Meeting with Human Resources:
Approximately 6-8 weeks prior to an employee’s retirement date, a meeting will be scheduled to discuss the retirement in more detail. Two months is the earliest an employee can complete the retiree 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. 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.
NOTE for IFO employees only: If the retirement date coincides with the end of spring semester, benefits typically extend through the end of August.
Benefits typically end the last day of the month in which an employee retires.
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 or contact them at 800-682-8969. Paul Fuller is a financial consultant with TIAA, and he visits campus on a regular basis. Please refer to the HR website for dates/times, or watch your email for communication from our Benefits Specialist. The nearest local office is located at: 8000 Norman Center Drive, Suite 650 in Bloomington, in the Normandale Lake Office Park.
TRA retirement plan:
Visit the TRA website or contact them at 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. Note: The entrance to TRA is on the north side of Brett's Building. There is no access from the mall.
MSRS retirement plan:Visit the MSRS website or contact them at 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.
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. Call MSRS at 800-657-5757 or visit their website 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.
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 7 a.m. – 7 p.m. 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.
If you are approaching age 65 or are over the age of 65, please call 1-800-633-4227 or visit the Medicare website for information about applying for benefits.
A summary of the retirement plans available to the various bargaining units can be found here.