Considerations When Preparing to Retire
- Determine Your Eligibility for Retirement and Health Benefits
- Contact TIAA to discuss your retirement income options
- Notify Your Department
- Submit Your Retirement Notice
- Estimate Your Final Paycheck
- Consider an elective 403(b) contribution
- Understand the University Benefits After Retirement
- When will I be eligible to retire from JCU?
- What health coverage am I eligible for when I retire?
- Are there other benefits that I am eligible for as a retiree?
- How should I let the University know that I intend to retire?
- What do I do with my TIAA Retirement account?
- Who should I contact when I'm ready to retire?
When will I be eligible to retire from JCU?
The University has a specific definition that it uses to describe a host of benefits that are available to long serving employees who are considering leaving their roles at JCU.ÌýÌý
For Staff: A current University full-time, benefits-eligible staff employee who meets all of the following conditions as of the Retirement Date is an Eligible Retiree:Ìý
a. Is at least 60 years of age, andÌý
b. Has at least 10 years of total Creditable Service
c. Staff who are hired by (Effective date of policy) and are age 62 and have five (5) or more years of full-time Creditable Service as of May 31, 2026 are eligible to retire.Ìý
d. Provides 60 days’ written notice to Human Resources prior to the Retirement Date;
For Faculty: A current University full-time, benefits-eligible faculty member who meets all of the following conditions as of the Retirement Date is an Eligible Retiree:Ìý
a. Retirement eligibility: meets the retirement eligibility requirements set forth in the Faculty Handbook for Retirement as of the Retirement Date;Ìý
b. Provides 60 days’ written notice to Provost Office prior to the Retirement Date.
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What health coverage am I eligible for when I retire?
Assuming that you met the eligibility requirements of a University Retiree, the choices around healthcare for you and your family depend to a large extent on your eligibility to participate in Medicare.Ìý While the University does offer opportunities to retirees to participate in our group health plans, there are many choices to consider.ÌýÌý
Medical
If both If you and your spouse are 65 years or older, you are eligible for Medicare benefits and would want to plan and have those in place by the end of your active employee coverage.Ìý The University offers over 65 retirees and their spouses’ coverage that compliments Medicare Parts A&B.
If you or spouse and /or dependents are under 65, you are able to continue your coverage in JCU’s PPO, HDHP and EPO Plan’s as a retiree.
The monthly cost of both over and under 65 coverage for retirees is not subsidized by the University, and if you choose this coverage, you will be responsible for the entire monthly premium.ÌýÌý
Dental & Vision
Retirees are eligible to maintain their vision and dental coverage as well.Ìý The cost of this coverage is the same as is charged to active employees.
All Retiree coverages are billed directly by the University’s Business Office.Ìý
Life Insurance
The University’s group term life insurance policies have a provision that converts to a $2,000.00 retiree life benefit.Ìý There is no on-going premium cost for the employee.
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Are there other benefits that I am eligible for as a retiree?
Assuming that you met the eligibility requirements of a University Retiree, you are eligible for a Retirement Bonus equal to 1 month’s salary.
You, your spouse and dependent children (through the age of 26) are eligible for tuition remission benefits through the Tuition Waiver & Tuition Exchange Policy.
You are also eligible for continued use of certain University facilities (e.g. Library, RecPlex, etc.)
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How should I let the University know that I intend to retire?
The University asks that you provide at least 60 days’ notice.Ìý As a Staff member, you should provide this notice in writing to your supervisor and Human Resources.Ìý As a Faculty member, you should provide written notice to the Provost/Academic Vice President’s Office.
What happens to my email and electronic access when I retire?
Both Staff and Faculty have options to maintain a University sponsored email (…@jcu.edu) into retirement on request.Ìý Find details in theÌýEmail Naming Convention and Assignment Policy.Ìý
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How do I handle my TIAA Retirement account?
- Visit our dedicated ¾«¶«AV / TIAA website atÌý.
- Make an on campus appointment with a TIAA representative atÌý
- Receive phone support weekdays, 8 a.m. to 10 p.m. (ET) and Saturdays, 9 a.m. to 6 p.m. (ET) – Call 800-842-2252
- Use the automated phone access feature (available 24/7) – Call 800-842-2252
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Who should I contact when I'm ready to retire?
If you need additional information about retirement such as plan rates,ÌýSocial Security benefits, Medicare and the ability to access Retirement account savings, please contact Ryan Armsworthy in Human Resource at 216-397-1576, rarmsworthy@jcu.edu.