This is the time to take action to implement decisions you have reached about benefit plan coverage during retirement.
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Meet with a UVA HR benefits counselor to review and make your benefit choices. It is critical to meet to discuss your options for continuing your healthcare and life insurance. You will need to complete the required paperwork for those benefits that you are eligible to continue after retirement. Enrollment in the Retiree Health Benefits Program is entirely your choice. You must make a decision to enroll for retiree coverage within 31 days of your retirement date or you will lose this option forever. All retirees who have worked at least 15 years are eligible for the VRS Retiree Health Credit so long as they are paying health premiums somewhere. The Retiree Health Credit is a monthly lump sum $4 credit for every year of benefitted service. If you are eligible, sign-up and complete form VRS-75, “Optional/Alternative Retirement Plan Health Insurance Credit Certification of Service.” To make an appointment to discuss retirement benefits, contact the HR Solution Center: 434-243-3344.
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Research the State’s Retiree Health Benefits Program either on the UVA HR site or at the state-level Department of Human Resource Management webpage. You also have the option to choose your health coverage through the Health Insurance Marketplace. You will also receive a COBRA letter to sign-up for healthcare for 18 months whether or not you sign-up for the State Retiree Health Plan. If you elect to be covered by the State Retiree Health Plan, you may ignore the COBRA letter.
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Meet with your ORP/403(b) vendor representative. You may request assistance from the representatives of your chosen provider via the following numbers: Fidelity: 1-800-343-0860 or TIAA: 1-800-842-2252 or ICMA: 1-877-327-5261. The purpose of this meeting should be to clarify any additional questions you may have about your accounts including current fund allocation, accumulated balances, and distribution options. Mainly, this meeting should establish what action steps you need to implement your distribution decisions. These will include what forms need to be completed and when they need to be received in order to assure a smooth transition to retirement.
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If retiring at age 62 or older, contact the local Social Security Administration Office and Medicare Office. If you haven’t discussed your options for when to take your Social Security Retirement Income, meet with a Social Security Administration representative. The Charlottesville area District Social Security Administration office is located at 1470 Pantops Mountain Place and can be reached by telephone at 1-800-772-1213. You can find booklets online as well as a local office locator at the Social Security Administration homepage. If you haven’t already done so, you are encouraged to create an account with “my Social Security.”
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If you are older than 65, you will need to meet with a representative of the Social Security Administration Office mentioned in the above paragraph to sign-up for Medicare Part B. You will also need to take with you Form CMS-L564, “Request for Employment Information” indicating the date of your retirement with the University. The Form CMS-L564 may be obtained from your UVA HR benefits counselor. You will not be allowed to sign-up for Medicare Part B without the Form CMS-L564. For assistance in completing these forms, faculty may schedule an appointment with a UVA HR benefits counselor by contacting the HR Solution Center: 434-243-3344.
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If you are or will be 65 or older, you should enroll in Medicare A and B effective as of the 1st day of the month following the date of your retirement. For assistance regarding Medicare, faculty may schedule an appointment with a UVA HR benefits counselor by contacting the HR Solution Center: 434-243-3344.
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Review your pay slip and arrange to cancel any reductions or deductions, such as credit union loans. Call appropriate offices. If you need assistance, contact the University Human Resources Payroll Office through the HR Solution Center (434-243-3344) or via email at askhr@virginia.edu.
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Make certain that your chair/dean and supervisor is aware of your retirement date so that all necessary arrangements can be made. This is also time to remind your chair/dean of any prior arrangements you have made about continuing responsibilities, space, and other duties if you expect to remain active in your department after retirement.
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Note that “re-employment,” even on a faculty wage basis, requires a 31-day break in service during a period the faculty member normally would have worked. For 9-month faculty, the 31 days begin August 25.
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Start reviewing the Faculty Departure Checklist. The checklist will assist you in making certain that you complete all the tasks you must complete prior to your retirement date. There are also a number of appendices to be completed if you answer affirmatively to any of the following questions:
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Do you serve as a Primary Investigator (PI) on a grant/contract?
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Do you maintain a research lab?
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Do you conduct human subject research?
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Do you intend to transfer equipment, data, or records?
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Do you serve as a Webmaster or Listserv owner?
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Have you disclosed inventions to the Patent Foundation or do you have pending/issued patents?
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Are you involved in patient care?
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Are you identified on a Technology Control Plan or participating in an export controlled project or activity?
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