Retirement Funds Retirement Funds Retirement funds are annuities
![Retirement Funds Retirement Funds](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-1.jpg)
![Retirement Funds • Retirement funds are annuities or workrelated plans for providing income when Retirement Funds • Retirement funds are annuities or workrelated plans for providing income when](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-2.jpg)
![Retirement Funds • Any Retirement funds including: – Employer Sponsored Retirement Plans – Employment-Related Retirement Funds • Any Retirement funds including: – Employer Sponsored Retirement Plans – Employment-Related](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-3.jpg)
![Types of Employer Sponsored Retirement Plans • Defined Benefit or Contribution Plan • Profit Types of Employer Sponsored Retirement Plans • Defined Benefit or Contribution Plan • Profit](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-4.jpg)
![Employment Related Retirement Plans • Available to employee through employment situation (type of business) Employment Related Retirement Plans • Available to employee through employment situation (type of business)](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-5.jpg)
![Individual Retirement Accounts • Available to anyone regardless of employment status • Types: – Individual Retirement Accounts • Available to anyone regardless of employment status • Types: –](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-6.jpg)
![If A/R has retirement plans, ask: • Is the owner receiving regular payments, i. If A/R has retirement plans, ask: • Is the owner receiving regular payments, i.](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-7.jpg)
![Availability of Retirement Benefits • If A/R is receiving periodic payments, these payments are Availability of Retirement Benefits • If A/R is receiving periodic payments, these payments are](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-8.jpg)
![Availability of Retirement Benefits, cont • If A/R is eligible for periodic payments, but Availability of Retirement Benefits, cont • If A/R is eligible for periodic payments, but](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-9.jpg)
![Retirement account maximizing payments • A single individual has an IRA of $25, 000. Retirement account maximizing payments • A single individual has an IRA of $25, 000.](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-10.jpg)
![Availability of Principal • If A/R is receiving retirement benefit, the principal is considered Availability of Principal • If A/R is receiving retirement benefit, the principal is considered](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-11.jpg)
![Availability of Principal • If A/R can not receive periodic payments, resource value of Availability of Principal • If A/R can not receive periodic payments, resource value of](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-12.jpg)
![Availability of Funds in Employer Sponsored Retirement Plans • In Defined Benefit or Contribution Availability of Funds in Employer Sponsored Retirement Plans • In Defined Benefit or Contribution](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-13.jpg)
![Availability of Principal, cont’d • If A/R cannot withdraw any funds from the principal, Availability of Principal, cont’d • If A/R cannot withdraw any funds from the principal,](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-14.jpg)
![Availability of Principal, cont’d • If A/R may withdraw funds – Maximum amount available Availability of Principal, cont’d • If A/R may withdraw funds – Maximum amount available](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-15.jpg)
![Retirement account availability of principal • A single individual has an IRA of $50, Retirement account availability of principal • A single individual has an IRA of $50,](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-16.jpg)
![Availability cont’d • A retirement fund is exempt as a resource for SSI-R A/R Availability cont’d • A retirement fund is exempt as a resource for SSI-R A/R](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-17.jpg)
![SSI-Related and Spousal Rules • In Spousal Impoverishment cases: – The pension funds owned SSI-Related and Spousal Rules • In Spousal Impoverishment cases: – The pension funds owned](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-18.jpg)
![Documentation of Retirement Funds • SSI-R Applicants who are applying for nursing facility services Documentation of Retirement Funds • SSI-R Applicants who are applying for nursing facility services](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-19.jpg)
![Documentation of Retirement Funds • SSI-R A/R’s who attest to the value of their Documentation of Retirement Funds • SSI-R A/R’s who attest to the value of their](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-20.jpg)
- Slides: 20
![Retirement Funds Retirement Funds](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-1.jpg)
Retirement Funds
![Retirement Funds Retirement funds are annuities or workrelated plans for providing income when Retirement Funds • Retirement funds are annuities or workrelated plans for providing income when](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-2.jpg)
Retirement Funds • Retirement funds are annuities or workrelated plans for providing income when employment ends (e. g. , pension, disability, or other retirement plans administered by an employer or union).
![Retirement Funds Any Retirement funds including Employer Sponsored Retirement Plans EmploymentRelated Retirement Funds • Any Retirement funds including: – Employer Sponsored Retirement Plans – Employment-Related](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-3.jpg)
Retirement Funds • Any Retirement funds including: – Employer Sponsored Retirement Plans – Employment-Related Retirement Plans – Individual Retirement Accounts • Often have special tax status, i. e. . , deferred taxation
![Types of Employer Sponsored Retirement Plans Defined Benefit or Contribution Plan Profit Types of Employer Sponsored Retirement Plans • Defined Benefit or Contribution Plan • Profit](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-4.jpg)
Types of Employer Sponsored Retirement Plans • Defined Benefit or Contribution Plan • Profit Sharing • Roth 401(k) • 401 (k) • Keogh • SEP • SIMPLE
![Employment Related Retirement Plans Available to employee through employment situation type of business Employment Related Retirement Plans • Available to employee through employment situation (type of business)](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-5.jpg)
Employment Related Retirement Plans • Available to employee through employment situation (type of business) – Often supplements other retirement plans • Types: – 403 (b) – 457 • Funds held in individual’s name and fully available
![Individual Retirement Accounts Available to anyone regardless of employment status Types Individual Retirement Accounts • Available to anyone regardless of employment status • Types: –](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-6.jpg)
Individual Retirement Accounts • Available to anyone regardless of employment status • Types: – IRA – Roth IRA • Funds held in individual’s name and fully available
![If AR has retirement plans ask Is the owner receiving regular payments i If A/R has retirement plans, ask: • Is the owner receiving regular payments, i.](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-7.jpg)
If A/R has retirement plans, ask: • Is the owner receiving regular payments, i. e. , a pension benefit? • If not, can they? • If they are not eligible for payments, is any portion of the principal available
![Availability of Retirement Benefits If AR is receiving periodic payments these payments are Availability of Retirement Benefits • If A/R is receiving periodic payments, these payments are](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-8.jpg)
Availability of Retirement Benefits • If A/R is receiving periodic payments, these payments are unearned income – A/R must maximize payments or document that payment less than the maximum cannot be changed
![Availability of Retirement Benefits cont If AR is eligible for periodic payments but Availability of Retirement Benefits, cont • If A/R is eligible for periodic payments, but](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-9.jpg)
Availability of Retirement Benefits, cont • If A/R is eligible for periodic payments, but isn’t receiving them: – A/R must apply for benefits – A/R must choose periodic payments rather than lump sum – A/R must choose maximum amount of payment available – Payments are counted as unearned income
![Retirement account maximizing payments A single individual has an IRA of 25 000 Retirement account maximizing payments • A single individual has an IRA of $25, 000.](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-10.jpg)
Retirement account maximizing payments • A single individual has an IRA of $25, 000. • Using the life expectancy chart we have determined that their life expectancy is 15 years. $25, 000 ÷ 15 = $1, 666. 67 yearly ÷ 12 = $138. 89 monthly This is their maximized payment
![Availability of Principal If AR is receiving retirement benefit the principal is considered Availability of Principal • If A/R is receiving retirement benefit, the principal is considered](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-11.jpg)
Availability of Principal • If A/R is receiving retirement benefit, the principal is considered unavailable – Can not be counted as a resource – Payments are counted as unearned income
![Availability of Principal If AR can not receive periodic payments resource value of Availability of Principal • If A/R can not receive periodic payments, resource value of](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-12.jpg)
Availability of Principal • If A/R can not receive periodic payments, resource value of principal depends on availability
![Availability of Funds in Employer Sponsored Retirement Plans In Defined Benefit or Contribution Availability of Funds in Employer Sponsored Retirement Plans • In Defined Benefit or Contribution](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-13.jpg)
Availability of Funds in Employer Sponsored Retirement Plans • In Defined Benefit or Contribution Plans: – Employer contributions are generally unavailable until employee retires – Employee contribution may be available • In other pension plans, e. g. , 401 (k), funds held in individual’s name and fully available
![Availability of Principal contd If AR cannot withdraw any funds from the principal Availability of Principal, cont’d • If A/R cannot withdraw any funds from the principal,](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-14.jpg)
Availability of Principal, cont’d • If A/R cannot withdraw any funds from the principal, the retirement plan is unavailable – Cannot be counted as resource
![Availability of Principal contd If AR may withdraw funds Maximum amount available Availability of Principal, cont’d • If A/R may withdraw funds – Maximum amount available](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-15.jpg)
Availability of Principal, cont’d • If A/R may withdraw funds – Maximum amount available (less early withdrawal penalties, not including income taxes) is a countable resource
![Retirement account availability of principal A single individual has an IRA of 50 Retirement account availability of principal • A single individual has an IRA of $50,](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-16.jpg)
Retirement account availability of principal • A single individual has an IRA of $50, 000 IRA - $5, 000 penalty $45, 000 countable resource -$3, 000 taxes $42, 000 • $42, 000 is what they actually get, but we don’t allow the amount they paid for taxes.
![Availability contd A retirement fund is exempt as a resource for SSIR AR Availability cont’d • A retirement fund is exempt as a resource for SSI-R A/R](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-17.jpg)
Availability cont’d • A retirement fund is exempt as a resource for SSI-R A/R if: – Owned by the non-applying or ineligible spouse, and – A/R is NOT subject to spousal impoverishment
![SSIRelated and Spousal Rules In Spousal Impoverishment cases The pension funds owned SSI-Related and Spousal Rules • In Spousal Impoverishment cases: – The pension funds owned](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-18.jpg)
SSI-Related and Spousal Rules • In Spousal Impoverishment cases: – The pension funds owned by ineligible or non applying CS are used first to determine MCSRA – Any excess is AVAILABLE to Institutionalized Spouse
![Documentation of Retirement Funds SSIR Applicants who are applying for nursing facility services Documentation of Retirement Funds • SSI-R Applicants who are applying for nursing facility services](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-19.jpg)
Documentation of Retirement Funds • SSI-R Applicants who are applying for nursing facility services or CC w/LTC must document: – If asset is a retirement fund – If the A/R is eligible for periodic payments and if so how much and when would they begin – If principal is available and if so, how much; (e. g. is there a penalty or not)
![Documentation of Retirement Funds SSIR ARs who attest to the value of their Documentation of Retirement Funds • SSI-R A/R’s who attest to the value of their](https://slidetodoc.com/presentation_image_h2/9b8d294ca63d3d3f4e3aba4d802d251d/image-20.jpg)
Documentation of Retirement Funds • SSI-R A/R’s who attest to the value of their resources and own a retirement account: – Must pursue regular periodic payments – Must also prove whether or not payments are available to them – If payments are not available and A/R is excess resources they must provide proof of availability of the principal and how much
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