Preparing for Retirement

Notify your campus, college, or administrative unit of your intent to retire. Typically, you'll submit a written notice to your immediate supervisor and unit human resources representative. Some job classifications require a two-week notice to be eligible for vacation payout.

You do not need to include the Office of Human Resources (OHR) in this notification; OHR only needs you to submit a Request for Continuation of Coverage form if you are continuing dental or non-Medicare-eligible medical insurance coverage through the University.

Medical and dental coverage are independent of one another; you could elect to continue coverage in one or the other, or both. The University does not subsidize medical and dental insurance for retirees. You can refer to the Retiree Benefits Guide for premium costs.

As a retiree, you have the option to continue your dental insurance coverage through the University of Minnesota indefinitely, as long as you meet eligibility requirements and pay your premium.

Medical coverage is offered through the University up until a covered participant reaches Medicare eligibility at age 65. Medicare-eligible medical plans are offered through the University’s partnership with Via Benefits.

Choose the right medical plan based on your Medicare eligibility:

• If neither you nor your spouse are Medicare eligible, you both must enroll in the same plan.
• If one of you is eligible for Medicare and the other is not, you must select plans appropriate for your Medicare eligibility. One of you can continue on the University group plans for non-Medicare-eligible individuals, and the other can work with Via Benefits to select a Medicare-eligible plan that fits your needs. More information is below.

Retirees and dependents under age 65 and disabled participants without Medicare coverage are able to choose from the same plans that are available to active employees. Participants who are eligible for Medicare are not eligible to enroll in these plans.

To be eligible to continue coverage through the University, you must meet one of the following qualifications:

• be age 50 to 54 with 15 years of service
• be age 55 or older with five years of service
• have 30 years of service regardless of age

If you want to elect continued coverage, submit a Request for Continuation of Coverage form to OHR up to two months before retirement and no later than 30 days after your last day of work. No additional enrollment paperwork is required.

• Retirees or spouses enrolled in these plans can still participate in the Wellbeing Program to earn reduced premiums.
• Billing is monthly by Medica.
• Any dependent who has coverage on your last day of work can also continue to be covered, but retirement is not a qualifying event to add dependents.
• At the time of retirement, you may select a different medical plan (for example, from ACO to Elect/Essential). Contact the medical vendor for impacts of switching plans on annual deductible or annual plan maximums.
• You can continue using your existing Medica ID card. You will only receive a new ID card if you change plans or your demographic information changes.

The University has partnered with Via Benefits to offer a wide range of coverage options for Medicare-eligible participants. By working with Via Benefits, you have access to Medicare-certified benefit advisors who will help you shop for and enroll in medical insurance including Medicare Advantage and supplement plans (Medigap). The advisors will help you find plans that best fit your budget concerns, current prescriptions, and any preferred physicians or providers.

Contact Via Benefits at 1-833-858-4544 or visit my.viabenefits.com/UofM to review your options.

Note: Medicare Part A and Part B need to be in effect on the same date, or prior, to your Advantage or Medigap policy's effective date. You can enroll in an Advantage or Medigap policy before you have received confirmation of your Medicare Part A and Part B enrollment.

• Enroll in Medicare up to three months before the requested effective date.
• Enroll online at ssa.gov or contact the Social Security Administration (SSA) at 800-772-1213 for individual questions or to make an appointment with an SSA representative.
• If it has been more than three months since you and/or your dependent spouse turned 65, make sure you and/or your spouse complete Medicare’s Request for Employment Information form (L-564). Fill out Section A and send it to [email protected] along with a note indicating the date you will be retiring. This is to avoid being penalized for delayed enrollment in Medicare Part B. OHR will complete Section B and return the form to you. You will then submit that form to Medicare along with your Medicare Part B enrollment.

Note: If you (or your spouse) have participated in a Health Savings Account (HSA), contact a tax professional to review enrollment timing for Medicare Part A.

You can go to the Aging Pathways site or call 800-333-2433 for help navigating Medicare decisions and for information about Medicare plans available outside the University.

You can choose from the same plans that are available to active employees, even if you are Medicare eligible and no longer on the University’s group medical plan.

To be eligible to continue coverage through the University, you must meet one of the following qualifications:

• be age 50 to 54 with 15 years of service
• be age 55 or older with five years of service
• have 30 years of service regardless of age

If you want to elect continued coverage, submit a Request for Continuation of Coverage form to OHR up to two months before retirement and no later than 30 days after your last day of work. No additional enrollment paperwork is required.

• Billing is quarterly by Delta Dental, so you may not receive your first bill for several months. The earliest the University notifies Delta Dental of your enrollment in retiree coverage is the last week of the month in which your coverage ends.
• Any dependent who has coverage on your last day of work can also continue to be covered, but retirement is not a qualifying event to add dependents.
• At the time of retirement, you may select a different dental plan. Contact the dental plan vendor for impacts of switching plans.
• You can continue using your existing Delta Dental ID card.
• You will only receive a new ID card if you change plans or your demographic information changes.

All eligible retirees will receive a COBRA notice from Benefit Resource (BRI) via U.S. mail after your benefits end. In order to continue group life insurance, a healthcare flexible spending account (FSA), and/or Employee Assistance Program (EAP) benefits for up to 18 months, follow instructions provided on the notice. The notice will also include information about continuing medical and dental benefits; however, if you are enrolling in University retiree medical and dental benefits, do not elect those benefits through COBRA. For more information regarding COBRA, see the COBRA Continuation of Coverage page.

• Contact MSRS to discuss your retirement plan and any impacts on your pension.
• Submit MSRS’s Application for Retirement Benefit and optional Direct Deposit form no sooner than 60 days before your final date of work.
  • Provide a copy of a birth record (example: birth certificate or passport) for the employee and survivor if applicable. For a survivor option, MSRS also requires a copy of a marriage certificate.
  • Submit completed forms and required documentation directly to MSRS.

Contact your plan administrator regarding your distribution options. Retirees can continue to use the University retirement accounts; it is not required to transfer to another account.

Keep your account contact information up to date to make sure you continue to receive communications after you retire.

If you have money in the General Account Limited (GAL) fund, be aware of the withdrawal restrictions (note: you’ll need to log in to your NetBenefits account to view).

• For vacation payout and technology access information, visit the Leaving the UMN page.
• Before you retire, consider scheduling a free meeting with a coach through the Employee Assistance Program (EAP) to discuss your upcoming life change. The EAP also offers help with topics such as writing wills and finding eldercare.
• Prior to retirement, you can schedule a free appointment with a Fidelity financial consultant, regardless of if you have an account.
• As you're preparing for retirement, make sure to update your contact information with benefits vendors and with other accounts that may be tied to your University email address. See this blog post on which benefits vendors may require account updates for more information.
• University vendor Securian offers free legacy planning resources.

• Keep your contact information up-to-date with the University. Changes or updates can be made by contacting the OHR Contact Center.
• Osher Lifelong Learning Institute (OLLI) and UMD University for Seniors offer noncredit courses, interest groups, travel, and events for adult learners.
• Discounts are available at the same rates offered to current University of Minnesota employees for recreation facilities, athletic events, performances, and exhibitions.
• Minnesota residents who are aged 62 or older may enroll in courses at the University for reduced costs, either to audit or earn college credit.
• University of Minnesota Retirees Association (UMRA) is an independent organization that advocates for University retiree interests and offers regular events to its members for social connection and intellectual stimulation.