April 6, 2017

Did You Know? - February, 2017 - Retirement

Over the years, Human Resources has received many questions from individuals who are looking into the future or approaching retirement. We would like to share some retirement information with you based off the questions we  receive and a few that many don’t think to ask about:

DID YOU KNOW: Minimum retirement age is 55 (50 for protective service) being vested. View the Benefit Handbook.

DID YOU KNOW: Normal retirement age is 65 being vested. View the Benefit Handbook.

DID YOU KNOW: You can retire at age 57 or later, with no age reduction due to retiring before age 65, if you have 30+ years of WRS credible service. View the Benefit Handbook.

DID YOU KNOW: You can use your Accumulated Sick Leave Conversion Credits (ASLCC) to pay for your state health plan coverage after retirement. Run your own estimate. To run an estimate you will need the following information. View more information about ASLCC and SHICC.

DID YOU KNOW: You are eligible for Supplemental Health Insurance Conversion Credits (SHICC) when you have 15+ years of continuous service.

DID YOU KNOW: If you “resign” not “retire” and have 20+ years of credible service, you can escrow your sick leave (also SHICC if at least 15 consecutive years with the UW) for a future retirement. If you “resign” not “retire” and do not have 20+ years of service, your sick leave credits may be lost.

DID YOU KNOW: You can run your own retirement annuity estimate. Be sure to have your most recent ETF annual Benefits Statement from the Portal to do future projections(s).

DID YOU KNOW: Some Rehired Annuitant rules changed 7-2-13, specifically break in service and returning to work for a WRS employer.

Please visit the ETF website for more information regarding retirement.

It is never too late or early to be informed and plan.

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