Preparing for Retirement
DRAFT
Preparing for and finalizing your retirement will be one of your biggest career decisions. Carefully review the suggested timeline checklist below before finalizing your plan for retirement and submitting an official letter of intent to retire.
Retirement Planning Timeline and Checklist
Review applicable retirement options.
- Attend a Seattle Colleges Benefits Retirement Workshop to receive general information.
- Find the appropriate retirement workshop and register to attend.
- Review “Benefits Estimator” tool on Department of Retirement Systems (DRS) website (DRS plan participants only).
- If you are enrolled in Plan 3, decide when you want to begin receiving payments from your investments. Review the withdrawal options. Contact the DRS record keeper, Voya Financial, with questions.
- State Board Retirement Plan (SBRP) participants: arrange to meet with a TIAA representative to discuss withdrawal options.
- State Board Voluntary Investment Program (SBVIP) participants: arrange to meet with a TIAA representative to discuss withdrawal options.
- WA State Deferred Compensation (DCP) participants: contact Voya Financial to discuss withdrawal options.
- Create your my Social Security account online.
- Attend a PEBB webinar to learn about retiree healthcare eligibility criteria, medical, dental, and vision plans available, monthly premiums, and how to enroll.
- Request an official pension estimate through your online DRS account or over the phone (DRS plan participants only).
- State Board Retirement Plan (SBRP) participants: Arrange to meet with a TIAA representative to discuss withdrawal options.
- Review your online account with Social Security.
- Enroll in Medicare (three months prior to age 65).
- If enrolling in Medicare at age 65 or older, contact the Seattle Colleges Benefits office for a “request for employment information” form.
- Apply for pension either online or by mailing forms to DRS (DRS plan participants only)
- Apply for Retiree Medical, Dental, and Vision Coverage with the Health Care Authority
- If you qualify, apply for Public Service Loan Forgiveness (PSLF). NOTE: You must be employed in the public sector when you apply. You’ll lose eligibility for this program once you retire.
- If returning to work at Seattle Colleges or other Washington State agency, review post-retirement employment rules under “Returning to Work” on the Seattle Colleges Benefits website.
- Contact your campus Transportation Office to stop deductions for ORCA pass or parking permits.
- Those who are not faculty should Contact Payroll/Benefits with questions about unused vacation and unused sick leave.
- Contact Combined Fund Drive to stop deductions or to contribute as a retiree.
- Contact Navia Benefit Solutions for options/directions concerning Flexible Spending Account (FSA) and/or Dependent Care Assistance Program (DCAP) benefits.
- Contact HealthEquity for questions about your Health Savings Account (HSA).
- Other automatic payments—Contact your financial institution to change all other automatic payments to direct billing.
- Review the Welcome Kit that will be sent by the VEBA Administrator to your address listed in ctclink. This kit will provide instructions on how to complete your VEBA enrollment.
- The VEBA account is funded by 25% of your unused sick leave at retirement.
- Life Insurance Continuation Option through MetLife (forms available for completion after MetLife is provided your termination date and your coverage has ended).
- Return a completed Life Insurance Portability Information Form if you wish to continue term life insurance, or
- Request and complete a Life Insurance Conversion Information Form to convert term life insurance to whole life insurance.
Letter of Intent to Retire
Submitting an official letter of intent to retire is an important formal step. Your letter should indicate your last day with Seattle Colleges. The proper time to submit your letter of retirement depends upon your position:
Faculty:
Notify dean or chair at least one quarter prior to your retirement date.
Professional and Exempt Staff:
Provide as much notice as possible, but no less than two weeks.
Classified Staff:
Classified union: Notify your supervisor according to your union contract provisions relating to resignation.
Classified non-union: Provide as much notice as possible, but no less than two weeks.
Retirement Resources
- Retirement Resources
- Return to Work after Retirement