Human Resources > Benefits > Retiree Benefits > Preparing for Retirement

Preparing for Retirement

This section provides detailed information about the criteria for retirement. Figure out when you will qualify for retirement and review the helpful FAQ section at the bottom of this page.

Criteria for Retirement

Faculty and staff are eligible for retiree benefits after meeting the following conditions as of the date of retirement

  • You are full-time at time of retirement;
  • You are enrolled in a DePaul-sponsored medical plan; and
  • You have attained age 55 and have 20 years of full-time cumulative service; or
  • You have attained age 62 and have 10 years of full-time cumulative service.

Steps for Retirement

  1. Notify your department and the HR Benefits Department within 8-10 weeks of anticipated retirement date.
  2. The Benefits Department notifies Payroll of retirement.
  3. You will receive a retirement letter from the Benefits Department outlining your benefit options.
  4. Review the letter and complete the section indicating the level of retiree medical coverage desired and whether you wish to maintain your university email account.
  5. Return the completed and signed benefit election portion of the letter to the Benefits Team.
  6. After retirement, pay medical premium upon receipt of medical coupon from Retiree Medical vendor.
  7. Separate COBRA and benefits conversion information will be sent to your home address.
  8. Review COBRA and life insurance options, complete any necessary forms, and return to vendors where appropriate.
  9. Contact TIAA‐CREF at tiaa.org or (800) 842‐2776 and/or Fidelity at fidelity.com/atwork or (800) 343‐0860 regarding your 403(b) account.
  10. Contact a local Social Security Office to arrange Social Security Retirement Income.  To find booklets online or locate the nearest office, visit ssa.gov.
  11. If age 65 or older, or will soon reach age 65, contact Medicare at (800) MEDICARE to enroll in Medicare Parts A and B (also necessary for a spouse age 65 or older). This should be done within 3 months prior to retiring (or turning 65 if retiring prior to age 65). 

FAQs

The eligibility requirements for retiree medical insurance are age 55 with 20 years of full-time cumulative service or age 62 with 10 years of full-time cumulative service. In addition, the faculty or staff member must be enrolled in the medical plan at the time of retirement.

Each November, you will receive Annual Enrollment materials and premium information for the upcoming year. If you do not receive, the information, contact the Benefits Department at 312-362-8232.

Yes, Retiree Annual Enrollment occurs every fall. Annual Enrollment materials are sent directly to the homes of all retirees.

DePaul HR: (312) 362-8500

Medicare: (800) MEDICARE, medicare.gov

Social Security: (800) 772-1213, socialsecurity.gov

TIAA-CREF: (800) 842-2776, tiaa-cref.org

Fidelity: (800) 343-0860, fidelity.com

When you retire, you will need to enroll in Medicare Parts A and B if you will be age 65 or older. DePaul University retiree medical plan will pay benefits as if you are enrolled in both Parts A and B. The same is also true if your spouse will be age 65 or older when you retire. He or she will need to enroll in Medicare Parts A and B. You do not need to enroll in Medicare Part D. If you enroll in Medicare Part D, you will no longer be eligible for the DePaul retiree medical plan.

Yes, if you die while both you and your spouse are enrolled in retiree medical, your spouse will be able to maintain the same benefits in the retiree medical insurance.

Your spouse and eligible dependents are able to be included on your retiree medical insurance as long as they were on your medical coverage at the time of your retirement. You are also able to enroll your spouse and eligible dependents during an Annual Enrollment period or if you experience a qualified family status change.

The university strives to maintain high quality, affordable health plans for employees, retirees and their families. In order to accomplish this, it may be necessary to change insurance carriers and features of the plans on a regular basis to take advantage of effective new health care delivery options. The university reserves the right to terminate, suspend, withdraw, amend or modify all or any part of the plans, or to change the cost of coverage, at any time without notice.