FAQs for Retirees

 

 

Q:  How much notice should I ideally give my department for my retirement and what should I do to prepare my department for my retirement?

A:  The answer varies depending on the position you hold and the circumstances surrounding your retirement, but in general it is advisable to give as much notice as you possibly can if you are planning to retire.  Historically the Office of Human Resources (HR) has had some employees give up to a year’s worth of notice prior to their retirement.  Obviously the more time you can give, the better, as it gives you the opportunity to settle personal, benefit-related business, and it gives your department the opportunity to hire and train your replacement while you are still working.

 

Q.  Is there any paperwork I must submit to Human Resources when I decide to retire from WPI?

A:  Once you have finalized your retirement plan, please submit a letter of intent to the Office of Human Resources that outlines your intention to retire and your final day of employment at WPI.  Based on the information provided in your letter of intent, you will be contacted by HR to schedule a benefits transition meeting prior to your last day of employment.

 

Q:  What benefits am I eligible for after I retire from WPI?

A:  Upon retirement you would have the option to continue your health insurance through COBRA and your life insurance, if you wish.  Many of the optional benefits available to active employees have conversion options for retirees as well.  These will be discussed with you during your benefits transition meeting with the Benefits Administrator in the Office of Human Resources.

 

Q.  When can I access my Social Security monies?

A.  You can start collecting partial payments from Social Security at the age of 62.  You will not be eligible to receive your entire monetary benefit from Social Security until you reach full retirement age, as defined by the Social Security Administration according to the year you were born in.  For more details on this, please visit the Social Security Administration website.

 

Q.  Can I continue to work on a part-time, temporary basis for WPI after I retire?

A.  Yes, depending on the needs of the university.  However, depending on your age at the time you retire, your social security benefits may be impacted if you continue to work.

 

Q.  What do I need to do to access the money I have saved in my retirement account?

A.  Once you have decided to retire, you should schedule an appointment with WPI’s Investment Advisor through either TIAA CREF and/or Fidelity.  They will explain your options for accessing your retirement monies, according to the rules of your plan(s).

 

Q.  What happens to my group and or supplemental life insurance policies when I retire?

A.  You will have the option to convert your policies to a non-group plan if you wish to do so.  This will be discussed with you during your benefits transition meeting with the Benefits Administrator in the Office of Human Resources.

 

Q.  Can I keep my WPI email account after I retire from the university?

A.  Yes, if you wish to keep your WPI email account, you may do so.  Please contact the Office of Human Resources for assistance with this.

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Last modified: February 06, 2009 13:50:07