RETIREMENT PLANNING
Whether you are a new employee, or one on the brink of retiring,
retirement
choices have important consequences for everyone.
See also:
"Are you considering
early retirement?"
"Retirement &
Savings"
If you are more than 10 years away from retirement ...
- ... participate in the Tax-Sheltered Annuity program. See our
online
resources for retirement and investing for advice in getting started.
- ... attend a pre-retirement planning course for your career stage. Contact
Cedric Steine at
785-6497 to register for the next available session.
If you are within 10 years of retirement...
- ... visit the Department
of Employee Trust Funds online retirement calculator to explore how
different ages and years of service will impact your annuity.
- ...attend a pre-retirement planning course for your career stage. Contact
Cedric Steine at 785-6497 to register for the next available session.
- ...roughly calculate your sick-leave conversion account by multiplying your
hourly rate by your sick leave balance. Then add any supplemental sick
leave hours based on your continuous years of service. You must have at
least 15 years of continuous service to qualify for the enhanced sick-leave
program. For more information about the Accumulated
Sick Leave Credit Conversion Program, consult the ETF web site.
Sick-Leave Account Estimator (You must have Microsoft Excel to use this
spreadsheet program.)
If you are within one year of retirement...
- Do you have previous Wisconsin Retirement System service that you
forfeited (by taking a separation benefit) or classified qualifying service
(six-month probationary period which wasn't covered under the WRS if you
started employment with the State of Wisconsin prior to 1/1/1973)? Submit a
Benefit Request Form to determine how much it will cost to purchase this
service and whether or not it benefits your annuity.
- Do you have military service performed before 1974? Be prepared to provide
a copy of your military discharge papers (DD-214) to ETF. If you cannot
locate your military discharge papers, your County Veterans Service Officer
may be able to assist you in getting a copy. You may also be able to obtain
a copy from the Wisconsin Department of Veterans Affairs, 608-266-1311.
- Contact the Social Security Administration
for official estimates of your monthly benefit based on your anticipated
retirement date. Local phone: (608) 784-5605 or toll-free number:
800-772-1213.
- Complete a Benefit Request Form to obtain official retirement annuity
estimates from the Department of Employee Trust Funds. Ideally, do this at
least six months prior to your anticipated retirement date to ensure
adequate time for the retirement process.
- Submit a letter of resignation.
Faculty & academic staff
employees: Send the original to the Provost, and courtesy copies to your
division head and department chair/head.
Classified employees: Send the
original to Human Resources and a courtesy copy to your direct supervisor.
- Contact Cedric Steine in Human Resources when you receive your official
retirement packet from ETF. It will be sent to your home address. Make an
appointment to arrange your final retirement counseling appointment. You are
encouraged to invite your spouse to attend this meeting as well. Your
retirement paperwork should be sent to ETF within 90 days of your retirement
date.
In advance of your counseling
meeting, prepare the following paperwork to bring to the appointment:
* Complete the Direct Deposit authorization portion of the retirement
estimate form.
* Complete the Beneficiary Designation form. Do not tear the pink and white
copies apart. ETF will do this and send you the pink portion of the form
once the designation is official.
- Your finalized sick-leave conversion account cannot be established until
after your retirement date. Submit your final leave report/time sheet as
timely as possible. This will allow Human Resources to meet the 30-day
requirement to process your sick-leave conversion.
- If you have provided the appropriate lead time for the retirement process,
you will receive your first annuity payment within six weeks of your
retirement date, retroactive to the day you retired. As an official retired
annuitant, your contact regarding monthly payments and benefits in
retirement becomes the Department of Employee Trust Funds. You can contact
ETF toll free at 877-533-5020.
- When you reach age 62, contact Social
Security three months prior to your birthday to apply for benefits.
Contact the Social Security Administration in La Crosse at 784-5605
for more information.
- If you are retired when you reach age 65, you must apply for Medicare
benefits. You are required to carry Medicare Parts A & B in order
to continue coverage with the State Group Health. Your policy becomes a
Medicare supplement, though your overall coverage doesn't change. Contact Medicare
toll free at 800-633-4227 for more information.
Information for retirees...