Retirement

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:

 

Fidelity Presentation
New Fidelity Investment Funds - December 2013

TIAA-Cref Presentation
New TIAA-Cref Investment Funds - December 2013

     

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

Consider retirement contributions while employed at WPI. Eligibility is described in the Benefits & Policy manual. A form for salary reduction will be required for automatic payroll deductions.

Giving Notice

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.

Retirement Accounts

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.

Email Accounts

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.

Annual Reports

WPI Tax Deferred Annuity Plan
WPI Defined Contribution Plan

Summary Plan Descriptions

WPI Tax Deferred Annuity Plan
WPI Defined Contribution Plan