Retiree Benefits

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.

Active employees, also have the ability to utilize Penn State's Employee Assistance Program, HealthAdvocate, to have them help review your specific options.

Medicare Basics Flyer by HealthAdvocate.

Retiree Healthcare Savings Account, employees Hired AFTER January 2010

For anyone who was hired after January 2010, 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.