Ready to Retire or Retired Employees
Retirement is an exciting opportunity where we look forward to new opportunities and lifestyle choices. It can also be a time of significant change, adjustments, and often may include financial, social, or health considerations. Socially, it may mean moving to a new location, losing the routine of daily work and social connections, renewing or developing common interests with a spouse or significant other, starting that long awaited hobby or activity that you just never had time for while you were working. Whether retirement comes when we expect it or earlier or later than anticipated, the University encourages employees to plan carefully for the event.
By now, you are familiar with the different plans as well as the supplemental retirement savings opportunities offered by PSU. The following summarizes for you some of the important steps to take as you apply for retirement benefits and schedule your last day of work at PSU.
Give 30 Days Notice
Please give the university notice of your intention to retire with advance notice of at least 30 days by providing the following documents:
- A letter of resignation to your department with a copy to Human Resources that includes the date of your last working day.
- The Employee Separation/Transfer Form. Be sure and indicate any special check handling.
- Your final timesheet or leave roster.
We encourage you to make an appointment with Benefits in Human Resources, in advance of retirement if you wish to discuss your individual benefits. You may also wish to refer to The Retirement Checklist for some general steps for those considering retirement from PSU.
You are 100 percent vested in your pension benefits after being an active member in a qualifying position (600 hours minimum) in each of five calendar years, or on reaching normal retirement age while an employee. You are 100 percent vested immediately in the IAP account. PERS members may retire anytime after age 55, with reduced benefits, but, if you have fewer than 30 years of service, normal retirement age is age 58 for Tier one, and age 60 for Tier two and age 65 for OPSRP. To begin receiving your retirement benefits, PERS recommends the submission of the required paperwork 90 days in advance of the expected retirement date. The first retirement payment is required to be made by 92 days from this submission. For comprehensive information on your benefits and how to apply go to PERS.
You are 100 percent vested in the employer contributions after contributions have been made in each of 5 years that you were in a qualifying position, or on reaching age 50 while an OUS employee. You are 100 percent vested immediately in employee and rollover contributions and earnings. Benefits are available at termination of employment, retirement, disability, death, or plan termination. Benefits are equal to the value of your Employee Account and, if vested, the value of your Employer Account, including investment returns. There are a variety of payment options, including lump sum payment of Employee and Employer Accounts, subject to fund sponsor payout provisions.
Contact your provider from the list below.
Teachers Insurance and Annuity
Association - College Retirement
The Federal Social Security program provides a detailed planner to aid in determining social security retirement benefits provided under current law. By going to their website, you will be guided to a benefit calculator to test out different retirement ages or future earnings amounts, be able to determine your normal retirement age for full Social Security benefits, find out what happens if you continue to work after you retire, and learn about how certain types of earnings and pensions effect the benefits you may receive.
In addition, we know that part of your retirement will include questions about Medicare protections. To learn more about Medicare, refer to their Medicare website. You may also register at MyMedicare.gov which provides direct Internet access to Medicare benefits, eligibility, enrollment (including prescription drug plans) and preventive health information - 24 hours a day, 7 days a week.
Retiree Medical Insurance
PEBB-sponsored retiree health care benefits are available for pre-Medicare retirees.
If you are eligible to receive PERS retirement benefits you may be eligible for PERS Retiree Health Care Benefits including pre-Medicare and Medicare coverage.
You are eligible for PERSHealth if you are receiving a service or disability retirement allowance or benefit under PERS or if you received an optional lump sum payment. To learn more about PERS health plans review the website or contact them in Portland at 503.224.7377, toll-free at 1.800.768.7377, or by email.
Continuing Your Optional Insurance
Click here for further information about retiree benefits: Or call PEBB at 503.378.1102.
Retirement Association of Portland State (RAPS)
RAPS was formed to promote continued collegiality and communication among retired personnel and provide a vehicle for retirees to remain in contact with each other and support the goals and endeavors of their University. Visit the RAPS website for more information on joining the group.
Tenured faculty may apply for and receive emeriti status. By taking the emeritus award letter to the ID window in Neuberger Hall along with your picture identification, you will receive a lifetime Emeritus card. This currently entitles you to library privileges, free admission to all PSU athletic events, access to PSU fitness facilities, and non-transferrable staff fee privileges. An Emeritus parking permit will also be issued free of charge upon request and office space may be available based upon departmental discretion and space availability. Changes to these offerings are subject to the discretion of the University.
Within the provisions of PERS, Social Security, and University operational needs, employees may request and be granted post-retirement employment. To request this, contact one of the Office of Human Resources Employment Managers. All post-retirement employment must be approved by the department, dean/executive director, budget office, and the appropriate vice president before an offer is presented.
When you retire you are terminated on the system. If you work post retirement, it will be a new position, not a continuation of your old position. Retirees receiving PERS benefits are limited to working 1039 hours in a calendar year. If you are over age 70 you may work unlimited hours. If you take a lump-sum option be sure and ask PERS about any penalties that may apply if you return to work.
Retirees who have reached Social Security's full retirement age (FRA) and continue to work post retirement, have no limit on earnings with regard to their Social Security benefits. For detailed information about Social Security retirement benefits, please click here to visit their website.
If you are in the Optional Retirement Plan (ORP) through the Oregon University System you may review the information about ORP here. Questions regarding distributions of your account and returning to work should go to your PSU benefits office at 503.725.4926