Preparing for Retirement

University benefits consultants recorded a webinar to help you navigate the retirement process. 

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Retirement Notification

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.

Retiree Insurance Benefits: General Information

Benefit Eligibility

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

Medical and Dental Insurance

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.

Medical Insurance

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.

Medicare-Eligible Plans

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.

Medicare Enrollment

  • 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.

Non-Medicare Eligible Plans

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.

Dental Insurance

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.

COBRA Life Insurance, Health Care Flexible Spending Account (FSA), and Employee Assistance Program (EAP)

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.

Retirement Savings Plans

Minnesota State Retirement System (MSRS)

  • 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.

Faculty Retirement Plan & Voluntary Retirement Plans

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).

Vacation, Technology Access, and Other Resources

Stay Connected to the University

  • 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.

FAQs

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If I’m planning on retiring in the next year, what should I consider during Open Enrollment in November?

Retirement is not a qualifying event to make certain benefit changes. If you’re planning to retire before the next Open Enrollment period, consider the following: 

  • Only dependents covered by University benefits on your last day of work are eligible to continue coverage once you retire.
    Review the Flexible Spending Account (FSA) impacts on the Leaving the U of M page.
  • Continuing Health Savings Account (HSA) contributions and Medicare Part A coverage may have tax implications. For more information, consult with Medicare and a tax professional.

Where do I get information about applying for Social Security and Medicare benefits?

Contact SSA directly for your individual account information:

What if I want to make changes to my benefits once I retire?

Participants in University retiree group insurance have an Open Enrollment period in November when they can switch between available plans. Changes take effect the following January 1. If you are changing to a different Medicare supplement plan vendor, you will need to cancel your current coverage by submitting a Request for Continuation of Coverage to OHR and notifying your current vendor.

Dependent coverage can only be added due to loss of group coverage, birth/adoption, or marriage. Adding dependent coverage is not an option at the time of retirement or during retiree Open Enrollment. Contact OHR at 612-624-8647, 800-756-2363, or
ohr@umn.edu to request an application that must be submitted within 30 days of the qualifying event. Documentation confirming the event will also be required.

If you are moving out of your plan’s service area, contact OHR and your medical plan vendor before relocating your primary residence, as this may require a change in your benefit plan.

What if I am retiring and my spouse is still an active University employee?

If your spouse continues to work for the University in a benefits-eligible position, they can add you as a dependent to their medical and dental insurance. This will enable you to enroll in University retiree benefits when your spouse retires. Additionally, Medicare allows delayed enrollment in Medicare Part B if you are covered by qualifying group medical insurance.

If you have additional life insurance, your spouse may convert it to spousal life insurance under their benefits.

Your spouse must add you as a dependent no later than 30 days after your benefits end. For help, please email benefits@umn.edu or call 612-624-8647 or 800-756-2363 and select option 1. 

What if I retire and then come back to the University in a full- or part-time role?

If you come back to the University in a full- or part-time role, make an appointment with a retiree benefits consultant to discuss the following benefits before you return:

  • Medical, dental, and life insurance benefits
  • Break in service requirements
  • FTE (full-time equivalency) limitations

Call 612-624-8647 or 800-756-2363 and select option 1 or email ohradmin@umn.edu to schedule an appointment.

You should also reach out to your benefits providers to discuss implications: