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 (MSRS)

  • 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 on the MSRS website under Forms & Documents - Pension Plans.

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

  • Contact Employee Benefits at 612-624-8647 or 800-756-2363 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 to be reimbursed for eligible expenses incurred after you retire.

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 for 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.