Pre-Retirement Planning
When it comes to retirement planning, there are many considerations to make. Please view the checklists below to help get you on your way, and please contact the HR Benefits team to ask your specific questions regarding retirement planning.
KPERS Participants
View full and reduced benefits
- Determine when you are eligible to retire
| Full Benefits | Reduced Benefits |
KPERS Tier 1 |
| Age 55 with 10 years of service |
KPERS Tier 2 |
| Age 55 with 10 years of service |
KPERS Tier 3 |
| Age 55 with 10 years of service |
KP&F | Tier II Members
| Age 50 with 20 years of service |
- Review the KPERS Pre-Retirement Planning Guide and choose a retirement payment option.
- Submit your Application for Retirement form (KPERS-15) at least 30 days before the day you want to retire. You need to apply to receive your benefits from KPERS. They do not begin automatically. You will need to provide birth and name change documents. Your retirement application can be submitted to KPERS via the Benefits office.
- Once your application has been received, KPERS will process your application and notify you if they require additional information. You will receive a letter at your home address regarding your benefit amount and taxes.
- Your monthly benefit payments will be directly deposited at your financial institution on the last working day of each month. You will receive your first benefit payment at the end of the month after your retirement date.
KBOR Mandatory Retirement Participants
To assist you in planning for retirement, the following checklist has been created. Please note that this checklist is intended to give you a general guide to help you in your retirement planning process.
Five years prior to retirement
- If you have a spouse or partner, it is important to include them in discussions and decisions involving your retirement.
- Obtain your annual Personal Earning and Benefit Estimate Statement from Social Security
- Review your retirement savings and determine if you can save additional pre-tax contributions to Optional Savings Plans: Voluntary 403(b) Retirement Plan or KPERS 457 Tandem Retirement Plan. Review Investment Providers (TIAA and Voya). Complete Form PER-19, to sign up for pre-tax payroll deductions for the Optional Retirement Plans.
- Contact any past employers you may have (including the military), to see if you qualify for any retirement income under their plans.
- Develop a network of peers that would be willing to discuss their retirement experience with you.
- Meet with your TIAA and/or VOYA Financial Advisor for a one on one session to get an overview of your portfolio and options. Make sure that they know about any retirement accounts you have such as the Optional Savings Plans through KSU.
- Make sure you have a current Beneficiary Designation on record with the Investment Provider(s).
- Now is a great time to review your Beneficiary Designations – We recommend that you have a Primary and Secondary Beneficiary on file. If you only have a Primary Beneficiary (other than a Trust for example) and something happens to your Primary; note that the State of Kansas Rules for distribution will be followed.
- Start a discussion about your Health Benefits to determine how they will be handled at retirement. Do you want to convert them, go on your spouse’s health coverage or do research to see what else is available.
- Make sure you have a current Designation of Beneficiary on record for the KSU provided 150% of salary Group Life Insurance.
Three years prior to retirement
- Review your online Earning and Benefits Statement from My Social Security
- Start to calculate your projected living expenses and compare that with anticipated income from all sources such as personal investments, rental properties, Social Security, other Retirement Accounts, Bank and Savings Accounts.
- Review your retirement savings and determine if you can save additional pre-tax contributions to Voluntary 403(b) Retirement Plan or KPERS 457 Tandem Retirement Plan program. Review Investment Providers (TIAA and Voya). Complete Form PER-19, to sign up for pre-tax payroll deductions for the Optional Retirement Plans.
- Review with your Tax Advisor if there are any additional considerations that need to be changed prior to retirement
- Meet with your TIAA and/or VOYA Financial Advisor for a one on one session to get an overview of your portfolio and options
- Meet with your Financial Advisor to review timing and what you need to do to get ready to retire
One year prior to retirement
- Double-check that you are still eligible for Social Security and Medicare benefits.
- Set up an appointment with your TIAA and/or VOYA Financial advisor to get more in depth information on your portfolio and options.
- Decide during the benefits open enrollment period whether you need to change your plan. You cannot change your benefits simply because you retire (i.e. - adding medical insurance at retirement).
- Review your retirement savings and determine if you can save additional pre-tax contributions to Voluntary 403(b) Retirement Plan or KPERS 457 Tandem Retirement Plan program. Complete Form PER-19, to sign up for pre-tax payroll deductions for the Optional Retirement Plans.
