WPI's Retirement Plan Investment Options are Changing
The WPI Retirement Plan Committee, with input from independent investment advisor Cammack LaRhette, will be streamlining the plans available for investing in the retirement plan effective December 13, 2013. Informational sessions have been held to outline the upcoming investment fund changes.
Employees who were unable to attend a session or would like to revisit the presentations may access here:
Retiring from WPI
As employees approach retirement age, they may have many questions about making the transition to life after work. The Office of Human Resources has compiled some helpful web resources and a list of frequently asked questions dealing with retirement and how to prepare for it.
Phased Retirement Plan (PRP) for Tenured Faculty
The PRP allows certain faculty members to partially retire (or retire in planned stages) while continuing to provide services to the university and receive selected benefits. Learn more...
Planning for Retirement
Contributing at WPI
It is advisable that you provide as much notice as possible when planning to retire. Doing so gives WPI the opportunity to hire and train your replacement while you make decisions on benefit-related matters.
When a final date is determined, please submit a letter of intent to the Office of Human Resources outlining your intention to retire and indicating your final day of employment at WPI. A benefits transition meeting will be scheduled prior to your last day of employment.
Benefits after Retirement
Upon retirement, you have the option of continuing both your health insurance through COBRA and your life insurance. Many benefits available to active employees have conversion options for retirees as well. These will be discussed during your benefits transition meeting.
You may schedule an appointment with WPI’s investment advisor through either TIAA CREF and/or Fidelity. Your options for accessing your retirement monies, according to the rules of your plan(s), will be explained.
You may start collecting partial payments from Social Security at age 62. You will not be eligible to receive your entire monetary benefit from Social Security until you reach full retirement age. (This is defined by the Social Security Administration according to the year you were born. For more details, visit the Social Security Administration website.
You may continue to use your WPI email account after retirement. Contact Human Resources for assistance.
Employment after Retirement
You may continue to work at WPI after retirement on a part-time, temporary basis, depending on the needs of the university.
Summary Plan Descriptions