Work/Life: You Retire
Impact on Benefits
Back to You Retire

When you retire, your coverage under the following benefits programs will be affected:

 

Need Information or a Form?

 

 Medical and/or Dental
What You May Need to Do You may postpone your enrollment in the Retiree Medical Plan if you have coverage under another employer's medical plan (for example, you are covered under your working spouse's medical plan). Otherwise:

  • If you are age 65 or older: You should choose medical coverage for you and your dependents from the medical options available to eligible retirees age 65 or older. In addition, you should contact Social Security to enroll in Medicare Part A and Part B.
  • If you are under age 65: You may choose medical coverage for you and your dependents from the medical options available to eligible retirees under age 65, or you can choose to continue your employee medical and/or dental coverage through COBRA.
When You Should Do It If you wish to elect coverage under the Retiree Medical Plan, you should contact the Benefits Office at least two months prior to retirement.

If you are choosing COBRA continued coverage, you have 60 days to elect COBRA coverage from the date you receive the COBRA continuation materials in the mail. Your COBRA coverage will take effect retroactive to the date your employee coverage ends.
How to Do It

  • For Retiree Medical Coverage: Schedule an appointment with a Benefits Counselor at least two months before you retire.
  • For COBRA: Wait to receive the COBRA continuation materials in the mail from WageWorks. Complete and return the COBRA continuation forms to WageWorks.
Special Notes

Your University-provided employee coverage ends on the last day of the month you retire. If you started employment with the University prior to July 1, 1987, your coverage continues for an additional month after the end of the month you retire.

If you're eligible for Medicare (age 65 and above), you will be penalized by Medicare if you choose COBRA — rather than retiree health coverage for yourself — as soon as you retire.

For more information on COBRA, click here.

Back to top

 

 Short-Term Disability
Special Notes Your coverage ends on your last day of employment (the date you retire).

Back to top

 

 Long-Term Disability and/or Group Life Insurance
What You May
Need to Do		 You can choose to convert your coverage into an individual policy.
When You
Should Do It		 You must submit your application within 31 days from the date you retire.
How to Do It
  • Contact the Benefits Office to request the conversion forms.
  • Complete and return the form(s) directly to UnumProvident.
Special Notes Your University participation in these plans stops on the last day of the month you retire.

Back to top

 

 Personal Accident Insurance
What You May Need To Do You can choose to convert your coverage into an individual policy.
When You Should Do It Within 31 days of the end of your employment.
How To Do It
  • Contact the Benefits Office for the conversion forms.
  • Complete and return the form directly to UnumProvident.
Special Notes

Your University participation in this plan stops on the last day of the month in which your employment ends.

Your coverage ends on the last day of the month in which you retire.

Back to top

 

 Flexible Spending Accounts (FSAs)
What You May
Need to Do		 You can no longer make contributions to a Flexible Spending Account, as of the date you retire. You can continue to submit claims for expenses you incurred prior to the date you retire.
When You
Should Do It		 You must submit the claims by June 30 of the following calendar year.
How to Do It
  • Contact the Benefits Office or WageWorks at 877-924-3967 to request a claim form or click here to download the form.
  • Submit an Explanation of Benefits with the claim form to WageWorks — the FSA administrator.
Special Notes Your participation in a Flexible Spending Account ends on your last day of work (the day you retire). You may be eligible to continue your Health Care FSA through COBRA. If you're eligible, WageWorks will notify you.

Back to top

 

 Qualified Transportation Program
What You May
Need to Do		 You can continue to submit claims for expenses incurred for services provided prior to the date you retire.
When You
Should Do It		 As soon as possible.
How to Do It
  • Contact the Benefits Office or WageWorks at 877-924-3967 to request a reimbursement form, or click here to download the form.
  • Submit a copy of the receipts and appropriate documentation with the reimbursement form to WageWorks — the QTP administrator.
Special Notes Your participation in the QTP stops on your last day of work.

Back to top

 

 Retirement Benefits
What You May
Need to Do		 You may choose to receive all or part of your benefit under the University’s retirement plans after your employment has ended. (Please Note: If you transfer from the University to the Hospitals, your employment will not be considered to have ended for this purpose.)

You may elect to receive your benefit under the Contributory Retirement Plan (“CRP”), the defined contribution part of the Retirement Income Plan for Employees (“ERIP”) and the Supplemental Retirement Program (“SRP”) (collectively, these are the “defined contribution” plans) in any of the following forms:

  • Tax-deferred rollover to an IRA or another employer’s retirement plan
  • Lump-sum distribution
  • Installment payments
  • An annuity.

You may elect to receive your benefit under the defined benefit part of ERIP in any of the following forms:

  • Tax-deferred rollover to an IRA or another employer’s retirement plan
  • Lump-sum distribution
  • An annuity.

If you prefer, you may leave your retirement funds with TIAA-CREF and Vanguard until such time as you are ready to receive them.
When You
Can Do It		 You may choose to receive all or part of your benefit anytime after you leave the University. There is no deadline by which you must make your decision. You are not required to take a distribution from the defined contribution plans until April 1 of the calendar year following the calendar year in which you attain age 70½. You are not required to take a distribution from the defined benefit part of ERIP until you attain age 65.
How to Do It
  • When you are ready to begin receiving payments under the defined contribution plans, you should contact TIAA-CREF (800-842-2776) and Vanguard (800-523-1188) directly to obtain the requisite paperwork. TIAA-CREF and Vanguard representatives will provide you with detailed information regarding the alternative forms of payment available to you and the tax consequences of each form.
  • When you are ready to begin receiving payments under the defined benefit part of ERIP, you should contact the Benefits Office at (773) 702-9634.
  • Complete the forms (your spouse must sign his/her consent if you are married) and return them to the Benefits Office.

Back to top

 

 Other Benefits
(Child Care Referral, Educational Assistance, Elder Care Consultation and Referral, Long-Term Care Insurance, Staff and Faculty Assistance)
What You May
Need to Do		 Your participation ends on your last day of work except for Long-Term Care Insurance. You may continue your Long-Term Care Insurance coverage if you pay the premiums on your own.
How to Do It Contact John Hancock for details and the appropriate paperwork. For more information on Long-Term Care Insurance, click here.
Special Notes Your participation in the Long-Term Care Insurance ends when you stop paying the premiums.

Your accrued vacation is paid out with your last paycheck.

Back to top

UHRM® The University of Chicago® University Human Resources Management
6054 S. Drexel Ave., Chicago, IL 60637 773-702-8900