Current employees approaching retirement

There are many things you can do to start preparing for your retirement. Five years sounds like a long time, but it will pass quickly. Set yourself up for retirement success by getting a head start.

Step 1: Determine your eligibility

• The best way to determine your eligibility for retirement is to talk to someone from your Human Resources, from SEGIP, or your union representative.
• If you don’t know who your Human Resources contact is you can find that information in self-service. Just select ‘Need Assistance?’ from the main menu and then select ‘Employee Contacts”.

Step 2: Learn about your benefits after retirement

• A great starting place to help you learn all you can about retirement is a State Retirement Seminar. These seminars are geared for employees who are planning to retire within the next five years.
• It is not too early to start gathering information about what your benefits will be after you retire. Print the Continuation of Insurance upon Retirement chart for a quick and easy reference.
• When you are 1-2 years away from retirement, check out the current insurance premium rates for retirees using the Combined Rate Sheet. These rates are subject to change, but can still be a good reference to you while you complete any financial or estate planning.
• Learn more about Medicare and how turning 65 will affect your retirement benefits. Retirement specialists are available to help guide you.

Insurance Contacts

Your retirement is on the horizon. Now is the ideal time to choose your retirement date.

When you have marked your retirement date on your calendar you can:

• Contact MSRS or your pension plan administrator to review your options.
• Start a conversation with your Human Resources representative to make a plan for your transition out of the workforce.
• If you are approaching age 65, contact a SEGIP retirement specialist to learn about Medicare A&B options for you and your spouse.
• Contact the Social Security Administration for information regarding your social security retirement benefits.

Retirement Contacts

You are now within 60 days of your retirement. The end is in sight. However, you don’t get to relax yet.

It is critical that you fill out your paperwork no later than 30 days prior to your retirement to continue your coverages when you retire:

• Request for Continuation of Coverage upon Retirement
• Post Retirement Optional Life Employee
• Post Retirement Optional Life Spouse
• Application to Change Insurance Coverage if you are changing your Medical or Dental plan administrators
  

You can find the forms you’ll need on the Find a Form page. After signing the form you will need to make a copy for yourself and return your original completed form to your Human Resources Representative. Your HR rep will forward this to Minnesota Management and Budget.

You have the opportunity to change your medical and dental plan administrators when you retire. To do this you will need to include an Application to Change Insurance Coverage with your Request for Continuation of Coverage upon Retirement. You can find both of these forms on the Forms page.

You have now reached the final stretch in your journey to retirement. You have everything in order with your MSRS or your pension plan, your paperwork to continue your insurance has been submitted, your coworkers may be planning you a retirement party.

While you enjoy this season of your life, you can take the opportunity to visit the Life Benefits website. Here you can update your life insurance beneficiary. You can review your legacy planning, will preparation, and information about financial consultations following a claim.

As you near the date of your retirement you will receive COBRA paperwork in the mail. This does not mean that your continuation paperwork was not received by SEGIP. Your employer is required by federal law to offer you COBRA coverage when your employment ends. If you have submitted your Request for Continuation of Coverage upon Retirement then you can disregard this paperwork.