HR/Benefits/Retirement Planning Guide
Retirement Planning Guide
This guide has been prepared by BCN Benefits to assist you in planning for retirement.
Our goal is to provide you with a summary of useful information as you begin to plan for retirement.
It is never too early to start to plan and anticipate your retirement (age 25 is not too early!). Start your education process early and maximize your opportunities to save. Become familiar with the features of your mandatory plan and the options that are available to you in the voluntary plans. Review your plan about every 5 years to
ensure you are on track.
Timeline to Retirement
- 10 – 15 Years Prior to Retirement
- One year before your projected retirement date (Faculty Only)
- About 60 – 90 days prior to your determined retirement date
Benefits
- Eligibility for Retiree Health Insurance
- Health Insurance
- Medical Plan Choices
- Health Insurance Premiums
- COBRA
- Retiring at 65 or Older
- Retiring Out-of-State or Internationally
- Continuation of Supplemental Insurances
Unused Vacation and/or Sick Time
Income Sources
- Public Employees Retirement System
- Faculty Retirement Plan Alternative (RPA);
- Voluntary Retirement Programs - Tax Sheltered Annuity 403(b) and Deferred Compensation 457 Program
- Other Considerations: Minimum Distribution Laws
Social Security
Medicare
Helpful Telephone Numbers
DISCLAIMER: This Guide is offered for assistance and information only and is not intended to nor shall it be construed as offering investment advice. Additionally the information contained herein is not intended to be all inclusive. Because policies and retirement benefits, as well as campus practices, are subject to change, each reader must take personal responsibility for verifying the accuracy and timeliness of information contained herein before acting upon it.