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.
Review your labor contract if you are in a bargaining unit that provides special retirement provisions.
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 all you can 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. You can find the contact information on our Retirement Contacts page.
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 Special Retirement
Post Retirement Optional Life Employee
Post Retirement Optional Life Spouse
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 a Qualifying Status Change form with your Request for Continuation of Coverage upon Retirement.
You have now reached the final stretch in your journey to retirement. You have everything in order with your pension administrator, 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.
During your first month of retirement as a special retiree, you will be assigned a new employee ID number. You will also receive new membership cards from your medical, dental, and pharmacy plan administrators.
A letter will be mailed to your home address giving you more information about the end of your employer contribution and your senior plan enrollment information.
Your medical plan administrator will send you an enrollment packet for the senior plan sponsored by the state. Complete and return this enrollment packet as soon as possible to make sure you don’t miss your enrollment opportunity.
You may receive information about other plans offered by some of the same insurance companies or plan administrators that offer the plans that the state sponsors. If you enroll in a plan that is not sponsored by the state you forfeit your membership in SEGIP and will never be able to re-enroll in the state group medical insurance.
You must notify SEGIP within 60 days if you are choosing to leave the state group medical insurance and your dependents wish to continue their coverage through COBRA.
Enrolling in Medicare
Contact Medicare or your local Social Security office to enroll in Medicare plans A and B.
CAUTION: Members enrolling in state sponsored senior plans should not apply for or purchase Medicare Part D from another Part D insurance company for prescription drug coverage.
Enrolling in Part D with an insurance company that is different from your SEGIP group plan administrator will terminate participation in the state’s senior plans. If you purchase that coverage, you will permanently lose medical insurance coverage in the state’s retiree group!
