16
PENSION AND BENEFITS REPORT
NEW JERSEY COPS ■ DECEMBER 2014
When you make your retirement
checklist, check it twice
Making the decision to retire is easily one of
the most difficult decisions for our members.
For some, it’s a no-brainer, but for others this
decision is one that would consume just about
every thought that one may have during every
waking moment.
I’m sure those with 25 years or more are asking themselves, “It’s been 25 years already?
Peter
go? I can’t believe it went
Andreyev Where did time having thoughts of, “I can’tby so
fast.” Others are
wait
to get out of this place” or, “This place is sucking every living
breath out of me. The chief or so-and-so is a _______.” I will let
you finish that last thought.
Seriously, though, the decision to retire or stay on the job is
one that impacts the rest of your life, your family and just about
everything else. So with the end of the year quickly approaching and the Christmas shopping season in full swing, I have
decided to provide our members with 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 targeting.
Remember, no one can make you choose your date. You can
submit your retirement application for a retirement date that is
right for you. Just be aware that if you decide on a certain date
and have a change of heart, or 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. It’s
important to give yourself enough time during the time frame
you are thinking about retiring so that you can get the most
accurate information regarding your retired income from the
Division of Pension and Benefits.
Your retirement checklist should involve completing the list
below when applying for retirement on the Member Benefits
Online System (MBOS):
A)
Create your MBOS account
B)
Update your most current beneficiaries
C)
Obtain a retirement estimate using MBOS
D)
Think about the retirement date that is good for you
E)
Apply for that retirement date
F)
Submit your application
G)
Submit a copy of your birth certificate
H)
Notify your employer/certifying officer
Enjoy the Holiday season. I am always available to answer
any questions you may have regarding our pension system, just
call me or email me at the State PBA office. d