PLANNING FOR RETIREMENT
Are you thinking about retiring? Here are some things to consider:
Visit the Retiree Benefits page for more information on benefits for retirees.
To be eligible to retire from the University and have retiree benefits, faculty and staff must meet the University’s eligibility criteria. See Policy 5-112: Retirement for information.
Minimum Requirements:
- You must be at least age 60 or have 30 or more years of service with the University (20 or more years of service with the University working in a position that qualifies for participation in the URS Public Safety Retirement Plan); and
- You must have completed five years of continuous benefit-eligible service for the University immediately prior to retirement.
Benefits:
- You may enroll in the University’s Retiree Health Care Plan or one of the group Medicare Advantage Plans.
- You may enroll in dental coverage for up to 18 months from your date of retirement by paying the full cost.
- A retiree ID card will be available entitling the retired member and spouse to all applicable benefits.
- See the Retiree Benefits web page for additional information
The University of Utah Policy also provides for early retirement and phased retirement. These options are only available to those who qualify and receive approval from their departments. Because there are additional departmental costs with both of these types of retirement, to maintain the efficiency and financial integrity of the department, these options are subject to departmental and dean/cognizant vice president approval. Participation is not guaranteed. Talk with your supervisor if you are interested in early or phased retirement.
Are you wondering if you are ready? Please visit the following to learn more:
You will be eligible to withdraw from your University 401(a) and 457(b) retirement plans after you have been retired for 32 days or longer. If you contributed to a 403(b) Plan, you may withdraw from that plan any time after you reach age 59½. You will want to make sure you have sufficient funds to cover your expenses until you are able to withdraw from your retirement plans.
If you are enrolled in a Utah Retirement Systems retirement plan, you should begin working with URS at least one month prior to retirement, so your benefit payments can begin when you retire.
Meet with a licensed representative for a one-on-one consultation to help you create a plan for finances in retirement.
Contact UHRM at least one month before you are ready to retire and ask to speak with a retirement counselor. If you need assistance with health coverage or want to enroll in the University’s Retiree Health Care Plan, you should schedule a time to talk with a retirement counselor at least two to three months before you plan to retire. They will be able to review your options with you and provide you with health plan enrollment information.
Making a planned gift is a wonderful way to show your support and appreciation for the University of Utah and its mission, while accommodating your own personal, financial, estate-planning, and philanthropic goals. With smart planning, you may actually increase the size of your estate and/or reduce the tax burden on your heirs. Just as important, you will know that you have made a meaningful contribution to the University of Utah.