Important information
- Notify your supervisor of your retirement date…
- No later than 2 weeks prior to retirement date for Non-Exempt employees.
- No later than 30 days prior to retirement date for Exempt employees.
Review the Employee Handbook for additional information.
- Check out this Action Plan from Transamerica for a successful transition into retirement.
Review Special Information for Separating Faculty and Staff.
During the year prior to retirement
Attend a Benefits Retirement Ready Seminar generally held in early March.
Review the benefits estimator.
Social Security: Review Retirement Income Calculator.
6+ months prior to your planned retirement date
- Confirm your retirement eligibility with the Director of Human Resources.
- Schedule an appointment with Transamerica to discuss your distribution options. A Transamerica retirement planning consultant is available for individual appointments once a quarter.
- If you are participating in the Health Savings Account (HSA), stop your both 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
- Consider enrolling in SPU’s medical plan with a Health Reimbursement Account (HRA) during the open enrollment period of the prior year before you retire.
- Confirm your beneficiary designations are up-to-date.
3 months prior to your retirement date
- Social Security Enrollment (if applicable): Three months prior to retirement, enroll online at ssa.gov and complete the online Apply for Retirement Benefits.
- Medicare Enrollment (if applicable): Three months prior to retirement, enroll online at ssa.gov. Otherwise contact Social Security or go to a local Social Security office to enroll in Medicare Part A and B.
- You may be requested by Medicare to prove that you had a group health plan coverage within the last 8-months through SPU or your spouse’s current employment in order to qualify for a special enrollment period outside of Medicare’s annual open enrollment. HR will be able to complete the employer section for proof of group health care coverage.
- Review your benefits with the Emeriti Retirement Health Program. Representatives from Emeriti and Aetna will be on campus during the spring for individual appointments.
- If you retire prior to age 65, ask Human Resources about our Pre-65 Early Retirement Program for health benefits. You may qualify if you:
- Are age 60 or older, and
- Have worked for SPU for at least 10 years of continuous service.
1 month prior to retirement date
- Automatic payments—Contact your financial institution to change all automatic payments that are being paid via payroll deduction (403(b) loan, donations, etc.) to direct billing.
- Contact your department manager and Human Resources about your vacation balance and finalize any unused vacation.
- You will be receiving further information from the Office of Human Resources about separation procedures from the university prior to your retirement date. Keep an eye on your email!