Retirement Planning Guide

The retirement process is different for each individual. Employee Benefits has counselors available to help you with your retirement planning. Schedule an appointment with a counselor six to twelve months before you plan to retire. Call 612-624-8647 or 800-756-2363 to reach the Employee Benefits Service Center to schedule an appointment.

Financial Preparation

Minnesota State Retirement System (MSRS) Participants

  • Schedule a pre-retirement appointment with a Benefits Counselor six to twelve months before your retirement date.
  • Submit a certified copy of your birth certificate or passport to MSRS as proof of your date of birth. You can do this as early as age 54.
  • Complete MSRS paperwork one to three months prior to retirement date to set up your income choices. Forms are available on the MSRS website under Forms & Documents - Pension Plans.
  • Complete the paperwork to have Social Security benefits deposited directly into your bank account.

Faculty Retirement, Optional Retirement, and 457 Deferred Compensation Plan Participants

  • Schedule a pre-retirement appointment with a Benefits Counselor six to twelve months before your retirement date.
  • Complete paperwork one to three months prior to your retirement date to select income options, or defer your income to a later date.

Social Security Benefits

  • Contact your local Social Security office or call 1-800-772-1213 at age 65 and then three months prior to retirement date.
  • Complete the paperwork to apply for benefits and set up withholding, if desired.
  • Visit  www.ssa.gov for additional information.

Tax Planning

  • Discuss your plan with your tax advisor prior to retirement.
  • Have taxes withheld from MSRS and Voluntary retirement plans benefits.
  • Have taxes withheld from other income sources or pay quarterly estimated taxes.

Estate Planning

  • Review and update your will, trusts, beneficiaries, etc.

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Health and Related Benefits

Medical, Dental, and Life Insurance

  • Eligible faculty and staff may continue medical and dental coverage through the University. Review the information on Benefits for Retirees as you plan. 
  • To continue group coverage, complete paperwork one to three months prior to your retirement date.

Health Care Flexible Spending Account

  • Contact Employee Benefits at 612-624-8647 or 800-756-2363 at least one month prior to your retirement date if you wish to have deductions taken on a pre-tax basis from your last regular paycheck to be reimbursed for eligible expenses incurred after you retire.

Medicare Parts A and B

  • Contact Social Security at age 65 and then three months prior to your retirement date.
  • Complete paperwork to apply for coverage.
  • Contact your local Social Security office or call 1-800-772-1213.
  • Refer to www.medicare.gov for additional information.

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Leaving the U

Payroll

  • Check with your department payroll person to determine the date of your last paycheck.
  • You will have access to your online pay statement history for at least one year after you leave the University.

Parking Contract

  • If you have a parking contract, notify Parking and Transportation Services (612-273-7275) that you plan to cancel your contract at least two weeks prior to leaving the University.

Internet ID and Password

  • Your Internet ID and password will remain active after you leave the University. This will allow you continued access to:
    • Your payroll information (for taxes or business transactions)
    • Your personal information (for email forwarding, changing mailing address, etc.)
    • MyU

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