Planning for PERSI Retirement

Whether you’re planning to retire soon or some time out, you should start thinking about what you need to do to make your transition into retirement as smooth as possible. This page will guide you toward retirement by identifying the steps and documents needed to complete the retirement process.

Contents

  1. PERSI Overview
    1. PERSI
    2. PERSI Base Plan
    3. Unused Sick Leave
  2. PERSI Retirement
    1. PERSI Member Workshops
    2. PERSI Member Retirement Planning Checklist
    3. PERSI Retirement Steps
      1. Retirees Under Age 65
      2. Retirees Age 65 and Older
  3. Contact Human Resources

PERSI Overview

PERSI

PERSI (Public Employee Retirement System of Idaho) is Idaho’s public retirement system. District employees automatically become PERSI members when they meet the following criteria:

  • Employment is for 5 consecutive months or more, and
  • Employees normally work 20 hours or more per week or are a teacher who works half-time contract or more (substitute teachers are exempt from PERSI membership).

PERSI Base Plan

The PERSI Base Plan is designed to provide pension benefits to career public employees. The longer an employee works for PERSI employers, like the District, the greater the Base Plan retirement benefit will be. Although employees may not remain a public employee their entire career, if an employee works for a PERSI employer and earns 60 months of service credit they will be vested to receive a lifetime benefit at retirement. The 60-month vesting period does not have to be with the same PERSI employer. So unless an employee leaves public employment altogether, changing jobs should not affect PERSI membership.

For all information related to PERSI, please visit PERSI’s website, www.persi.idaho.gov.

Unused Sick Leave

Unused Sick Leave Overview

As a PERSI member, any unused portion of your sick leave allowance shall accumulate from year to year. Per Idaho Code § 33-1228, your unused sick leave may be used to pay premiums upon retirement on certain employer-maintained insurance, including health, dental, vision, and life insurance. For more information on calculating this benefit, refer to the PERSI Member Handbook > Unused Sick Leave. For all information regarding this benefit, refer to Idaho Code § 33-1228.

Please be aware that you do need to have at least one (1) day of unused sick leave remaining in order to continue benefits through PERSI.

Unused Sick Leave Calculation

To calculate the value of your unused sick leave, you will need the following:

  • Days of unused sick leave
    • This number can be obtained by logging into Absence Management.
      • Refer to the Absence Reason Balances article for help in finding your sick leave balance.
      • Employees whose leave is tracked in hours will need to be converted to days by dividing the number of sick hours available by the number of hours per day you are scheduled to work.
  • Highest daily rate of pay during your PERSI employment
    • Please note, Human Resources can only provide this information for employees who have worked for the District their entire PERSI-career.
    • Access Employee Online to determine your current daily rate of pay.

Once you have the above information, use the following calculation:

  • (Days of Unused Sick Leave ÷ 2) x (Highest Daily Rate of Pay During PERSI Employment)
  • Example:
    • (100 Days of Unused Sick Leave ÷ 2) x ($150 Highest Daily Rate of Pay During PERSI Employment) = $7,500

PERSI Retirement

PERSI Member Workshops

Planning for retirement cannot start too early. We highly encourage all PERSI-eligible employees to attend the following PERSI Member Workshops:

  • Ready workshops are for anyone just starting a career with a PERSI employer.
  • Set workshops are intended for those in mid-career with a PERSI employer.
  • Go workshops are designed for late-career PERSI members who may be approaching or contemplating retirement.

Registration for these workshops is required through the PERSI website.

PERSI Member Retirement Planning Checklist

In addition to attending one of the PERSI Member Workshops (above), we highly encourage all PERSI-eligible employees to review the PERSI Member Retirement Planning Checklist throughout their careers.

PERSI Retirement Steps

Retirees Under Age 65

If you are under age 65 when your retirement benefits begin, complete the following steps.

View the Retirement Exit Interview Presentation for Under Age 65

Begin the retirement process by:

  1. Reviewing the Retirement Checklist.
  2. Reviewing the Retirement Frequently Asked Questions (FAQs).
  3. Reviewing the Benefits Rate Sheet.
  4. Reviewing the PERSI Member Retirement Planning Checklist.
District Steps
  1. Complete the District’s Retirement Form.
  2. Complete the Early Retirement/Resignation Notice Stipend Packet (if applicable; the deadline is in February. Please note, this packet is located on the District’s Intranet; login required).
  3. Schedule your Group Retirement Exit Interview with Susan Higley (retirement@boiseschools.org).
  4. Complete the Exit Questionnaire.
PERSI Steps
  1. Contact PERSI at (208) 334-3365 to request a retirement estimate.
  2. Once your retirement estimate has been received, contact PERSI at (208) 334-3365 to order a retirement application kit.
  3. Once your retirement application kit is completed, contact PERSI at (208) 334-3365 to make a retirement appointment.

Retirees Age 65 and Older

If you are age 65 or older when your retirement benefits begin, complete the following steps.

View the Retirement Exit Interview Presentation for Over Age 65
Medicare 101 and Idaho Public School Retiree Medicare Retiree Benefits Meeting Recording

Begin the retirement process by:

  1. Reviewing the Retirement Checklist.
  2. Reviewing the Retirement Frequently Asked Questions (FAQs).
  3. Reviewing the Benefits Rate Sheet.
    1. View the Age 65 and Older Benefit Plans
  4. Reviewing the PERSI Member Retirement Planning Checklist.
District Steps

  1. Complete the District’s Retirement Form.
  2. Complete the Early Retirement/Resignation Notice Stipend Packet (if applicable; the deadline is in February. Please note, this packet is located on the District’s Intranet; login required).
  3. Schedule review of State Schools Over 65 Medical Plan Option with Susan Higley (retirement@boiseschools.org).
  4. Schedule your Group Retirement Exit Interview with Susan Higley (retirement@boiseschools.org).
  5. Complete the Exit Questionnaire.

 

PERSI Steps
  1. Contact PERSI at (208) 334-3365 to request a retirement estimate.
  2. Once your retirement estimate has been received, contact PERSI at (208) 334-3365 to order a retirement application kit.
  3. Once your retirement application kit is completed, contact PERSI at (208) 334-3365 to make a retirement appointment.
Social Security & Medicare

You will need to contact the Social Security and Medicare offices two (2) months prior to your retirement date.

  1. You will need your Medicare Card to enroll in retiree medical insurance; enroll in Medicare.
  2. Take the form provided in your Exit Interview to your Medicare appointment.
Contact Jennifer Stark with Regence
  1. Once you receive your Medicare card, contact Jennifer Stark with Regence to schedule an appointment to complete medical enrollment forms.
    1. Phone (801) 333-5605
    2. Email jennifer.stark@regence.com

Contact Human Resources

Have questions? Contact Human Resources via email at  hr@boiseschools.org.