Retiree Benefits

Process

1. Six months to one year from your planned retirement date, attend a Preparing for Retirement presentation.
2. Consult with your retirement plan vendor, TIAA or SERS, regarding your upcoming plans to retire.
3. Call HR Services or submit an Inquiry through the WorkLion portal to confirm your eligibility to retire per Policy HR54, if hired prior to January 1, 2010.
4. Notify your supervisor and/or local HR unit of your intent to retire so your unit can initiate the electronic retirement process in a timely fashion.
5. Utilize the Preparing to Retire Checklist to ensure that your personal information is updated in Workday and you have reviewed your current benefits that will be available into retirement.
6. If you and/or your spouse are Medicare-eligible, please see the detailed Retiring and Medicare-eligible Checklist.

You may also be interested in learning more about Medicare prior to your retirement. Please review the Centers for Medicare and Medicaid Service (CMS) Medicare and You Handbook.

Active employees, also may utilize Penn State's Employee Assistance Program, SupportLinc, to have them help review your specific options. Call SupportLinc at 888-881-5462 for guidance and support. Additionally, Medicare and retirement-related resources are available at SupportLinc. Get started either by going to supportlinc.com with code pennstate or via Workday under My Benefits and Pay and click on SupportLinc EAP.

Retiree Healthcare Savings Account, employees hired January 1, 2010, or later

For any full-time employee hired January 1, 2010, or later, the university will contribute $144 monthly into a Retiree Savings Account, administered by TIAA, to help pay for qualified medical expenses in retirement. Funds can be used to purchase health insurance and other qualified medical expenses for you and your eligible dependents.

Retirement Healthcare Savings Plan Advantages:

• Money is set aside for your healthcare expenses at retirement while you are working
• Money accumulated in your account can be used for a variety of healthcare expenses, such as healthcare insurance, co-payments, deductibles and long-term care insurance
• Healthcare savings plan can be used yourself, spouse and eligible dependents
• Tax-free growth on any earnings on the contributions Penn State makes on your behalf
• Tax-free reimbursement of qualified healthcare expenses at retirement
• On-line access to healthcare savings account, when you meet Penn State’s eligibility retirement qualifications
• Check Status of Claims
• Submit a premium payment to health insurance provider
• Access health and wellness tools

Retirement Healthcare Savings Plans Fact Sheet

For additional information or questions regarding retirement, please contact HR Services at 814-865-1473 or log an inquiry via the WorkLion portal.

Additionally, HR has prepared the following Retirement Resources an effort to help you understand the benefits you have after retirement, as well as to provide links to important retiree benefit information.

Protection in the Basic Life, Optional Employee Life, Optional Spousal Life, and Optional Child Life plans stops 31 days after the end of the pay period in which the termination becomes effective. The employee's University policy can be converted to an individual policy without a medical examination if the application is made within these 31 days. 

An employee leaving University employment should contact the group life insurance provider for rate and coverage information if they wish to take advantage of the conversion privilege.  All decisions regarding conversion or portability of coverage are the responsibility of the insurance provider. To obtain an application, please contact Unum at 1-866-220-8460, Monday - Friday, 8:00 am to 8:00 pm EST.

Technical Service employees, per the Collective Bargaining Agreement, are eligible to continue the $5,000 life insurance policy into retirement. Please update Beneficiaries in Workday, as your current Beneficiary(ies) listed for your employer-paid Basic Life Insurance will be carried through to the employer paid $5,000 retiree life insurance policy.