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Notify your Dean and the Office of the Provost, in writing, no later than December 15 of your final year.
Review the Faculty Employment Handbook for additional information (Section 11.2), as well as options for phased retirement and early retirement.
- Check out this Action Plan from Transamerica for a successful transition into retirement.
Review Separating Employees.
During the year prior to your retirement
- Attend a Benefits Retirement Seminar (generally scheduled for early March).
- Review the benefits estimator.
Social Security: Review Retirement Income Calculator.
- Review and update beneficiaries with your retirement and life insurance plans. These beneficiary forms take precedence over your will for employer sponsored plans.
- Establish or review your :Last will or living trust:
- to provides provide instructions on how to distribute your assets and lets you name guardians for children.
- Power of attorney which name a power of attorney which names a person to handle your finances should something ever happen to you.
- Living create a living will (advance healthcare directive). Your wishes for life-saving measures and who will make medical decisions for you.
- Create a personal document list to store your important records, papers, and primary contacts and tell your loved ones where it's located. Click here for Transamerica's template.
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Confirm your retirement eligibility with the Director of Human Resources.
Schedule an appointment with Transamerica to discuss your distribution options. Transamerica retirement planning consultants are on campus once a quarter for individual appointments.
If you are participating in the Health Savings Account (HSA), stop both your SPU and your personal HSA contributions at least 6-months before enrolling in any part of Medicare or starting your Social Security benefits. HSA Change Form If you have additional question on whether to enroll in Medicare and you are contributing to the HSA, go to this link to go through a decision guide.
Consider enrolling in SPU’s medical plan with a Health Reimbursement Account (HRA) during the open enrollment period of the year before you retire.
Confirm your beneficiary designations are up-to-date.
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