As you consider retirement, there are a number of resources available to you to discuss your options: Your family, your supervisor and Human Resources. Human Resources provides the opportunity to discuss the possibility of retirement either in a confidential setting for those employees who don’t want to discuss this issue with their supervisor, or through a supervisory referral.  Finally, the employee resource program, Lifeworks can provide reading materials and resources for employees considering retirement. Lifeworks may be reached by calling 1-888-267-8126.
 
As you make your formal decision to retire, there are 10 steps that an employee must remember in order to properly process retirement payments, health and life insurance benefits and also to assist the University in filling your position. These 10 steps are as follows:

1. Notify your department head in writing at least three months in advance of your retirement date, with a copy to Human Resources.
   
   
2. Contact the local Social Security Administration (SSA) office near your home residence at or about the same time you notify your supervisor and Human Resources. Generally, the SSA office will work with you by phone to request and send information. Human Resources has a pamphlet available at no cost to all prospective retirees about Social Security and Medicare.
   
   
3. if you have a 403(b) retirement account with either TIAA-CREF or The Vanguard Group, you should contact that institution at least 3 months prior to your retirement date, in order to ascertain what payment/withdrawal options are available to you, and to request the proper paperwork to begin such withdrawals.
   
   
4. Have available for both Social Security and for the University: A copy of your birth certificate (if married, a copy of your spouse's birth certificate); Your government issued Social Security card (if married, your spouse’s Social Security card); Information to process Direct Deposit for retirement income.
   
   In addition to The above, the local Social Security office typically asks recipients applying for benefits to provide the two most recent tax return filings (1040), as well as to provide pay stubs.
   
   
5. Schedule a pre-retirement meeting approximately one month prior to your last day of employment, in order to review pension calculations and annuity amounts, retiree medical/dental benefits, life insurance and related matters concerning the completion of necessary paperwork. If your intention is to elect a “joint survivor annuity,” this is a good time to locate birth certificates for yourself, and if married, your spouse.
   
   
6. All paperwork must be completed and returned no later than fifteen (15) days before your actual retirement date to assure payments are made on the 1st of the month. Pension calculations under the Retirement Income Plan (Defined Benefit Plan) are done, as an estimate, in preparation of the pre-retirement meeting in Human Resources.  Once your last pay is distributed to you, the calculations will be repeated using the “final pay” figures and the exact monthly annuity will be calculated.
   
   
7. If you are married and electing retirement benefits from the University, you are required by law to provide a joint and survivor benefit to your eligible spouse. If your spouse wishes to waive his or her rights to a surviving spousal benefit, that waiver must be in writing and witnessed before a notary public.  Forms are available from Human Resources.
   
   
8. If you are retiring at or after age 65, you are required to enroll in Medicare Part B coverage, which also requires a deduction from your Social Security benefits. Your eligibility for a University-provided retiree medical plan is dependent upon your enrollment in Part B of Medicare. If you remain actively employed with the University beyond age 65, you are not required to sign up for Medicare Part B until you actually retire.
   
   
9. A “Personnel Action Form” (PAF) is generated by your department and directed to the Human Resources office.  This form confirms your last day of active employment prior to retirement, as well as any remaining balance of unused vacation days.  (A minimum of 2 weeks notice must be given for a retiring employee to be paid for any unused vacation time.)
   
   
10. Note that Department of Labor regulations restrict the number of hours retirees may work at the University once they begin active receipt of their pension income. Generally, that restriction is 40 hours in any given month. Pension benefits may be suspended if retirees work in excess of 40 hours per month. Employees should check with both their supervisor and Human Resources if they have interest in returning on a part-time basis.
    
    
11. For more information on preparing for your retirement, please contact the Human Resources office at extension 9-7900.