Retirement Checklist
Quick Links
Contact Info
- Human Resource Service Center
512-471-4772 (HRSC) or
1-800-687-4178 - Find HRS Reps
Your benefits as an employee end on the last day of the month in which you retire. To avoid a gap in your benefits as you make the transition to retirement, we recommend that you do the following. You may want to print out this page and use it as a checklist.
Attend TXClass PN400: "Retiring from UT Austin"
Date Completed: __________
- This session provides an overview of retiring from the university, including university retiree insurance eligibility and options, enrollment, premium billing and payment, Medicare and coordination of benefits, returning to work after retirement, and information about getting started with TRS or your ORP provider and Social Security. Visit TXClass to sign up for PN400.
University Retiree Insurance Enrollment
Date Completed: __________
- You must enroll in retiree insurance within 31 days of your retirement date. Your employee insurance does not automatically continue when you retire. For eligibility and enrollment information, read about insurance and benefits for retired employees.
- Forms you may need to complete:
Unused Annual Leave and Floating Holiday
Date Completed: ________
- You can defer your unused annual and floating holiday leave payment into retirement savings if you have a UTSaver DCP 457(b) account in place before you end your university employment. You can defer any portion of your unused annual leave payment up to the 457(b) limit.
- For 2008, the 457(b) limit if you're under age 50 is $15,500. If you're age 50 or older, you can defer up to $20,500. Federal income tax won't be withheld for the amount you defer, but Social Security and Medicare will be withheld.
- Complete the Purchase Agreement for Annual Leave Deferral available on The University of Texas System Web site, if you're interested in this option.
Medicare Enrollment
Date Completed: ________
- Contact the Social Security Administration (SSA) to enroll for Medicare Parts A and B. Your "Initial Enrollment Period" is a seven month period that begins three months before your 65th birthday and ends three months after.
- If you're over age 65 at the time of retirement, your "Special Enrollment Period" is an eight-month period that begins the month employment ends. Request forms CMS-40B and CMS-L564 from the Social Security Administration . The Human Resource Service Center (HRSC) will complete CMS-L564 so you're not penalized for late enrollment past age 65.
If you don't enroll during your Initial Enrollment Period or the Special Enrollment Period, if it applies to you, you'll have to wait until the general enrollment period held annually from January 1 through March 31 for coverage beginning the following July 1. You may have to pay a late penalty for as long as you have Part B.
TRS Retirement (For TRS Members Only)
Date Completed: ________
Contact TRS six months before retirement to allow enough time to complete and submit all required forms. TRS Members will need to:
- Review "Things to do Before Retirement" [PDF] in the TRS Benefits Handbook.
- Consult the service retirement checklist [PDF] in the TRS Benefits Handbook.
- Submit Form TRS 18, "Request for Estimate of Retirement Benefits", available on the TRS Web site, to TRS to receive a retirement packet.
- Submit Form TRS 7, "Notice of Final Deposit", included in your retirement packet, to payroll services prior to your final employment date.
ORP Retirement (For ORP Participants Only)
Date Completed: ________
- Contact your ORP provider or financial advisor at least three months before retirement to review:
- Distribution options
- Beneficiary designations
- Contact the Human Rersource Service Center close to your retirement date to request that a "Vesting/Termination Status Form" be sent to your ORP provider(s) after your last paycheck is issued.
Contact information for the currently approved providers is available on The University of Texas System Retirement Web site.
UTSaver Program Participants
Date Completed: ________
- Participants in the UTSaver TSA 403(b) and the UTSaver 457(b) programs should contact their providers or financial advisors at least three months before retirement to review:
- Distribution options
- Beneficiary designations
Contact information for the currently approved providers is available on The University of Texas System Retirement Web site.
Social Security Benefits
Date Completed: ________
- Contact the Social Security Administration about your Social Security pension benefits, which can begin as early as age 62. You should apply for benefits about three months before the date you want your benefits to start.
- You will need:
- Social Security card
- Birth certificate or naturalization papers
- Latest W-2 or self-employment tax return
- Earnings estimate
- Information about marriages, military or railroad service, and other benefits
- Bank information for direct deposit
