On this week’s episode of “Financial Planning: Explained”, host Michael Menninger, CFP is joined again by Kyle Ryan, CFP, ChFC. Kyle is a financial planner at Menninger & Associates Financial Planning. This episode is the second of a two-part series on PSERS (Pennsylvania Public School Employees’ Retirement System).

In this episode, the guys show an example of a PSERS statement and all that is involved with it. This episode also reviews the portion of the pensions that can be distributed as a lump sum and how it impacts the pension. They also go into detail about the various payout options and how they affect your monthly payout.

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Understanding PSERS Part II with Kyle Ryan, CFP, ChFC

In our previous article, we explored the basics of the Pennsylvania State Employees’ Retirement System (PSERS) and how it affects state employees and their retirement benefits. In this article, we will continue our discussion with financial advisor Kyle Ryan, CFP, ChFC, as we delve deeper into understanding PSERS and the options available to its members.

One of the key factors that PSERS members need to understand is the various retirement plans offered by the system. Kyle Ryan points out that PSERS offers three main retirement plans:

1. The Defined Benefit Plan: This is the traditional pension plan that provides a predetermined monthly benefit based on a member’s years of service, final average salary, and age at retirement.

2. The Combined Plan: This plan combines features of the defined benefit plan with a defined contribution plan. Members contribute a portion of their salary to a 401(a) and 403(b) plan, and PSERS provides a matching contribution.

3. The Money Purchase Plan: Members contribute a fixed percentage of their salary to a retirement account, and PSERS also contributes a percentage based on a member’s years of service.

According to Kyle Ryan, understanding the details and differences between these plans is crucial for PSERS members to make informed decisions about their retirement.

In addition to the different retirement plans, PSERS members also need to understand the various investment options available to them. Kyle Ryan emphasizes the importance of diversification and understanding risk when it comes to investing retirement savings. PSERS offers a range of investment options, including stocks, bonds, and mutual funds, and members should carefully consider their risk tolerance and investment goals when making their choices.

Furthermore, PSERS members should be aware of the options available for withdrawing their retirement benefits. Kyle Ryan explains that members have the option to receive their benefits as a monthly annuity, a lump sum, or a combination of both. Each option has its own set of implications for taxes and estate planning, and members should consult with a financial advisor to understand the potential impact on their overall financial plan.

Finally, Kyle Ryan stresses the importance of staying informed about any changes to the PSERS system and how they may impact retirement benefits. With potential changes in legislation and economic conditions, it’s essential for PSERS members to stay updated and seek professional guidance to ensure they make the most of their retirement benefits.

In conclusion, understanding PSERS and making informed decisions about retirement benefits is crucial for state employees. By carefully considering the available retirement plans, investment options, and benefit withdrawal choices, members can maximize their retirement savings and enjoy a secure financial future. Seeking the guidance of a qualified financial advisor, like Kyle Ryan, can help PSERS members navigate the complexities of retirement planning and make the most of their benefits.