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Retirement Planning Checklist

Are you ready to retire?

The following are recommended steps for UW Oshkosh employees to take in preparing for retirement. These guidelines are to ensure you are ready for the next step of your life and that there is no delay in benefits and payments. It is recommended that you contact Human Resources with any questions or assistance throughout the retirement process.

 

Important Steps

  1. Complete and mail WRS benefit information request form to ETF at least 8-12 months prior to anticipated retirement date.

  2. Contact Social Security Administration at least 3-4 months prior to retirement date.

  3. Make appointment with Human Resources regarding benefit and leave options at least 1-2 months prior to retirement.

  4. Use the following resources.

 

Important Questions

  1. Are you age 55 (50 for protective) or older?

    • If no, you are not eligible for retirement benefits through UW System.

    • IF yes, you are eligible for accelerated retirement benefits through UW System.

  2. Are you age 65 or older?

    • If yes, you are eligible for retirement benefits through UW System.

  3. Have you ever been on a leave without pay while employed?

  4. Are you returning to work after retirement?

 

 

Department of Employee Trust Funds

 

  1. Review annual retirement statement received every April.

  2. Complete and mail the benefit information request form at least 8-12 months prior to anticipated retirement date.

    • If military service credit, submit form DD214 to ETF.

  3. Attend counseling session in Madison (ETF Office, 801 W. Badger Rd.)

    • Must have retirement packet from ETF before attending session.

    • There are group sessions or one-on-one sessions.

  4. Mail retirement application form within 90 days prior to actual retirement date.

    • WRS termination date = last day in pay status (includes days using leave prior to being off payroll)

  5. Determine sick leave conversion. You can escrow your sick leave or use it to pay health insurance premium. HR will complete appropriate form for sick leave conversion. If escrowing, complete escrow application.

 

 

Social Security Administration

 

Oshkosh Office:

400 City Center, Suite B

Oshkosh, WI 54901

Phone: (800) 772-1213 or (920) 232-2355

 

If you are 62 or older at retirement:

If you expect to apply for Social Security benefits when you retire from the WRS, contact the Social Security Administration 3-6 months prior to your retirement date. This will help ensure there is no delay in benefits upon retirement. 

 

If you are 65 or older at retirement:

  1. Have Human Resources complete the form for Social Security regarding Medicare begin date.

  2. Apply for Medicate Part B 2-3 months prior to receipt of your final UW Oshkosh paycheck. This will help ensure Part B will be effective the first of the second month after receipt of your final paycheck.

 

If you are remaining on the University health plan upon retirement:

If you and/or your spouse are eligible for Medicare Parts A and B, your premium for your University health plan will decrease. You must notify ETF in order for your premium to be updated.

Your University health insurance covers your prescription drugs according to the copay schedule.

 

 

UW Oshkosh Human Resources

 

  1. Make appointment to discuss benefits (insurances, vacation, sabbatical (ALRA), etc.) at least 1-2 months prior to anticipated retirement date.

  2. Leave options:

    • Note: You must have approval from your supervisor to use leave to remain in pay status up to your retirement date.

    • Vacation: Vacation is pro-rated based upon your retirement date. Any unused vacation will be paid out upon last day in pay status.

    • Personal Holiday/Legal Holiday/Comp. Time: Any unused leave will be paid out upon last day in pay status.

    • Sabbatical (ALRA): You can receive payout at the time of retirement, use it while in pay status, or add it to sick leave for conversion (for certain classified staff only).

    • Sick Leave: You can escrow your sick leave or convert it to pay health insurance premium.

  3. Insurance information:

    • Health Insurance/Dental: Do you currently pay for premiums or need to do spouse-to-spouse transfer?

    • ERA: Can stop at retirement or you can take additional payments to cover entire year.

    • Other Insurances: These will be discussed during your appointment with Human Resources.

  4. Arrange address for final paycheck or where W-2 is to be sent.

  5. Provide written notice to your supervisor and send copy to Human Resources.

    • If you wish to use leave to remain in pay status, please discuss this option with your supervisor as it will affect the departmental budget and ability to hire a new employee. Indicate supervisor approval in retirement letter.

    • Include last working day and, if applicable, indicate any leave you may be using. Provide last day in pay status. Submit as early as possible after final decision to retire is made.

 

Resources

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Human Resources - University of Wisconsin Oshkosh
328 Dempsey Hall • 800 Algoma Blvd. • Oshkosh WI 54901 • Office Hours: Monday-Friday: 7:45 a.m. - 4:30 p.m.