Yes. Direct deposit is mandatory for all retirees.
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Make an appointment with the Retirement Office no later than 3 months prior to your expected retirement date. Please contact our office at 901-222-1950, or you may e-mail our office at email@example.com.At the time of your appointment, you will be provided with a retirement packet and pension estimate. However, if you would like to download a packet ahead of your appointment, you may click on the link below.
Notify your payroll representative or office of your anticipated retirement date so that your final pay, vacation and bonus time may be properly calculated and paid out. It is best to notify your payroll office as soon as your retirement packet is turned in to the Retirement Office. Failure to notify your payroll office will delay the timely process of receiving your first pension payment.In order to facilitate meeting deadlines and not create an interruption in your health and life insurance benefits, your last working day should be the last day of the month, making your retirement date the first day of the next month. You will need to provide all required documents when you turn your retirement packet in to our office. We will not accept an incomplete packet. A complete list of required documents can be found in the retirement packet and listed below for your convenience. We do not require original documents, copies may be provided.
Once you have turned in your packet with all required documents we will begin processing your retirement. Your paperwork will then go before the Shelby County Pension Board for approval. The Shelby County Retirement System’s Pension Board meets the first Tuesday of each month, unless rescheduled for the second Tuesday. After approved, you will receive an “Option Letter” with an “Option Form” from our office directing you to sign, date and choose the appropriate pension option. You must return your “Option Form” as quickly as possible in order for us set you up for payroll. After we received your “Option Form”, we will then send you an “Award Letter”. Please review the letter for accuracy and notify our office of any discrepancies. You will be asked to supply a copy of this letter for various reasons to prove income, please retain for your records. No pension funds can be paid from the System until approved by the Pension Board. Click on the link below for a complete schedule of Pension Board meeting dates.Pension Board Schedule
You will need to call our office if you are going to retirement within the next three months to find out the amount. If you’re not retiring in the next three month, please email us with your anticipated date of retirement and we will happy to mail you an estimate within three to five days of receiving the email or use our Retirement Member Web Services Application.
You Vest by:
The following applies to employees who terminate employment: either by voluntary resignation, or terminated for cause.
Termination prior to your vesting period (7 ½ years of service) will result in a refund or rollover of your contributions plus interest. Taxes consequences apply to all refunds, please be sure to read the following.
Refunds are subject to a 20% withholding tax deducted prior to you receiving your check, and may be subject to a 10% early withdrawal fee applied by the Internal Revenue Service.
You may choose to rollover your funds to another qualified plan, IRA, or the County’s Deferred Compensation Plan. No tax consequences apply when rolling funds over.
If you deceased while actively employed but married, your received your contributions plus interest
If not married at the time of death, your contribution will be paid to your designated beneficiary
No other benefit will be payable to your spouse or beneficiary
Vested with 15 Years or more of service:
Spouse and or child could be entitled to a monthly benefit
Children might be entitled could receive a benefit up till age 23 provided they remain in an accredited college or school; age 19 if they do not remain in school.
Designated beneficiary will receive your contributions with interest.
Shelby County Government currently allows for payment of unused sick leave to immediate or deferred retirements. Immediate retirements will receive their payouts within 6 weeks of retirement. Deferred retirements will not receive payouts until the date they become eligible to retire.
In order to be eligible for a sick leave payout your salary must be under $60,000for a period of 5 years prior to retirement. Sick leave payout is based on an annual salary amount of $20,000 and is only payable for up to 75 days. Payments are process by the Finance Department and will be mailed to the retiree in a separate check to their address on file. For further information regarding sick leave payouts, consulted your employee handbook. Sick leave payouts are not a pension benefit; therefore, the Retirement Office does not set the eligibility rules or process the payment.
Unused annual and bonus leave will be processed at the time of your final salary distribution. Failure to properly and timely notify your department will delay in payment of these benefits.
If you have had any unpaid leave during your employment, there will be an adjustment to your credited pension service credit time. Please make sure that you have considered the adjustment when preparing to retire. Falling short on credited pension service time will delay your eligibility to retire.
Member must be 65 or have 25 years of service time under plan C.
Early retirement is drawing a reduced pension for life.
Member must have 7 ½ years of credited service and is under the age of 55 at the time of departure from Shelby County.
You may deferred the pension up until your age 65, once you reach 65, you will have to draw the benefit.
*Note: must have benefits at the time of retirement
At the time of retirement, your pension is calculate and based on your age, your spouse’s age, and your final average earnings. Once you begin drawing your pension, your beneficiary can never change.
You can find out which pension play you are in by
Percentage and amounts cannot be increase.
Yes. It is mandatory that all Shelby County Employees participate in the retirement plan.
Once you approved for retirement, you can make an appointment with the Human Resources department to have a Retiree badge made.
Shelby County pension plans are defined plans. Disbursement of pension funds cannot occur until you retire or your employment is terminated with Shelby County.
Under Plan A and C, retirees have to be 65 before December 31 of the current year to be eligible for a COLA. The COLA is calculated based on the Consumer Price Index (CPI). The Retirement board and the County Commissioners approve COLA.
Your spouse at the time of retirement may keep your health insurance in the event of your death. If you remarry while in retirement, your new spouse cannot be added to the health insurance.