1. Complete the Retirement Calculation Request Form at least three months prior to the date you plan to retire.
2. Call Benefits Administration at (305) 284-6349 and advise us of your retirement date three months prior to the date you plan to retire.
Benefits Administration will calculate your estimated monthly retirement benefit, 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. (Employees may need to complete the Spousal Consent Form, Direct Deposit Form, Retirement Application form, and Tax Form).
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. 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.
4. Contact the investment companies in which you have retirement assets.
Call them to discuss when and how you want your retirement assets distributed.