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
- 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 -
- 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
Retirement Income
Filing For Retirement
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.
| 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.
| 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
Following submission of your letter of retirement, Human Resources will reach out regarding next steps and required forms completion.
Any forms required to collect your pension should be directly filed with your retirement system and will not be handled by Human Resources.
