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Benefits with Henrico County General Government & Public Schools

Your EAP offers these great resources.

Retirement

Get the basics on retirement planning and pension benefits, such as how Social Security works, retiring from the civil service, and managing a private pension.

Determining a Target Retirement Saving Rate

Make a plan with the Retirement Saving worksheet: Link opens in a new windowhttps://www.askebsa.dol.gov/SavingsFitness/Worksheets. Learn more at Savings Fitness (PDF): Link opens in a new windowhttps://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/savings-fitness.pdf. You can also watch this video: Link opens in a new windowhttps://youtu.be/V-7ojClANHo.

Social Security and How It Works

Social Security provides you with a source of income when you retire or if you can't work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death.

What's Social Security?

Social Security is a program run by the federal government. The program works by using taxes paid into a trust fund to provide benefits to people who are eligible. You'll need a Social Security number when you apply for a job.

How do benefits work and how can I qualify?

While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to

  • Those who are currently retired
  • People with disabilities
  • The surviving spouses and children of workers who have died

Each year you work, you'll get credits to help you become eligible for benefits when it's time for you to retire. There are four main types of benefits that the Social Security Administration (SSA) offers:

  • Retirement benefits
  • Disability benefits
  • Benefits for spouses or other survivors of a family member who's passed
  • Supplemental Security Income (SSI)

How to Open a "my Social Security" Account

If you receive or will receive Social Security benefits, you may want to open a "my Social Security" account: Link opens in a new windowhttps://www.ssa.gov/myaccount. This online account is a service from the SSA that allows you to keep track of and manage your SSA benefits. You can also make changes to your Social Security record.

How to Find More Help

If you have specific questions about your Social Security benefits, you can try these avenues:

Protecting Your Private Pension Benefits

Read up on how to correct calculation errors. Find out if your pension is covered if the company defaults. See if there's an unclaimed pension owed to you or someone you know.

Avoid errors in pension calculation, and get help fixing them.

If your job is covered by a traditional pension plan, make sure you get the pension amount you're owed:

Federal Insurance for Private Pensions

If your company runs into financial problems, you're likely to still get your pension. The Pension Benefit Guaranty Corporation (PBGC, Link opens in a new windowhttps://www.pbgc.gov)

  • Insures most private-sector defined-benefit pensions—These are plans that typically pay a certain amount each month after you retire. (These are single-employer plans. Multi-employer plans have different coverage.)
  • Covers most cash-balance plans—Those are defined-benefit pensions that allow you to take a lump-sum distribution.
  • Does not cover government and military pensions, 401(k) plans, IRAs, and certain others

Is your pension insured?

Find an unclaimed pension.

More than 80,000 people in the U.S. haven't claimed pension benefits they have earned. Find out if you, or someone you know, is owed a pension: Link opens in a new windowhttps://www.pbgc.gov/about/pg/contact/contact-unclaimed.

Civil Service Retirement

If you've retired from the federal government or plan to, get to know the Office of Personnel Management (OPM)'s retirement services: Link opens in a new windowhttps://www.opm.gov/retirement-services. You can contact them for help with your federal retirement benefits: Link opens in a new windowhttps://www.opm.gov/support/retirement/contact.

Federal Employee Retirement Planning and Management

The OPM has information to help you with the following:

Thrift Savings Plan for Current Employees

As a current federal employee, you can contribute to the Thrift Savings Plan (TSP). The TSP offers the same types of savings and tax benefits as a 401(k) plan: Link opens in a new windowhttps://www.tsp.gov.

Retirement Credit for Military Service

Military service does not automatically count toward civil service retirement. To receive credit for military service performed after 1956, you must pay a deposit.

Federal Taxes on Government Pensions

Your pension or annuity payment may be taxable. Find out with the online tool Is My Pension or Annuity Payment Taxable?: Link opens in a new windowhttps://www.irs.gov/help/ita/is-my-pension-or-annuity-payment-taxable.

Survivors of Federal Employees and Retirees

If you're the survivor of a federal employee or retiree, you may qualify for death and survivor benefits. Visit the OPM website to report the death of a federal employee or retiree and apply for death benefits: Link opens in a new windowhttps://www.opm.gov/retirement-services/my-annuity-and-benefits/life-events/death/report-of-death.

USA.gov. (Updated 2022, March 29). Retirement. Retrieved May 22, 2022, from https://www.usa.gov

More about this Topics

  • Saving and Investing: Avoiding Problems

  • Roth IRA

  • A Look at 401(k) Plan Fees: What Are They and Who Pays for Them?

  • Saving and Investing: Risk Tolerance

  • Social Security (Part 4): Benefits for Your Family

Other Topics

    • Financial Calculators
    • Retirement Planning
    • A Look at 401(k) Plan Fees: Checklist
    • Types of Investments
    • Social Security (Part 5): When You Are Ready to Apply for Benefits
    • Retirement Lifestyle Planning
    • Financial Resources for Older Americans
    • Choose to Save
    • Financial Planning Association
    • Bankrate
    • Women's Institute for a Secure Retirement (WISER)