Planning My State Retirement

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Planning for retirement today will help you meet your retirement goals for tomorrow. Whether your retirement is years away or just around the corner, it's never too early, or too late, to start planning and saving for your retirement.  

Are You Eligible to Retire from UB?

To be eligible for retirement from the University at Buffalo, New York State appointed employees must meet eligibility requirements for the New York State Health Insurance Program (NYSHIP) retiree health insurance. To qualify for NYSHIP retiree health insurance, you must meet the all of the following criteria at the time of your separation:

  • You must have at least 10 years of cumulative service in a NYSHIP benefits-eligible appointment with a NYSHIP participating employer or agency (if you were last hired after April 1, 1975).
  • You must qualify for retirement as a member of a retirement system administered by New York State. If you are not a member of a publicly administered retirement system or you are enrolled in the SUNY Optional Retirement Program (ORP) you must:
    • Meet the age requirement for pension eligibility in the New York State and Local Retirement System retirement tier in effect when you last entered service or
    • Be qualified to recieve Social Security Disability payments
  • You must be enrolled in a NYSHIP plan as an enrollee or dependent at the time of your retirement.

Review the NYSHIP Planning for Retirement Booklet for full information regarding qualification requirements.

Get An Overview

If you are contemplating whether or when you're going to retire, find out about retiring from UB. Get all the information you need to make important decisions. Find out what will fulfill your goals.

UB offers a monthly Planning for Retirement Information Session in addition to an on-demand online version (below). If you have attended or viewed the session and find you still have questions, please contact Human Resources regarding the information you are seeking. Questions can be answered via email or phone.

Understand Retirement Costs, Income and Procedures

Complete all the actions items in retirement task list before starting your countdown to retirement.

Learn about these costs and procedures before you make a final retirement decision.

Retirement Costs

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The cost of health insurance premiums is a monthly budget item in retirement.
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Find out what Medicare premiums will be reimbursed to you.
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COBRA can provide continued dental or vision benefits for a period after you retire. Plan for this cost and further insurance.

Retirement Income

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Only your retirement plan provider can estimate your retirement income.
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As a New York State retiree, you may be eligible for survivor benefits.

Filing For Retirement

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Prior to retirement complete your retiree health insurance applications.
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Complete your retirement application forms

Countdown to Retirement

About two to six months before your expected retirement date, when you have completed all the action items in Understanding Costs, Income and Procedures, begin the countdown to your retirement.

1. Attend/View UB's Retirement Planning Class (Again)

You may wish to watch or attend the Retirement Planning Class again. This is optional.

2. Choose an Exact Beginning of Business Date to Retire

Your retirement date is the day after your last day at work or on the payroll. Your retirement date may be a weekend date.

Plan Your Retirement Date

If You Plan To ... Then Your Retirement Date Is ...
Work until your date of retirement The day after your last day at work
Use accrued time between your last day of work and your date of retirement The day after the last day you used accrued time and are on the payroll (even if it's a fraction of a day)

Get approval from your supervisor to use accrued time BEFORE you compute your retirement date

Include holidays that occur while you are still on payroll and are before your retirement date.

Example
November 2021
Sun Mon Tues Wed Thur Fri Sat
21 22 23 24 25 26 27
28 29 30        
December 2021
      1 2 3 4
5 6 7 8 9 10 11

1. I want my last day of work to be Wednesday, 11/24/2021

2. I have a balance of 6.25 vacation days  

  • My last day on payroll could be Friday, 12/3 (6.25 days later)
  • But I notice that Thanksgiving is 11/25, so I add another day on payroll
  • Now my last day on payroll is Monday, 12/6/2021

3. My retirement date (my first day of retirement) is Tuesday, 12/7/2021

3. Submit a Notice To Retire

Your retirement letter must include the following language:

  • You are submitting your irrevocable resignation for purposes of retirement.
  • Your retirement date specified as a beginning of business date.
  • Your last day at work or on the payroll.

You must submit the letter to both:

  • Your Department
  • Human Resources

Keep a copy for your records.

Your notice is considered a final committment to retire and cannot be rescinded.

4. File Paperwork Directly with Your Retirement System

Any forms required to collect your retirement benefit should be directly filed with your retirement system.

5. Contact Human Resources to Complete Final Benefits Paperwork

You Must Submit Your Letter of Retirement

Individuals will not be be provided with necessary benefits paperwork until your letter is filed with your department and HR.

It is recommended you submit your letter more than 30 days prior to your date of retirement.

What You Can Expect

Human Resources offers voluntary group sessions or a virtual process for the completion of final benefits paperwork. A review of benefits with a focus on retiree health insurance will be provided with either option.

  • Group sessions are generally held once per month and usually last approximately one hour.
  • You will be scheduled based upon availability of a group session at the time of your letter submission.
  • If you are unable to attend for any reason or do not wish to come, you may opt to review a comprehensive online session with paperwork sent directly to you.

Any forms required to collect your pension should be directly filed with your retirement system and will not be handled by Human Resources.

If you attend a group session, bring:

  • Your photo ID
  • Your health insurance ID
  • Beneficiary information to include address, birth date and Social Security number for the Survivor's Benefit Program

Necessary forms will be provided to you.

Contact an Expert

avatar.

UB HR Benefits

State Benefit Services

Phone: 716-645-7777

Email: ub-hr-benefits@buffalo.edu