Important Information
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 Special Information for Separating Faculty and Staff.
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.
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. 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
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.
3 months prior to your planned 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 your 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.
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!