Planning for Retirement
If you are planning to retire from the University, there are several steps you should take to ensure that you receive all of the benefits to which you are entitled to in your retirement.
Benefits Office
The Benefits Upon Separation document found under Benefit Plan Documents (Benefits Office) assist employees who are terminating or retiring from the University. The document contains information explaining how Health and Welfare, Retirement, and Tuition benefits will be affected when a Faculty or Staff member leaves the University.
If you have any questions about how your benefits will be impacted as a result of leaving the University, you can e-mail benefits@uchicago.edu.
COBRA
COBRA gives you and your covered dependents the right to continue your medical, dental, vision insurance, and/or Health Care Flexible Spending Account participation if you lose your benefits under certain circumstances.
You have 60 days to elect COBRA, from the date you receive the continuation materials in the mail from WEX Health Inc., Once you receive the materials in the mail, complete the necessary paperwork and return it to WEX with your payment. Your COBRA coverage will take effect retroactive to the date your employee coverage ends once you have made payment to WEX.
Contact WEX Health Inc., at 866.451.3399 regarding questions about COBRA coverage after you have applied.
Please Note: Your University-provided employee coverage ends on the last day of the month you retire. If you started employment with the University prior to July 1, 1987 and you have not had a break in coverage, your coverage continues for an additional month after the end of the month you retire through COBRA.
If you're eligible for Medicare (age 65 and above), you will be penalized by Medicare if you choose COBRA rather than retiree health coverage for yourself as soon as you retire.
Flexible Spending Accounts (FSAs)
Healthcare and Limited Purpose Flexible Spending Account
Your participation in the Healthcare Flexible Spending Account will end on your termination date. If enrolled, you will have the option to continue your participation through COBRA. If you elect COBRA, you may not add more money to your FSA, but you will be able to spend the money that had been withheld from your paychecks through your last day worked. You will have until March 31 of the following year to submit claims for the current plan year to HealthEquity.
Dependent Care Flexible Spending Account
Your participation in the Dependent Care Flexible Spending Account will end on your termination date. Continued participation is not an option under this plan. You will have until June 30 of the following year to submit claims for the current plan year to HealthEquity.
HealthEquity (WageWorks) at 877.822.909.
Insurances
Long-Term Disability, Group Life Insurance and/or Personal Accident Insurance
Life, Personal Accidental Death Insurance and Long-Term Disability will end on your termination date. VOYA offers a portability option that will allow you to continue your Life and Disability Insurance Plans on an individual basis. If you are interested in continuing your coverage, please contact VOYA at 888.238.4840 within 31 days of your termination date. You will need to reference group number 723894 when calling.
Short-Term Disability
Your coverage ends on your last day of employment (or the date you retire).
Commuter Benefit
Qualified Transportation Program
Any scheduled recurring orders will be cancelled on your termination date. Continued participation is not an option under this plan. If you have unused funds in your account, you have 90 days from your termination date to use those funds. IRS regulations require that employees forfeit any unused funds remaining in their commuter benefit at the end of the 90-day period.
Retiree Medical Eligibility
The Retiree Medical Plan is available to University employees who were either:
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Employed prior to January 1, 2005 in a continuous benefits-eligible position and are at least age 55 when employment terminates, or
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Employed on or after January 1, 2005, are at least age 55 and have completed at least 10 years of continuous benefits-eligible service when employment terminates.
Medicare-eligible individuals must be enrolled in both Medicare Part A and Medicare Part B and not enrolled in Medicare Part D to be enrolled in the Retiree Medical Plan.
Retirement Benefits
You may choose to receive all or part of your benefit under the University’s retirement plans after your employment has ended.
Please Note: If you transfer from the University to the Hospitals, your employment will not be considered to have ended for this purpose.
You may elect to receive your benefit under the Contributory Retirement Plan (CRP), the defined contribution part of the Retirement Income Plan for Employees (ERIP) and the Supplemental Retirement Program (SRP) (collectively, these are the “defined contribution” plans) in any of the following forms:
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Tax-deferred rollover to an IRA or another employer’s retirement plan
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Lump-sum distribution
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Installment payments
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An annuity.
You may elect to receive your benefit under the defined benefit portion of ERIP in any of the following forms:
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Tax-deferred rollover to an IRA or another employer’s retirement plan
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Lump-sum distribution
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An annuity.
If you prefer, you may leave your retirement funds with TIAA until such time as you are ready to receive them.
You may choose to receive all or part of your benefit anytime after you leave the University. There is no deadline by which you must make your decision. You are not required to take a distribution from the defined contribution plans until April 1 of the calendar year following the calendar year in which you attain age 70½. You are not required to take a distribution from the defined benefit portion of ERIP until you attain age 65.
When you are ready to begin receiving payments under the defined contribution plans, you should contact TIAA at 800.842.2252 to obtain the requisite paperwork. TIAA representatives will provide you with detailed information regarding the alternative forms of payment available to you and the tax consequences of each form.
When you are ready to begin receiving payments under the defined benefit portion of ERIP, you should contact the Benefits Office at 773.702.9634.
Other Benefits
Child Care Referral, Educational Assistance, Elder Care Consultation and Referral, Staff and Faculty Assistance Program
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Your participation ends on your last day of work.
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Your accrued vacation is paid out with your last paycheck.