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.
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:
Review the NYSHIP Planning for Retirement Booklet for full information regarding qualification requirements.
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.
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.
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.
You may wish to watch or attend the Retirement Planning Class again. This is optional.
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.
1. I want my last day of work to be Wednesday, 11/24/2021
2. I have a balance of 6.25 vacation days
3. My retirement date (my first day of retirement) is Tuesday, 12/7/2021
Your retirement letter must include the following language:
You must submit the letter to BOTH:
Keep a copy for your records.
Your notice is considered a final committment to retire and cannot be rescinded.
Any forms required to collect your retirement benefit should be directly filed with your retirement system.
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.
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.