Planning for retirement can become overwhelming. To help, the steps provided in this guide offer a general overview of the retirement planning process, organized by how close you are to retirement. These are not exhaustive and may not cover every personal situation.
Individual questions can be directed to the HR Service Center at (573) 882-2146, (800) 488-5288 (toll free) or HRServiceCenter@umsystem.edu.
Two to 10 Years from Retirement
Review estimated income from all of your retirement sources. This may include:
Your core retirement plan (Defined Benefit, Hybrid, or Defined Contribution). If your core plan has a defined benefit (pension) component, calculate an estimate of your retirement benefits.
Review projections of your other retirement income 鈥 this may include tax deferred investments with a UM System voluntary retirement plan, and/or your Social Security benefits or other personal savings outside of the University.
Explore educational resources by signing up for a retirement seminar or viewing available webinars.
One to Two Years from Retirement
As your retirement gets closer, review your latest benefit estimates from all of your retirement sources and begin making concrete plans for your future:
If your core retirement plan includes a pension component, calculate an updated pension benefit estimate with the most up-to-date figures, even if you鈥檝e run the calculation before.
Contact the HR Service Center to request a planning appointment with a UM Generalist.
Review your eligibility to continue insurance coverage through the University as a retiree. If eligible, consider your insurance enrollments and how they affect your retirement options. Any election changes must be made during the annual enrollment period the year prior to your retirement, while you are still an active employee.
Understand your Social Security and Medicare benefits: , .
Three to Six Months Before Retirement
Complete the final steps necessary for a smooth transition into retirement:
If your core retirement plan is either the DB Plan or Hybrid Plan: Complete and submit an Electronic Notice of Intent to Retire (eNOI) (PDF) no later than 60 days prior to your retirement date.
If you are in the Hybrid Plan or have made contributions to a Voluntary Retirement Plan through the University, to discuss disbursement and withdrawal options during retirement.
Review the Retirement Quick Guide (PDF) for more information about the retirement process from the DB Plan or Hybrid Plan.
If your core retirement plan is the Defined Contribution (DC) Plan, to discuss your options for disbursement and withdrawal during retirement.
Consider joining a campus retiree association.
If you would like to continue receiving university email as a retiree, set your retiree email:
Log in to myhr.umsystem.edu
Click the 鈥淢y Personal Details鈥 tile
Choose 鈥淐ontact Details鈥 from the left-hand menu
Add a new email address by clicking the plus (+) icon in the email section
Choose the email type 鈥淩etiree鈥 from the dropdown list and Save