For years, the retirement process has relied heavily on paper forms, email exchanges and follow-up between associates, Human Resources and the Benefits team. Associates often needed to complete, sign and return multiple documents, while HR and Benefits worked through the required reviews, approvals and corrections to finalize each retirement request.
“It was an extremely inefficient process that was a burden for everyone involved, especially those who were just trying to retire,” said Exchange Chief Financial Officer Craig Carter. “Working closely with the Exchange’s longtime pension administrator, Willis Towers Watson, we are significantly modernizing and streamlining the processes and tools our associates need to make informed decisions regarding their retirement.”
Beginning Sept. 1, associates who are ready to explore retirement options will be able to submit information directly to the Exchange’s pension administrator through a new eBenefits self-service interface.
“Willis Towers Watson has administered the Exchange pension program for more than 20 years,” said Benefits Director Annie Baker. “Their team has the experience needed to provide a vastly improved experience for future Exchange retirees.”
Once the new tools are deployed, associates who qualify for retirement can begin the retirement process by visiting (ESS) Click on the Retirement Calculator/Model Retirement Income link and then click on the “Start Retirement Process” button. Please note that, you must contact the HRSC Retirement (HRSCRetirement@aafes.com) team to formally initiate the retirement process.
The enhanced site will also feature a retirement calculator that can run multiple customized retirement scenarios based on an associate’s age or planned retirement date. The associates 401(k) balance will automatically be pulled in and outside investments, like an IRA, or even a secondary pension can be added to generate tailored financial projections.
Associates with questions about the calculator retirement workflow process may also contact the WTW Pension Support Center by calling the Human Resources Support Center at 214-312-6190 (Press 1 and then 7) for more information. Baker said the call center is staffed by certified employee benefits specialists. To apply for retirement, please contact HRSCRetirement@aafes.com. You may schedule a retirement briefing at this link.
“Selecting a retirement date is a major life decision with many variables that must be fully considered,” Baker said. “The updated tools and processes coming online in September are a significant step forward in equipping future Exchange retirees with the information they will need to create a customized plan that works for them and their families.”
For additional information click HERE to review some FAQ’s.
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