Planning for Retirement Checklist
This document provides a detailed checklist for retirement planning.
4 Years Prior to Retirement
- ✓Elect to have a personal consultation with SURS ONCE every 12 months
- Call 378-8800 or 1-800-ASK-SURS
- OR use on-line form at www.SURS.org
- ✓ Contact local Social Security Office to determine Medicare eligibility
- ✓ Apply using the online application
- ✓ Access the SURS Benefits Estimator to calculate retirement annuity
- ✓ Consider enrolling in or changing contributions to a 403(b) or 457 supplemental retirement plan
- ✓ Review personal and UI-administered life insurance coverage and change if needed
- Benefits Choice period or
- Qualifying Event period only
- ✓ Verify beneficiary designations are correct for:
- Minnesota Life (State Life)
- SURS
- Fidelity
- TIAA-CREF
- 457 Deferred Compensation Plan
- ING/ReliaStar (University Life)
- The Hartford Accidental Death & Dismemberment (AD&D-University Plan)
- ✓ Contact SURS to determine service credit and eligibility for retirement.
- ✓ Contact local Social Security Office to determine Medicare eligibility if nearing age 65 and have not already done so
- ✓ Determine your accumulated vacation and sick leave balances
- Civil Service Employees – biweekly earnings statement
- Academic Employees – August balances on October & November earnings statements; contact your HR Unit for current balances
- ✓ Traditional and Portable Plan Participants
- If General Formula is your most favorable annuity calculation
- Decide if you want to waive part or all of any cumulative and/or compensable sick leave for additional service credit
- Maximum of one year additional service credit
- Waiver form can be found at: Sick Leave Waiver Form
- ✓ Complete and file application to retire with SURS
- Mail or deliver in person
- Current salary
- Future expected salary increases – keep in mind anniversary date increases for Civil Service employees if any
- Sick leave and vacation balances
- A copy of your birth certificate
- If married, a copy of your spouse’s birth certificate and a copy of your marriage certificate
- ✓ If you have time with another public retirement system in the State of Illinois, you should contact that system(s) for an application.
- ✓ Give your unit a retirement letter indicating your last day of work (email or paper)
At Least 60 Days Prior to Retirement
- ✓ Terminal Benefit Payout (TBP) of accrued vacation and/or compensable sick leave:
- Contribute to the 403(b) Plan and/or 457 Deferred Compensation Plan
- Contact University Payroll and Benefits for paper form.
- Henry Administration Building, 1st floor (505 S. Wright, Urbana)
- CANNOT be completed in My UI Info
- Must have at least 60 days to process, especially if you don’t already have a 403b or 457 account.
- Fidelity Investments: 800-343-0860
- TIAA-CREF: 800-842-2252
- Deferred Compensation: 800-442-1300
- ✓ University AD&D (The Hartford) Coverage:
- Elect a one-year extension and arrange for payroll deduction before retirement.
- ✓ Medical Care Assistance Program (MCAP) COBRA if you wish to maximize available dollars.
- Charges must be incurred pre-retirement.
- Complete the MCAP COBRA election form and arrange for a pre-tax payroll deduction before retirement.
60 Days Prior to Retirement
- ✓ Optional State Life Insurance (Minnesota Life):
- Elect additional employee or dependent optional life insurance.
- Requires underwriting approval.
- Employee Optional Life Insurance Portability Election
- Employee Basic and Optional Life Insurance Conversion Election
- ✓ University Life Insurance (Voya):
- Automatically billed to home address.
- Contact UPB to terminate coverage.
Medicare (60 Days Prior to Retirement)
- ✓ If age 65 or older and Medicare eligible
- ✓ Contact your local Social Security office for the Medicare Employer Verification Form, (form cannot be accessed on-line)
- ✓ Verifies that Medicare Part B enrollment was delayed when first eligible because employer group insurance was in effect.
- ✓ Failure to complete this form could result in a penalty for delaying Medicare Part B coverage
- Submit form to University Payroll and Benefits for completion.
30 Days to Retirement
- ✓ Report to your unit your final vacation/sick leave usage (faculty and academic professional – for Civil Service it is captured through time reporting)
- ✓ Complete waiver form if you decided to waive any of your cumulative and/or compensable sick leave for additional service credit.
Before you leave...
- ✓ Complete the exit checklist and procedures with unit (keys, computers, etc.)
- ✓ Update your mailing address.
- Update via My UI Info up to 3 months after retirement.
- After 3 months after retirement but before January of the year following your retirement, contact Payroll at payinq@uillinois.edu for an address change form.
- ✓ Go to ID center (First Floor, Illini Union Bookstore) for your retirement ID.
Last Modified: February 19, 2024