Human Resources

10-15 Years Before Retirement

It is never too early to start to plan and anticipate your retirement.  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.


1. Begin to investigate and review retirement income from all sources.

If you are entitled to retirement income from employers or sources other than the Nevada System of Higher Education (NSHE), you should check those plans at this time. If you are a classified employee, or a Faculty member who had an active account with PERS at the time you were hired by the Nevada System of Higher Education, check your annual PERS statement to ensure you have been credited with all your eligible service credit.  The annual PERS statement is mailed out between February and May each year.  If you think all your eligible and/or allowed service credit has not been accounted for on your PERS statement, call PERS at (866) 473-7768 and speak to one of the Retirement Advisors.

If you are a Faculty employee, and a member of the Retirement Plan Alternative 401(a) Program, request an estimate of your retirement benefits from your investment carrier(s).  Their numbers can be found at the end of this guide under Helpful Telephone Numbers.


2. Establish or update a will.

Retirement specialists recommend that a will, living trust, estate planning, etc. are all established at an early age.  Check with your attorney and/or financial planner for specifics as to your individual situation.   Without a will, the matter of who will administer the estate can be the occasion for painful disputes and needless expense. If you do not have a will already established you are strongly advised to make one at this time.


3. Review and if necessary update your beneficiaries.

You should contact your retirement vendor(s) directly to see who is listed as your beneficiary. The beneficiaries that you designated when you first started with the Nevada System of Higher Education may need to be updated. You should contact the BCN Benefits Office at (775) 784-6844 to review beneficiaries for the Basic Life Insurance plan or Personal Accident Insurance plan. For the other life insurance policies contact the appropriate life insurance carrier.


4. Attend a Retirement Planning Workshop.

BCN Benefits sponsors various Retirement Planning Workshops throughout the year.  All staff and faculty are encouraged to attend, regardless of age.  Other seminars may be offered periodically concerning estate planning, taxes, wills and trusts or other retirement needs. All employees should be proactive in preparing for their retirement and blending employer sponsored plans with personal strategies.


5. Contact or make an appointment with a representative of your 401(a), 403(b) and/or 457 investment carrier(s).

Discuss your investment portfolio including the accounts you have, funds you selected, accumulated balances, projected totals at retirement and designated beneficiaries. Evaluate if you are contributing the maximum to your retirement plan and the advantages and disadvantages of changing the allocation of funds prior to retirement and after retirement. Discuss the options you have to withdraw accumulated retirement plan assets. Identify what forms need completion and how they are obtained.

Your investment carrier representative can provide specific information illustrating your projected retirement income and distribution options. This is a time to determine how much of your current income you will need for your living expenses in retirement and whether you need to accelerate your savings for retirement.

Financial counselors from your investment carrier(s) are available for individual counseling sessions on a monthly basis.  BCN Benefits sends out campus announcements notifying of these visits with information/instructions for scheduling an appointment.  This information can also be accessed from the HR Announcements page.


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