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Retirement Checklist for Employees who are Preparing for Retirement

  1. ___ Review the SURS Retirement Preparation Checklist and begin gathering necessary information and documents.
  2. ___ If you are within four years of retirement, schedule an appointment with SURS to obtain a calculation of your retirement benefit estimate. SURS will calculate your benefit based on current regulations and the potential retirement date that you provide.
  3. + At the SURS appointment, you will need to have current salary data, estimate of future salary increases, and vacation and sick leave balances – meet with your unit HR contact to obtain this information.

    + SURS will require a copy of your birth certificate, spouse’s birth certificate (if applicable), and a copy of your marriage certificate (if applicable). It is recommended to bring these items with you to the appointment with SURS.

  4. ___ If you are more than four years away from retirement, you can use the SURS Benefits Estimator tool on the SURS website to calculate a ballpark estimation of your retirement benefit.
  5. ___ Learn about the different SURS distribution options.
  6. ___ Review and update your beneficiary designations with SURS, and with your 403(b) and 457 investment companies.
  7. ___ If you are participating in the 403(b) or 457 plan, now is the time to maximize your contributions. Consider making use of any catch-up provisions for which you are eligible.
  8. ___ Learn about the option to invest your vacation leave payout into your 403(b) account. Determine whether you want to do this.
  9. ___ Learn about distribution options with your 403(b) or 457 plan investment companies.
  10. ___ If you own U.S. Savings Bonds, use the U.S.Treasury's online calculator to determine their value.
  11. ___ You may wish to consult with a financial advisor to determine if you should consolidate supplemental retirement accounts.
  12. ___ Consider establishing a budget that will help you live within your retirement income. This Retirement Budget Worksheet provided by TIAA may be helpful.
  13. ___ Review the Fidelity publication Creating a Plan to Support Your Lifestyle in Retirement and the TIAA publication Living Well in Retirement.

  14. ___ Notify the University of your decision to retire. Give your unit a retirement letter in writing indicating your last day of work. Submit your final vacation/sick leave usage to your unit (for Civil Service employees, this information is captured through time reporting).
  15. ___ Complete the employee exit checklist and follow exit procedures for your unit. Campus Checklists: Urbana
  16. ___ Visit your campus ID center to obtain a retiree ID card.


Maintained by University Human Resources | Contact Information | Last Update: 16-March-2016 | ID: 3177