University of Minnesota
Office of Human Resources
http://www.umn.edu/ohr
612-625-2016

Retirement Planning Guide

If you are enrolled in the Minnesota State Retirement System

  • Schedule a pre-retirement appointment with a Benefits Counselor six to twelve months before your retirement date.
  • Submit a certified copy of your birth certificate or passport to MSRS as proof of your date of birth. You can do this as early as age 54.
  • Complete MSRS paperwork one to three months prior to retirement date to set up your income choices. Forms are available at www.msrs.state.us under Online Forms.

If you are enrolled the Faculty Retirement, Optional Retirement, or 457 Deferred Compensation Plans

  • Schedule a pre-retirement appointment with a Benefits Counselor six to twelve months before your retirement date.
  • Complete paperwork one to three months prior to your retirement date to select income options, or defer your income to a later date.

Medical, Dental, and Life Insurance

  • To continue group coverage, complete paperwork one to three months prior to your retirement date.

Health Care Flexible Spending Account

  • Call Employee Benefits at 612-624-9090 or 800-756-2363, press 3, at least one month prior to your retirement date if you wish to have deductions taken on a pre-tax basis from your last regular paycheck in order to be reimbursed for eligible expenses incurred after you retire.

Long-term Care Coverage Insurance

  • Contact John Hancock at 1-800-968-6555 to continue long-term care coverage and to arrange for direct billing. For more information, visit the John Hancock Web site (username: "uplanltc"; password "mybenefit").
  • If you continued your long-term care coverage with CNA, contact  customer service at 1-866-308-0253 to arrange for direct billing.

Direct Deposit

  • Complete the paperwork to have retirement and Social Security benefits deposited directly into your bank account.

Payroll

  • Check with your department payroll person to determine the date of your last paycheck.
  • You will have access to your online pay statement history at least one year after you leave the University.

Parking Contract

  • If you have a parking contract, notify Parking and Transportation Services (612-273-7275) that you plan to cancel your contract at least two weeks prior to leaving the University.

Social Security

  • Contact Social Security at age 65 and then three months prior to retirement date.
  • Complete the paperwork to apply for benefits and set up withholding, if desired.
  • Contact your local Social Security office or call 1-800-772-1213.
  • Refer to www.ssa.gov for additional information.

Medicare Parts A and B

  • Contact Social Security at age 65 and then three months prior to your retirement date.
  • Complete paperwork to apply for coverage.
  • Contact your local Social Security office or call 1-800-772-1213.
  • Refer to www.medicare.gov for additional information.

Tax Planning

  • Discuss your plan with your tax advisor prior to retirement.
  • Have taxes withheld from MSRS and Voluntary retirement plans benefits.
  • Have taxes withheld from other income sources or pay quarterly estimated taxes.

Estate Planning

  • Review your will, trusts, beneficiaries, etc.