The Foreign Service Journal, April 2018

THE FOREIGN SERVICE JOURNAL | APRIL 2018 85 AFSA NEWS AFSA Seminar: Retirement Planning Made Easy(er) On Feb. 7, AFSA Retiree Vice President John Naland led a seminar at AFSA headquar- ters titled “Retirement Plan- ning: 5 to 10 Years Out,” during which he explained to partici- pants what they can expect to happen in the years leading up to retirement. A former direc- tor of the Office of Retirement at the State Department, Mr. Naland pro- vided a detailed checklist outlining the things pro- spective retirees need to do and the sites they need to visit to prepare for a successful transition. As an FS retiree himself, Mr. Naland explained, he understands how busy cur- rent FS members are on a day-to-day basis. But, he emphasized, “it’s your retire- ment, and you need to do your due diligence” to make sure you are ready and to ensure that your retirement years are happy and com- fortable. Mr. Naland talked of the importance of confirming that the beneficiary designations you made when you joined the Foreign Service are still accurate. In cases where the FS member marries, divorces, has a child or is widowed, these designations can and should be changed. He also recommended signing up for a “My Social Security” account at ssa. gov/myaccount to under- stand how much money you can expect to receive in retirement. State employees can log onto the Employee Benefits Information System (EBIS)—on the intranet only—to find out what their pension is expected to be. The Thrift Savings Plan website also has calculators that will help you project your income under a variety of scenarios. Mr. Naland covered topics that need to be taken care of 10 years before retirement, such as taking a retirement planning seminar at FSI and investing in TSP account stock funds that will generate returns outpacing inflation over the long term. He also covered savvy moves that can be taken in the year immediately prior to retiring, such as raising TSP contributions to reach the annual maximum allowed even if you retire at mid-year. More than 120 participants registered for the event. A second seminar, on Feb. 22, was added to accommodate the overflow. A recording of the event is available at www.afsa.org/ video. Handouts from the event can be viewed at bit.ly/ Retirement-Checklist. n More than 120 participants registered to hear AFSA Retiree VP John Naland speak about planning for retirement AFSA/DONNAGORMAN AFSAWelcomes 15th Consular Fellows Class On Feb. 13, AFSA welcomed 78 members of the 15th Consular Fellows Class for a luncheon at the association’s headquarters building. AFSA President Ambassador Barbara Stephenson hosted the luncheon. State Vice President Ken Kero-Mentz, FCS Vice Presi- dent Daniel Crocker and other members of the AFSA Governing Board were on hand to speak with the new Foreign Service mem- bers and answer their questions about AFSA and the many ways the association can assist, protect and advocate for them. At left, Ambassador Stephenson speaks to the class about the functions of AFSA in its dual role as a professional associa- tion and labor union. More than 70 percent of the participants chose to join AFSA at the event. n AFSA/DONNAGORMAN