Retirement Planning

 RETIREMENT GUIDE

Availability of Group Health, Dental and/or Vision Coverage: Employees may upon retirement continue to participate in group health, dental and/or vision plans available through the University by paying the appropriate premium, in accordance with the terms and conditions imposed by the insurance company involved in providing such coverage, so long as this coverage is available through such insurance company at no substantial additional cost to the University.  If the employee does not elect medical, dental and/or vision at the time they retiree, coverage will not be available at a later date.

This guide is designed to help you plan for retirement and to assist you with making decisions about your medical, dental and/or vision at retirement.

WHEN WILL I BE ELIGIBLE?

Faculty

• At least fifty-five (55) years of age and at least ten (10) years service with SVSU or

• At least sixty two (62) years of age and at least five (5) years of service with SVSU.

If you retire prior to age 59 ½, begin withdrawing funds from your TIAA-CREF retirement account and return back to work prior to age 59 ½, there may be adverse consequences under the terms of SVSU’s plan.

Minimum Distribution Rules apply at age 70 ½. For more information contact TIAA-CREF 1-800-842-2776.

Support Staff and Administrative Professional

•  Participants may retire at the end of the academic year in which they attain age 55 (30.600).

If you retire prior to age 59 ½, begin withdrawing funds from your TIAA-CREF retirement account and return back to work prior to age 59 ½, there may be adverse consequences under the terms of SVSU’s plan.

Minimum Distribution Rules apply at age 70 ½. For more information contact TIAA-CREF 1-800-842-2776.

DO I NEED TO SIGN UP FOR MEDICARE PART A & B?

• Employees who are actively working when they reach age 65 should sign up for Part A (no cost to the member). You do not need to enroll in Part B (monthly cost to the member) until you are ready to retire. Enroll three months in advance of your retirement effective date.

• When you retire, Medicare A & B will become your primary coverage.

• If you are not age 65 when you retire, you will need to sign up for coverage three months in advance of turning age 65 to avoid any penalties.

Center for Medicare Services                       

1-800-Medicare

Social Security Administration

1-800-772-1213

www.socialsecurity.gov

SVSU RETIREE HEALTH, DENTAL AND VISION PLANS

Employees who are eligible to retire can participate in these plans:

PRE-65 Health Insurance Plans

•  Blue Cross Blue Shield PPO3 Plan 15-50-50 Rx (291kB) -  refer to summary for plan details

•  Blue Cross Blue Shield Community Blue 15-20.pdf (223kB)- refer to summary for details

POST-65 Health Insurance Plan

• BCBS Medicare Advantage Plan (820kB)

SVSU Retiree Dental and Vision Plan

•  BCBS Vision Plan Summary (772kB)

•  BCBS Dental Plan Summary (884kB)

RATES – Retiree Rate for Health, Dental and Vision (12kB)

WHAT IS THE PROCESS TO NOTIFY SVSU OF MY RETIREMENT?

• Submit letter of retirement to your Dean/Supervisor and HR
• Contact the Benefits Manager at ext. 7100 to review benefit options
• Prior to your last day of retirement, you will be scheduled for an exit interview with the Benefits Manager.
• A Supervisor Checklist will be issued to the Dean/Supervisor to review with the employee prior to the last day of employment.

 WHAT WILL BE COVERED AT THE EXIT INTERVIEW?

• Benefits end date - Medical, Dental and Vision benefits will end the last day of the month following your last day of employment.
• A Voluntary Exit Survey will be provided prior to the exit interview via email
• Attendance record for AP Staff is provided to HR for processing
• Staff ID card is collected and the retiree can obtain a new retiree ID card from the Campus Financial Services Department (this can be used at the Ryder Center and the Library)
• All keys belonging to SVSU need to be returned to Campus Facilities  (South Campus)
• Procurement Card must be returned to the Controller’s Office

 If you have any questions, please contact the Human Resources Office at ext. 7100 or 4108