Financial and Benefits Planning for Retirement

If you are considering retirement, use the checklist below to start planning for your finances and benefits during retirement.

Download a PDF version of the checklist

90 Days Prior to Retirement

benefit what to do who to contact
Review Yale’s retirement benefits with a retirement counselor Make an appointment with a retirement counselor to review your retirement benefits. Contact Employee Services 203-432-5552
or
employee.services@yale.edu for appointment
Attend a retirement workshop Attend a retirement planning workshop to help you prepare for retirement. Workshops include: Retiree Benefits Overview, Retirement and Financial Planning Workshop and Social Security Workshop. Sign up for a retirement education workshop at the TIAA website
Notify your department Provide written intent to retire and last work day/ retirement date. Your Supervisor, Business Manager or Department Chair
Yale Staff Pension Call for your pension estimate.
or
Start your monthly pension payments.
Your Pension Resources
877-352-5552 ext. 5
TIAA website or select Staff Pension Plan on the Workday Benefits Worklet
TIAA Call to make an appointment with a TIAA advisor to review your income projections and payment options. TIAA
855-250-5424
TIAA website or select Yale Retirement Savings on the Workday Benefits Worklet
Medicare A & B Enroll in Medicare Parts A and B if you are Medicare eligible (generally age 65 or earlier if disabled). Note: Contact Social Security Administration upon attainment of Medicare eligibility even if you are actively employed to determine the most beneficial date for you to enroll in Medicare Parts A and B. Medicare website
800-772-1213
Social Security Call or access the SSA.gov website for an estimate of your payment
or
Start your monthly Social Security payments.
Social Security website
800-772-1213
Retiree Health Enroll or waive participation in your retiree health coverage. Aetna Retiree Service Center webite
800-338-4533
Retiree Dental (FAC/M&P/YPBA only) Enroll or waive participation in your retiree dental coverage. Aetna Retiree Service Center website
800-338-4533
Retiree Life Insurance (if applicable) Update your beneficiaries for the retiree life insurance benefit. Aetna Retiree Service Center website
800-338-4533

30 Days Prior to Retirement

benefit what to do who to contact
Terminal Vacation/PTO Pay/Terminal Sick Pay Complete and submit Terminal Vacation Payout form to defer all or a portion of your lump sum PTO and sick pay payout to your Yale 403(b) retirement plan. Employee Services 203-432-5552
employee.services@yale.edu

Post Retirement Decisions

benefit what to do who to contact
Basic/Supplemental Life Insurance (if applicable) Respond to notice from carrier within 30 days to convert or port you current Basic and/or Supplemental Life Insurance coverage (notice mailed to home address). Standard Life
800-628-8600
Vision (COBRA) Respond to COBRA offer for continuation of current coverage (mailed to home address). WageWorks
800-526-2720
Dental (COBRA) (CT/SM/SEC) Respond to COBRA offer for continuation of current coverage (mailed to home address). WageWorks
800-526-2720

The benefit descriptions in this document are brief summaries of the benefits offered. For more detailed information about your benefits please visit your.yale.edu/benefits.

If anything differs from what is stated in the legal plan documents, the legal plan documents will prevail. Healthcare costs provided at the time of retirement counseling are an estimate and are subject to change. Estimates are prepared based on the information provided and the current terms of Yale’s retiree health plan. Final rates will be available from BSwift at the time of your retirement and will be determined based on verification of your relevant demographic information and plan terms in effect at that time. Yale reserves the right to amend, modify or terminate benefits plans at any time, including the right to change retiree contribution rates for retiree health plan coverage. Upon an employees return from a termination, retirement, or unpaid leave, Yale reserves the right to collect any unpaid Health Welfare balances in arrears.