YOUR RETIREMENT CHECKLIST

When planning for a successful retirement, it is important to give yourself enough time to review your benefits and options. The time frames in this checklist are a guide. Processing time varies and cannot begin until the Division of Pensions and Benefits receives all the necessary information and forms from both you and your employer.

6-8 MONTHS BEFORE RETIREMENT

  • Complete a Request for Retirement Estimate form available from the Division of Pensions.
  • Consider attending a pre-retirement seminar conducted by the Division of Pensions or through your local UniServ Office.

4-6 MONTHS BEFORE RETIREMENT

  • Submit an Application for Retirement Allowance (available from the Division of Pensions and Benefits or your employer).
  • PERS and TPAF only-If applying for a Veteran Retirement, you must qualify as a veteran for pension purposes. If you are not already listed as a veteran on the Division of Pensions' records, you must send a photocopy of your military discharge to the NJ Department of Military and Veteran Affairs.
  • Ask your employer to submit a Certificate of Service and Final Salary to the Division of Pensions and Benefits.
  • You will receive a letter from the Division of Pensions and Benefits acknowledging receipt of your retirement application.

APPROXIMATELY 3 MONTHS BEFORE RETIREMENT

  • You will receive a letter offering you enrollment in the New Jersey State Health Benefits Program (SHBP) if you are:
  • Currently covered by SHBP.
  • A member of the TPAF with 25 years or more of service credit in the pension fund or retiring on a disability retirement.
  • A PERS or Alternate Benefit Program member retiring from a school board of education or county college with 25 or more years of service credit in the pension fund or retiring on a disability retirement.
  • If you will not be eligible for post-retirement medical coverage through the SHBP, discuss with your employer any coverage they may provide.

APPROXIMATELY 2 MONTHS BEFORE RETIREMENT

  • You will receive a Quotation of Retirement Benefits letter which shows your monthly retirement allowance.
  • If you retire with an outstanding loan balance, you must decide how you wish to repay your loan balance.
  • Any outstanding arrears or shortages must be paid before your retirement check can be issued.

APPROXIMATELY 1 MONTH BEFORE RETIREMENT

  • Your retirement will be presented to the retirement system's Board of Trustees for approval. You will receive a board approval letter and will have 30 days from the board approval date or your effective retirement date (whichever is later) to change your option selection if you wish.
  • You may choose to cancel your retirement within 30 days of your retirement date or board approval date (whichever is later). This request must be in writing to the Division of Pensions and Benefits. Canceling your retirement does not guarantee reemployment with your employer.
  • Discuss the possibility of continuing prescription drug and dental coverage under the provisions made available to you.
  • If you are 65 or older, contact the local Social Security Administration office for full Medicare enrollment.

SHORTLY AFTER YOUR RETIREMENT DATE

  • You will receive forms for withholding federal and New Jersey State income tax.
  • You will receive a form to have your retirement check deposited directly to your bank account.
  • Your first retirement check will be dated no earlier than the first of the month following your retirement date or 30 days after approval by the retirement system's board of trustees, whichever is later.

This information provided in Fact Sheet #6

New Jersey Division of Pensions and Health Benefits

PO Box 295

Trenton, New Jersey 08625 http://www.state.nj.us/treasury/pensions

PLEASE NOTE: This is information is a summary and not intended to provide total information.

FOR INDIVIDUAL PENSION CONSULTATIONS, CALL THE

NJEA UNISERV OFFICE, REGION 27

PREAKNESS VALLEY OFFICE PARK

504 PREAKNESS AVENUE

WAYNE, NEW JERSEY 07470

(973) 694-0154