Retiring from WPI
WPI offers generous retirement benefits to part-time and full-time employees. From an employer contribution program to an ability to participate in a phased retirement plan for tenured faculty, our team will help you prepare for life after retirement.
Planning for Retirement
Contributing at WPI
Employees may make retirement contributions while employed at WPI. Eligibility is described in the Benefits & Policies Manual (PDF). A form for salary reduction will be required for automatic payroll deductions.
Employees are eligible to participate in WPI’s retirement plan. After the employee has been employed by WPI for one year, employees contribute 5 percent of their base salary and WPI contributes 9.5 percent in an annual calculation. See more information about the employer contributory and retirement savings information in the Benefits & Policies Manual (PDF).
Employees are advised to 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, you will resign in Workday and attach your resignation letter. The letter should outline 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.
We recommend that employees who are thinking of retiring contact SHINE (Serving the Health Insurance Needs of Everyone) which is a free service and have counselors trained on Medicare and can provide guidance on what steps you need to take. Typically the enrollment process with Medicare is 60-90 days. Contacting the Social Security Adminstration about retirement is another important step.
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 Retirement Providers' Financial Representatives through either TIAA and/or Fidelity. Your options for accessing your retirement monies, according to the rules of your plan(s), will be explained.
- Please call 1-800-642-7131 or visit Fidelity to schedule an appointment with a Fidelity Retirement Planner
- Please call 1-800-732-8353 or visit TIAA to schedule an appointment with our TIAA Retirement Representative
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.
If you are at least 59 ½ years old with 10 or more years of benefits-eligible employment, you may continue to use your WPI email account after retirement. Contact the Division of Talent & Inclusion 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.
Phased Retirement Plan (PRP) for Tenured Faculty
The Phased Retirement Plan (PDF) allows certain faculty members to partially retire (or retire in planned stages) while continuing to provide services to the university and receive selected benefits.