PENSION BENEFITS REPORT
Retirement checklist:
Make your list and check it twice
During the holiday season, many of us reflect
on the year that has passed. Many of us will give
thought to our careers, family and loved ones
lost. This reflection doesn’t stop when it is time to
make the decision to retire.
This is easily one of the most difficult decisions
our members will have to make. For some, it’s a
no-brainer; but for others, this decision is one
that can consume every waking moment. The
decision to retire or to stay on the job is one that
impacts your life, your family and just about ev-
erything else. So with the end of the year quickly
approaching and the Christmas shopping season upon us, here is
a retirement checklist to go along with your shopping list.
As a member of the Police and Fire Retirement System (PFRS),
you can “put your papers in” as early as a year in advance of your
anticipated retirement. If you decide that a year in advance is too
much time, you can decide to apply for retirement closer to the
date you are thinking about. Remember: no one can make you
choose your date — you can submit your retirement application
for a retirement date that is right for you. If you decide on a cer-
tain date and have a change of heart, or if you simply decide at
a later date that the date you chose just will not work, you can
change it. However, your employer will have to agree to the date
change.
10
NEW JERSEY COPS
■ DECEMBER 2017
It’s important to give yourself enough time to get the most ac-
curate information regarding your retired income from the Divi-
sion of Pensions and Benefits. Remember, you must retire on the
first of the month. For example, if you want to retire in March,
then you would submit your retirement application with a March
1st retirement date. Once you choose the retirement date that is
right for you, we suggest that you submit your retirement applica-
tion approximately three to four months before that date.
Your retirement checklist should involve these items when
applying for retirement on the Member Benefits Online System
(MBOS):
9 9 Create your MBOS account
9 9 Update your beneficiaries
9 9 Obtain a retirement estimate using MBOS
9 9 Think about the retirement date that is best for you
9 9 Apply for that retirement date
9 9 Submit your application
9 9 Submit a copy of your birth certificate
9 9 Notify your employer/certifying officer
Enjoy the holiday season! I am always available to answer any
questions that you may have regarding our pension system. Just
call me or email me at the PBA office. d