Teachers’ and State Employees’ Retirement System (TSERS)
TSERS is a defined benefit plan. Under this type of plan the benefit you receive at retirement is based on a formula. This formula considers your years and months of creditable service, your age, and your “average final compensation,” which is the average of your salary during your four highest paid consecutive years. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement.
An employee who is participating in the Teachers’ and State Employees’ Retirement System makes application for retirement through the Benefits Administration Department. An application must be filed with the Retirement System at least one day but not more than 120 days before the effective date of retirement. The effective date of retirement is always the first day of a month. Benefit Program Administration recommends that application be made at least 60 days prior to the planned retirement date in order to ensure timely payment of the first retirement check. The employee should also notify his/her supervisor approximately 60 days before retiring to allow the department sufficient time to initiate appropriate personnel and payroll actions.
For more information, please visit the Office of Human Resources website: Leaving University Employment.
Optional Retirement Plan (ORP) participants
Under the ORP, the amount of the benefit is based on the total accumulation in the account(s) including any credited interest or dividends, your age, the age of your annuity partner, if applicable, and the income option selected. There are no age or service requirements to meet in order for a vested participant to begin receiving a benefit.
Each ORP carrier makes available optional forms of payments and a variety of retirement payment options designed to allow you to tailor-make your retirement program to meet your financial needs. These may be fixed annuity payments or payments on a variable basis, or a combination thereof. You may also elect to receive a lump sum distribution, as permitted by the ORP carrier(s). However, to continue your State Health Plan coverage in retirement, you must begin to receive an ORP benefit on a monthly basis at retirement.
For more information, please visit the Office of Human Resources website.
When you’re planning for retirement, here’s what you need to do:
Get a current leave record from the Library Personnel Office to confirm your vacation and sick leave totals
Schedule an appointment with the Benefits Specialist at the Office of Human Resources (962-3071) to file an application of retirement with the Retirement System
Send a letter of resignation to your supervisor, with a cc to the Library Director (see “Submit a Letter of Resignation” below for details)
Confirm an exit interview appointment with the Library Personnel Office (see “Exit Interview” below for details)
Submit a Letter of Resignation
To resign from a position due to retirement, a letter should be submitted to your supervisor (with a cc: to the Library Director) indicating that you are leaving your position. Please be sure to include your last day of work (mm/dd/yyyy). In order to accommodate University and State deadlines regarding retirement paperwork, we suggest at least a one-month notification. The Library Director initials the copy of the resignation letter and forwards the letter to the Library Personnel Office.
Upon receiving the initialed copy of the Retirement Letter, the Library Personnel Office will prepare a benefits packet for your exit interview.
In addition to notifying the Benefits Office, upon receiving the initialed copy of the Retirement Letter the Library Personnel Office will contact you to schedule a Library Exit Interview. The Exit Interview should take approximately 15 minutes and will cover such topics as:
- Vacation and Sick Leave Balances
- Keys (to buildings, desks, drawers, filing cabinets, etc.)
- Parking Permits (when to hand in, where to return)
- Mailing Address (how to file a Change of Address with the University if necessary)
- How to handle your Final Paycheck
- Release of Employment Information Form
- Benefits exit interview packet