Retiring from the University

If you are a faculty member or staff employee and meet the eligibility requirements described below, you are eligible for various benefits when you retire. Review the Planning for Your Retirement Guide below for steps to help you transition. 

You should also review the Rehires event, the Retirees Returning to Work Less Than 20 Hours event, the Change in Employment Status event and the Comparison of Impact on Benefits – Gradual Retirement vs. Fully Retire or Retire and Return to the University chart (PDF) for information regarding the impact on your benefits in those situations.

Once you decide on a retirement date, notify your supervisor in writing of your upcoming retirement. Written notice should be provided three (3) months before your retirement date (a minimum of one month for monthly paid employees and two (2) weeks for bi-weekly paid employees is required). Your supervisor is responsible for ensuring your retirement event is entered into Workday. There is no formal paperwork required by HR.

Planning for Your Retirement Guide (PDF)
For full functionality, download the guide to your computer.

 

Retiree Eligibility

To be eligible for retiree health, dental, vision and life insurance benefits from WashU, faculty and staff must meet the following requirements:

  • You must be at least 55 years old; and
  • You must have completed at least five (5) consecutive years of service as a faculty or staff employee with scheduled weekly hours of at least 20 hours per week; and
  • Your age plus years of service must equal 65 or greater (“Rule of 65”).

To be eligible for the Dependent Child Tuition Assistance plan as a retiree, faculty and staff must meet the following requirements:

  • You must be at least 55 years old; and
  • You must have completed at least seven (7) consecutive full-time years of service (or the equivalent number of part-time years of service with regular scheduled weekly hours of at least 20 hours) as a faculty or staff employee; and
  • Your age plus years of service must equal 65 or greater.

Eligible service includes only full years of service with WashU; partial years do not apply. Service as a part-time employee with scheduled weekly hours of less than 20 hours per week, or as a postdoctoral appointee or clinical fellow trainee is not recognized in determining whether the Rule of 65 has been met.

Note: Once you meet the above requirements, you retain eligibility for retiree benefits even if you move to a part-time role with scheduled weekly hours of less than 20 hours per week before you fully retire. In other words, you do not need to terminate employment and be rehired to retain eligibility for retiree benefits. For a summary of the impact on your benefits if you move to a part-time role with scheduled weekly hours of less than 20 hours per week vs. fully retire, see the Comparison of Impact on Benefits – Gradual Retirement vs. Fully Retire or Retire and Return to the University (PDF).

Distribution Options Counseling

During the retirement planning process, many employees find it helpful to utilize the counseling session services offered by TIAA. Representatives are available for one-on-one sessions held virtually or on various campuses frequently throughout the year. Counselors can assist with many retirement savings and planning questions during a counseling session. When attending a session, please bring account information for those accounts that are not held with TIAA.

An important detail to consider before moving your funds from the WashU 403(b) Retirement Savings Plan is the cost of investing. Be sure to review the annual Fee Disclosure for the WashU Retirement Savings Plan and compare the cost of investing elsewhere before you move your retirement account.

Transaction forms – Plan representative signatures are not required on TIAA forms. The separation date will be provided electronically to TIAA following the event. The participant signature is required, along with the signature of a spouse if applicable.

To schedule an appointment with TIAA:

Retirement Medical Savings Account

Upon retirement or separation from employment, you are entitled to use the RMSA benefit. You will need to complete a Claims Activation form (PDF) with TIAA to elect to become Claims Active.

Once that form is submitted a welcome kit will be mailed to you which includes a debit card. Please allow 7 to 10 business days for delivery. Note that your welcome kit is mailed in a very generic looking envelope, so don’t throw it away.

For more information, please visit the Retirement Medical Savings Account page and the RMSA flyer (PDF).

Health Insurance Resources

SHIP – assistance with Medicare

Need help signing up for Medicare PartD? Missouri SHIP provides assistance and helps you get the most from your Medicare benefits. Make informed decisions about Medicare and related health insurance needs with assistance from SHIP, the state health insurance assistance program. Learn more about SHIP.

Free Health Insurance Educational Service

Utilize the free educational service provided through HealthCompare to assist pre-65 retirees in exploring and comparing health insurance options available through the individual marketplace.

The individual marketplace offers many health insurance plan options, some of which may be more cost effective than WashU’s Pre-65 Retiree PPO Plan. Please review the HealthCompare Notice and FAQs for information about this resource. 

Contact HealthCompare:

Healthcare Exchange

Enroll in plans through the Healthcare Exchange. Learn more at Healthcare.gov.

Plan Documents and Policies

Helpful Links

For additional information, contact WashU Benefits at HR-benefitsmail@wustl.edu.