of your retirement benefit, review or designate beneficiaries, check retirement eligibility and much more. Enroll today by clicking the "Member Login/Registration" button at the top of the page..
2. Run a Benefit Estimate
Want to know what your retirement benefit could be once you retire? Use the benefit estimate tool in MemberDirect to run retirement calculations to better understand all your retirement benefit options.
3. Attend a Pre-Retirement Seminar
Are you planning to retire in the next two years? COAERS offers virtual seminars to discuss how the retirement process works, what to expect when you’re applying for retirement, what types of retirement benefit options are available to you, and when to apply. The seminars provide you with the important information you need to prepare for a successful retirement.
The first virtual seminar of 2022 will be held on January 25, 2021 at 2 pm CST. Login in to MemberDirect to register today.
4. Update Your Beneficiary Information
Take this time in the new year to review and update important information related to your retirement such as your beneficiaries. You should always have a completed beneficiary designation form on file with COAERS so that in the event of a death, any retirement benefits you may have are paid in accordance with your intent. Remember, once you are retired, you cannot change your survivor under any option. To designate a beneficiary or update your designation, select the “beneficiaries” tab in MemberDirect or submit a completed Beneficiary Designation Form.
5. Learn About Your Unique COAERS Benefits
Did you know COAERS is a tax-qualified “defined benefit” pension plan which promises a lifetime monthly retirement benefit that is based on a predetermined formula? What is vesting and how does it work? Do you know which retirement group you're in? What is the Proportionate Retirement Program? This is all important information that will help you better understand your unique and valuable retirement benefits with COAERS.
You can learn more by visiting www.coaers.org/understanding-your-benefits.