- Review with your Tax Advisor if there are any additional considerations that need to be changed prior to retirement
Six months prior to retirement
- Discuss your retirement plans with family and a trusted financial advisor.
- Update any Designation of Beneficiary changes for the KBOR Life Insurance policy that has been provided by KSU.
- Start thinking about what you want to do after you are retired. Attend a retirement seminar. Talk to other Retirees.
- Think about any changes that you want to do with regard to your home, family and self.
- If you are thinking of moving from the state of Kansas, see if there is a reciprocal provision for the waiver of State Taxes on any retirement plan distributions you take after you are retired.
- Review your retirement savings and determine if you can save additional pre-tax contributions to Voluntary 403(b) Retirement Plan or KPERS 457 Tandem Retirement Plan program. Review Investment Providers (TIAA and Voya).
- Talk to your Tax Advisor to see when the best time would be for you to retire from a tax perspective.
Three months prior to retirement
- Make an Appointment to Discuss Retirement Options with Benefits
- Apply for Social Security and Medicare Benefits: Or call for an appointment: 1-877-8940-5741. Note that if their office is very busy, you might not be able to schedule an appointment earlier than 1-2 months prior to retirement.
- Talk with your Financial and/or Investment Advisor about financial impact due to retirement so that you are very comfortable that you have looked at the “big picture” and will feel comfortable to the decisions you will be making regarding retirement.
Two months prior to retirement
- If you plan on keeping the University insurance (medical and/or dental, TEA life, OG Life insurance) make sure that you have scheduled a meeting with Human Resources. Or if you have already met with Human Resources, make sure that you understand the process and the impact to you as you are getting ready to retire. If not, please call and/or schedule another meeting.
- If you are thinking about keeping your health insurance, be sure that you have reviewed the direct bill information.
- In your meeting with Human Resources, be sure you understand how your retirement will affect your HRA/HSA/FSA programs.
- Note that deadlines are very important to understand and follow.
One month prior to retirement
- Office/Staff personnel need to notify their department head in writing that they plan on retiring.
- If you plan on keeping the University insurance (medical and/or dental, TEA life, OG Life insurance) make sure that you have notified benefits@ksu.edu of your intent to keep the insurance. Also review the deadlines for your HRA/HSA/FSA
- If you want to keep the KSU 150% of salary Group Life Insurance, please review the costs and the process to convert to a Term Life (not available over age 70) or Whole Life Policy with cash value.
- Make sure that you understand Accrued Leave and use any leave that you will lose upon retirement
- Review any additional KSU forms to be used for retirement as needed
Two weeks prior to retirement
- If you are planning on donating Sick Leave, complete Form PER-64D and return it to benefits@ksu.edu
- If you are planning on deferring your accrued leave to an Optional Savings Plan, make sure that Form PER-19 has been sent to benefits@ksu.edu.
- Let your Financial Advisor know that you are sending your accrued leave to an Optional Savings Plan so that they can be looking for the deposit from Kansas State University.
- If you plan on rolling over or doing a cash withdrawal from your TIAA and/or VOYA Financial Advisor contact them directly. Note that there are forms that sometimes have to be completed by KSU and it is better to get them completed and signed in advance.
Week of retirement
- Get a copy of the signed Form PER-39 – Change or Separation from your manager or HR Liaison
- Go to the Student Union ID to obtain your retiree ID card.
- Go to the Student Union Parking Facilities to obtain your free Annual Parking Pass
- Go to the Rec Center to obtain your free Rec Center Pass
- Leave appropriate messages on any e-mail/voicemails alerting people of your retirement and a contact handling your responsibilities.
- Update HRIS of your address, telephone, and e-mail address.
- Notify TIAA and/or VOYA Financial Advisor of any address or beneficiary changes
- Contact TIAA and/or VOYA Financial Advisor of any retirement account changes, retirement income or rollovers.
- Notify the Investment Provider for your Optional Retirement Savings Plans of any address or beneficiary changes.
Additional Resources
- Schedule a retirement planning appointment with the Benefits team
- Notify your department of your planned retirement date using Form PER-37, Notification of Retirement. Your department must submit the paperwork to Human Resources showing your official retirement from Kansas State University.
- If you have an Optional Savings Plan, contact your investment provider to discuss available options.
