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. 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 insurance coverage through the University. Some job classifications require a two-week notice to be eligible for vacation payout.

To be eligible to continue coverage as a retiree 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

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

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.

• If you choose to not continue coverage in the University retiree group, you cannot return at a future date.
• Medical and dental coverage are independent of one another; a retiree could elect to continue coverage in one or the other, or both.
• 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. Dependent coverage can only be added due to loss of group coverage, birth/adoption, or marriage.
• The University does not subsidize medical and dental insurance for retirees.
• At the time of retirement, you may select a different medical or dental plan (for example, from ACO to Elect/Essential); contact the medical or dental plan vendor for impacts of switching plans on annual deductible or annual plan maximums.
• Retirees have an Open Enrollment period in November when they can switch between plans, but adding dependent coverage is not an option during Open Enrollment.

Choose the right plan based upon 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.
• If you and your spouse are both eligible for Medicare, you must enroll with the same insurance company; however, one of you may enroll in Plan 1 and the other in Plan 2.

Note: These plans require enrollment in Medicare. See below for Medicare enrollment steps.

This applies to disabled participants with Medicare coverage or retirees and dependents age 65 and over. There are four insurance companies to choose from; each company offers a higher premium plan (Plan 1) and a lower premium plan (Plan 2). The higher premium plans generally have lower copays, lower coinsurance, and more extensive prescription drug coverage. Supplement plan premiums are in addition to Medicare part A or B premiums.

Refer to the Retiree Benefits Guide for plan comparisons and premium costs.

• You can research plan specifics (like provider networks, travel coverage, and prescription formulary tiers) by visiting the insurance company websites or calling the insurance company directly; their contact information is listed in the Retiree Benefits Guide.
• After submitting the Request for Continuation of Coverage form, each individual enrollee must complete an additional enrollment step with the insurance company before coverage will become effective.
• Billing is monthly by the medical vendor.

• Enroll in Medicare up to 3 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 3 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 benefits@umn.edu 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 Senior Linkage Line site or call 800-333-2433 for help navigating Medicare decisions and for information about Medicare plans available outside the University.

These plans apply to disabled participants without Medicare coverage or retirees and dependents under age 65. Participants who are eligible for Medicare are not eligible to enroll in these plans. You can choose from the same plans that are available to active employees.

• Refer to the Retiree Benefits Guide for premium costs.
• Submit the Continuation of Coverage form to indicate your selection; no additional enrollment paperwork is required.
• 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.
• Retirees or spouses enrolled in these plans can still participate in the Wellbeing Program to earn reduced premiums.
• Billing is monthly by Medica.

You can choose from the same plans that are available to active employees. 

• Refer to the Retiree Benefits Guide for plan comparisons and premium costs.
• Submit the Continuation of Coverage form to indicate your selection; no additional enrollment paperwork is required.
• 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. Since they bill quarterly, you may not receive your first bill for several months.
• 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.
• Billing is quarterly by Delta Dental.

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 Health Care 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 U of M 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. 
• Fidelity offers free appointments with financial consultants for employees 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.