As we head into fall, here are three things to remember to make the most of your SHEPP pension.
1. Update Your Pension Record to Protect Your Loved Ones
Did you get married or have a child? Your pension includes survivor benefits upon your death, so be sure to list your spouse and designated beneficiaries. Keeping your pension record updated ensures your loved ones are protected. Remember to keep your address and personal details current with us too.
It’s easy! Sign in to SHEPPweb to update your information using the Web Services menu links.
Visit Getting Started with SHEPPweb for sign-in help.
Alternatively, you may complete a new Designation of Beneficiary form. Print, date and sign the form with a witness and then mail it to SHEPP.
2. Want to Increase Your Pension and Retire Earlier?
Your Pension Grows as You Accumulate Earnings and Service
Your pension is calculated based on your highest average contributory earnings and years of participation in the Plan, or credited service. This means as your earnings and years of credited service grow, so does your pension.
Increasing Your Service
Did you know you have options to increase your credited service and maximize your pension? All else being equal, by increasing your credited service, you will increase your pension and qualify for early retirement (Rule of 80) sooner.
There are two ways to increase your credited service:
- Transfer service from your former employer’s pension plan; and/or
- Purchase eligible service.
It’s a good idea to explore these options earlier in your career, as the cost generally increases over time. Visit our Increasing Your Pension Benefit page to learn more.
3. Thinking About Retirement? Follow This Guide
Your SHEPP pension will provide you with a monthly income for life in retirement, and to your spouse under a joint life pension if they survive you. Follow our Retirement Guide for everything you need to know about retiring with SHEPP.
Join Us for a Retirement Ahead Webinar!
This live one-hour session will provide you with the information you need to start planning your retirement journey. Register on our Information Sessions page.
Take steps today to protect your loved ones, increase your pension and plan for retirement so you can make the most of your SHEPP benefits – now and in the future.