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, you must meet the criteria to continue health insurance as a retiree:
- You must have at least 10 years of cumulative service in a health insurance eligible position with a NYSHIP participating employer or agency (if hired after April 1, 1975).
- You must be qualified for retirement as a member of a retirement system administered by New York State.
- You must be enrolled in a NYSHIP plan as an enrollee or
dependent at the time of your retirement.
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.
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
Retirement Income
Filing For Retirement
Countdown to Retirement
About two 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 UB's Retirement Planning Class (Again)
Even if you have already attended this session, we recommend you attend again. You will get fresh information and may have new questions.
2. Make Certain You Have an Income Estimate From Your Plan Provider
UB cannot provide you with a retirement income estimate.
3. 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
4. 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.
- If you are using accrued time, the dates that you plan to use the time based on the approval of your supervisor.
Send or give the letter to your department and to Human Resources:
Human Resources
120
Crofts Hall
North Campus
Keep a copy for your records.
Your notice is considered a final committment to retire and cannot be rescinded.
5. Schedule an Individual Consultation to Finalize Retirement Plans
What You Can Expect From Your Consultation
You will finalize all necessary forms in this session. Be ready to make decisions regarding health insurance and your pension (if applicable).
Bring To Your Consultation
- Your photo ID and your health insurance ID
- Forms and documentation to file for your retirement and/or retiree health insurance
- If you have already filed forms with your retirement system,
bring copies
UB Retirement Experts are Notary Publics
Bring unsigned documents with you. They will be notarized duing the consultation.
Receive During Your Consultation
- An overview of your benefits
- Actions you need to take
- A timeline of what happens to your benefits
Contact an Expert
Lissa Jasinowski
Retirement Administrator
State Benefit Services
Phone: (716) 645-4488
Email: lmt22@buffalo.edu