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, you must meet the criteria to continue health insurance as a retiree:
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 Session. Individual meetings are generally not offered for this stage of retirement planning. If you have attended a 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 call.
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.
Even if you have already attended this session, you may want to attend again if you want another overview. 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:
Send or give the letter to your department and to Human Resources:
120 Crofts Hall
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Your notice is considered a final committment to retire and cannot be rescinded.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 scheduled until your letter is filed with your department and HR.
Human Resources offers small group sessions for the completion of final benefits paperwork. A review of benefits with a focus on retiree health insurance will be provided during this time.
Sessions are held at least once per month and generally last one hour. You may be scheduled based upon when your letter is received and your date of retirement.
Any forms required to collect your pension should be directly filed with your retirement system and will not be handled during this session.