Retirement Overview
Meeting with Human Resources
Approximately three months prior to an employee’s retirement date, a meeting will be scheduled to discuss the retirement in more detail. One month is the earliest an employee can complete the retiree continuation of insurance forms. At that meeting employees will be given information about options for continuation of insurance coverage along with the form(s) for electing to continue or end coverage. In the meantime, additional retiree benefit information can be accessed on the MMB website or you can find information directly on SEGIP: https://mn.gov/mmb/segip/retirement/. The employee will also be given estimates of severance pay as specified in the appropriate bargaining unit contract, and information about the Health Care Savings Plan (HCSP) that the majority of those payments usually go into. Please keep in mind that the current bargaining unit contract in effect at the date of retirement will dictate payoff eligibility related to severance, as well as any other benefits employees are entitled to receive.
Submitting Your Retirement Notice
Refer to the appropriate bargaining unit contract or personnel plan for information about deadlines for submitting a letter of retirement. The IFO and MSUAASF contracts have specific deadlines related to eligibility for early notice and early separation incentive eligibility.
IFO Pay Disbursement Schedules Change in Final Year
Pay disbursement schedules will be changed from a 12 month pay plan to a 9 month pay plan in the final year of employment for most IFO employees who are retiring or resigning at the end of the academic year. This ensures that severance pay will be paid as soon as possible following the end of the academic year and that it will be applied to the budget in the same fiscal year as retirement. It also facilitates the timely submission and processing of retiree insurance applications.
Benefits
Benefits typically end the last day of the month in which an employee retires.
Regular Retiree
Benefits will be pre-paid via summer deposit, which occurs over the course of 2-3 paychecks in March or April of each year.
Phased or annuitant retiree: benefits will be billed directly to the employee by Minnesota Management and Budget.
Other considerations as you plan for retirement
Talk with your retirement plan administrator about your retirement account. It is important to understand the amount of your retirement account, the choices you have to make about disbursement of your funds, the application process and time frame, and any documentation they may need from you.
IRAP and/or SRP Retirement Plans
Visit the TIAA website: https://www.tiaa.org/public/, or contact them at 1-800-842-2252. Paul Fuller is a financial consultant with TIAA, and he visits campus on a regular basis. Please refer to the Fountain for dates/times of these events. The nearest local office is located at: 8000 Norman Center Drive, Suite 650 in Bloomington, in the Normandale Lake Office Park. TIAA Financial Services Minneapolis
TRA Retirement Plan
Visit the TRA website: https://minnesotatra.org/, or contact them at 1-800-657-3669. You can make an appointment to meet with someone at their Mankato office, located at the former Brett's Building, 11 Civic Center Plaza, Suite 150.
MSRS Retirement Plan
Visit the MSRS website: https://www.msrs.state.mn.us/, or contact them at 1-800-657-5757. You can make an appointment to meet with someone at their Mankato office, located at the former Brett's Building, 11 Civic Center Plaza, Suite 150. Mankato Office
Health Care Savings Plan
Talk with MSRS about the Health Care Savings Plan (HCSP), which is the account that most severance and vacation payouts go to. Visit their website: https://www.msrs.state.mn.us/about-hcsp, or call MSRS at 1-800-657-5757 for additional information. You can make an appointment to meet with someone at their Mankato office, located in the former Brett’s Building.
Other Retirement Plans
Contact any other retirement plans you may have, such as Tax Sheltered Annuities or retirement plans from previous employment.
Social Security
If you are planning to apply for Social Security benefits, please contact the Social Security Administration Office for information about your benefits, the application process, etc. Representatives are available to answer questions Monday – Friday from 7am–7pm by calling the toll-free phone number, 1-800-772-1213. Please be aware that an appointment at the local Mankato office has an average wait time of two months for appointments.
Medicare
If you are approaching age 65 or are over the age of 65, please call 1-800-633-4227 or visit the Medicare website: https://mn.gov/commerce/insurance/health/old/medicare.jsp, for information about applying for benefits.
Retirement Plans
A summary of the retirement plans available to the various bargaining units can be found here.
