|15-20 years prior to retirement||Assess or re-assess financial plan. Attend Financial/Retirement Planning Seminars/workshops. Adjust financial plans as necessary to meet your desired goals.|
|After you are vested (6 yrs. if hired prior to 7/1/11 or 8 yrs. if hired after 6/30/11)||Make arrangements for any buy-back time you wish to purchase and for which you are eligible (certain military service, out-of-state service, service for which you have been reimbursed. Each fiscal year after you are eligible to buy back, a charge of six percent is added to the amount to purchase eligible time for retirement purposes. Forms must be completed and sent to the Division of Retirement to request an amount necessary to purchase.|
|3 years prior to retirement||Request Estimate of Benefits by completing and submitting form FR-9 (manual) or access online at the FRS website. Click ESTIMATE on menu. You may also access ONLINE SERVICES on the same menu which will take you to a private page requiring a password. You may set up using the instructions given to access. You will then be allowed to view current information and create different scenarios for your best options. Also, use the FRS link and menu to access publications where you will find a booklet "Preparing to Retire" which will give you valuable information.|
|1 year prior to retirement||
Confirm that you have the required birth certificate(s). If not available request duplicate(s) of any you need. If a birth certificate is not available, you may find a list of other acceptable proof of birth items on the FRS website. Go to Division Forms on this website and bring up BVR-1.
|5 months prior to retirement||Complete an application for retirement (Forms will depend on type of retirement). Make sure you have paid for any time you were eligible to purchase, or if you do not wish to purchase time, complete a form notifying the Division of your decision.|
|2 months prior to retirement for Regular Retirees or Termination of DROP||Complete benefits package to retain or decline coverage you have access to upon retirement.|
|2 months prior to retirement||
Retirement Awards Selection
Notify Supervisor of impending retirement approximately a month prior to last workday. Contact Controller's office to resolve any outstanding debts owed to the University or to address annual leave payouts and sick leave if applicable. Follow departmental/OHR regulations for terminating employment with the University. Department should forward completed action sheet, separation checklist, exit interview, final leave sheet.