Retirement Checklist for Members of the Faculty & Staff

Use this checklist to help ensure a smooth transition from active employment to retiree status:

Faculty considering retirement should also consult with the Office of the Dean of Faculty

___  Income Planning: Discuss, plan, and confirm retirement timing and income options with TIAA and/or a personal financial advisor at least 120 days prior to retirement. Call TIAA at (800) 842-2776.

___  Benefits Counseling: Schedule an appointment with the Benefits Team at (609) 258-3302 or [email protected] to understand Princeton University’s retirement benefits, ideally no less than 90 days prior to retirement.

___  Retirement Notification: Discuss retirement timing with the manager, supervisor, or academic chair or director at least 45 days prior to retirement to help the department plan accordingly. Confirm the retirement date in a letter and send a copy to the senior HR manager or the Office of the Dean of Faculty.

___  Accrued Vacation: Review accrued vacation days, if eligible, with the supervisor. Employees may use any or all accrued days prior to retirement or be paid a lump sum upon retirement for up to a maximum of 30 unused accrued vacation days. 

___  Healthcare Coverage Enrollment: To elect and enroll in retiree healthcare coverage, complete and return the appropriate Princeton Healthcare Plan Election Form to the Benefits Team by or no later than 30 days after the retirement date.

___  Health Savings Account (HSA): Individuals who are currently enrolled in the Health Savings Account are not eligible to make contributions to the HSA once enrolled in Medicare. IRS rules requires individuals to prorate their HSA contributions if they are not participating in the HSA for the entire calendar year. In addition, individuals who delay enrolling in Medicare may receive up to six months of retroactive Medicare coverage. To avoid a tax penalty, it is recommended to stop contributions to the HSA six months before applying to Medicare. Review the HSA Road Rules for additional information.

___  Medicare Enrollment, Pre-65: Reminder if the retiree and/or the spouse are not yet 65, both need to enroll in Medicare Parts A and B upon each attaining age 65.

___  Medicare Enrollment, 65+: If the retiree, and/or spouse, and/or dependents are age 65 or over, or Medicare-eligible, contact the Social Security Administration (SSA), approximately 90 days prior to the retirement date, (800) 772-1213 to enroll in Medicare Parts A and B effective the first of the month of the retirement date. The Benefits Team will provide the retiree with CMS Form L564 which may be required by SSA to enroll in Medicare.

___  Medicare Direct Enrollment, 65+: Retirees age 65 and older and their eligible dependents may enroll in Aetna’s Medicare Direct program so that claims processed by Medicare are automatically sent to Aetna for secondary processing. Call Aetna at (800) 535-6689, provide the Aetna group number (397432), Social Security number, and Medicare number. Enroll all Medicare-eligible dependents in this program approximately 10 days after the Medicare Part B effective date.

___  Social Security Benefits: If the retiree and/or the spouse are at least 62 years old, contact the SSA at (800) 772-1213 to discuss options and the rules regarding an early retirement benefit. This is a permanently reduced benefit for those electing benefits prior to reaching the full retirement age according to the SSA.

___  Exit Interview: Contact the senior HR manager or HR generalist to schedule an exit interview.

___  University Property: Return all University property upon retirement to the department.

Other noteworthy actions that may be applicable are:

___  Change of Address: If you move, notify the Office of Human Resources in writing. This information will enable you to continue to receive Princeton University publications. You must also notify TIAA directly in writing of an address change.

___  Email Address: Contact the Office of Information Technology Help Desk at (609) 258-HELP (4357) for information. Emeritus faculty automatically retain their University computing privileges when granted emeritus status with no change to their existing Princeton email address.

___  Mortgage Loan Program: This program is administered by the Real Estate Office. Contact the Real Estate Office at (609) 258-3123.

___  Parking: Retirees remain eligible for a University parking permit. Contact the Transportation and Parking Services office at (609) 258-3157 and [email protected] .

___  University ID Card: Retirees, their spouse or same-sex domestic or civil union partner may continue to hold a University ID card. Validation stickers may be mailed upon request or be picked up annually in October at the TigerCard Office. Contact the TigerCard Services office at (609) 258-8300 and [email protected].

___  Princetoniana Oral History Project: The Princetoniana Committee of the Alumni Association records for posterity the legends, traditions, culture, and symbols of Princeton. Part of that effort includes interviewing alumni, faculty, and staff about their experiences and impressions of Princeton. Transcripts of past interviews are available. Anyone interested in being interviewed should email the Princetoniana chair at [email protected].

For any questions, contact the Benefits Team at (609) 258-3302 or [email protected].

HR sends best wishes for a superb retirement along with sincerest thanks for working and contributing to Princeton University.