Normal retirement age is 65; however, you may retire before age 65 if you are age 55 or older and have 10 years of service or if your age plus years of service total 70 or greater (rule of 70).
1. Contact the investment company(ies) in which you have retirement assets.
Call the company (ies) to discuss when and how your retirement assets are to be distributed. For the University’s contributions you may choose from a variety of annuity options that provide you with a lifetime monthly income or that continue to your beneficiary upon your death. If you meet the Rule of 70 (your age plus years of service at separation equals or exceeds 70), you may withdraw up to 60% of your account balance as a lump sum with the balance paid as an annuity.
Investment Company Contact Information:
Fidelity Investments: 1-800-343-0860
Lincoln Financial Group: 1-800-341-0441
T. Rowe Price: 1-800-492-7670
2. If you transferred from the Employees’ Retirement Plan to the Faculty Retirement Plan in 1980, call Benefits Administration at (305) 284-6349 and advise us of your retirement date within three months of the date you plan to retire.
If you were a participant in the Employees Retirement Plan and you elected to transfer to the Faculty Retirement Plan in 1980, you have a benefit in your previous plan. Benefits Administration will calculate your estimated monthly retirement benefit from the Employees Retirement Plan, discuss distribution options, and assist you with completing the necessary forms for retirement. All paperwork for retirement must be completed by the 15th of the month before you plan to retire. If submitted beyond that date, retirement checks will be delayed.
3. If you are retiring prior to age 65, you may keep your UM health and dental coverage.
As a pre-age 65 retiree, you may keep your current health and dental insurance by paying the full cost until you and/or your spouse reach age 65. Call Benefits Administration at (305) 284-6837 for information on rates and enrollment.
4. If you are retiring at age 65 or older you must apply for Medicare parts B and D.
If you and/or your spouse are already age 65, you will need to apply for coverage under Medicare. Please contact the Social Security Administration office for information on how to apply for Medicare coverage at 1-800-772-1213. Social Security Administration will furnish you with a form related to coverage under the University’s healthcare program that is to be completed by Benefits Administration. Please call (305) 284-6837 for assistance in completing the form.