SPU Retirement Checklist - Staff

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 Separating Employees.

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.

• 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 instructions on how to distribute your assets and lets you name guardians for children.
  • Power of attorney which names a person to handle your finances should something ever happen to you.
  • 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.

6+ months prior to your planned retirement date

• Confirm your eligibility to retire with the designation of "SPU staff retiree" with Human Resources, hr@spu.edu.
• 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   If you have additional questions 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 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.  If you will not be enrolling in Medicare during your Initial Enrollment Period because you were actively employed and covered on qualified group coverage such as SPU's medical plan, then you will qualify to enroll under Medicare's Special Circumstance (Special Enrollment Periods).  You will have an 8-month special enrollment period to sign up for Part A and/or Part B that starts at one of these times (whichever happens first):

  • The month after your employment ends

  • The month after group health plan insurance based on current employment ends (through either SPU or your spouse's group health plan).

NOTE:

• • You may be requested by Medicare to prove that you had a group health plan coverage 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.

  • COBRA and retiree health plans aren't considered coverage based on current employment.  You're not eligible for a Special Enrollment Period when that coverage ends.  You may need to pay a late enrollment penalty if you sign up after COBRA coverage ends.

• Review your benefits with the Emeriti Retirement Health Program. Representatives from Emeriti and Aetna will be on campus during the spring for individual appointments.  You may also schedule a phone appointment with a TIAA Financial Consultant at 800-732-8353.
• 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!