For your benefit: Retirement

I’m planning to retire. What steps should I take?

You must be 55 years of age to retire from the University and be able to continue your health insurance. Before that time, you are not actually retiring and you cannot continue coverage except through COBRA for up to 18 months.

It is a good idea to begin the process at least 3 months prior to termination.

There are three types of retirement:

Regular Retirement

• Contact TIAA-CREF, (800-842-2776) and/or IPERS (Iowa Public Employees Retirement System, 800-622-384) for retirement illustrations and forms.
  
  
• Make an appointment with the Benefits Office to review the options.
  
  
• Six weeks prior to your last day, make an appointment with the Benefits Office to complete paperwork for your retirement income; continuation of health, dental, vision, and hearing insurance; payment for unused sick leave, and paid-up life insurance (if applicable).

Early Retirement

• Must be 57 years old with 15 years of service. Currently authorized through June 30, 2002.
  
  
• At least three months prior to your retirement, contact the Benefits Office for an application, which requires departmental approval. Upon approval, a contract will be drafted.
  
  
• Six weeks prior to your last day, make an appointment with the Benefits Office to complete paperwork for retirement income (if you plan to begin receiving any); continuation of health, dental, vision, and hearing insurance; payment for unused sick leave; and paid-up life insurance.
  
  
• If you wish to begin receiving income from your retirement fund, contact TIAA-CREF and/or IPERS for retirement illustrations and forms two to three months prior to when you want the income to begin. Contact the Benefits Office if you wish to review the illustrations and for assistance in completing the forms.

Phased Retirement

• Faculty & P&S employees: Must be 57 years old with 15 years of service
  Merit employees: Must be 60 years old with 20 years of service. Currently authorized through June 30, 2002.
  
  
• Under this program, both you and your department must agree to a reduction in work time to not less than 50 percent and not more than 65 percent for the first four years. In the fifth year, work time is reduced to 50 percent. You must retire at the end of five years. Benefits during this time continue as if you were working full-time, with the exception of employee contributions to FICA and TIAA-CREF. You must meet with your department to work out arrangements.
  
  
• If you wish to begin income from your retirement fund to supplement your reduced salary, contact TIAA-CREF and/or IPERS for the appropriate forms approximately three months prior to the date you want your income to begin. Contact the Benefits Office if you wish to discuss options and for assistance in completing forms.

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