Retirement Roadmap Checklist

PDF version of this information.

1-2 years before retirement

  • Research/Review
    • If you are a PERS or TRS member, contact the Department of Retirement Systems (DRS) to request an Estimate of Retirement Benefits for the date you wish to retire. These services can also be accessed online at the Department of Retirement Systems (DRS) website.
    • Visit the DRS website to learn more about your plan’s retirement rules and signup for online account access. Consider attending a DRS Retirement Planning Seminar.
      • Use the Online Benefit Estimator to estimate your future monthly benefit.
      • If interested, sign up for DCP or SBVIP voluntary retirement plan. You might also consider using a “catch-up” savings option.
      • If interested, contact DRS to find out whether you’re eligible to purchase optional service credit.
    • If you are a State Board Retirement Plan (SBRP) member or if you contribute to the State Board Voluntary Investment Program (SBVIP), TIAA administers your retirement benefits.
    • If you participate in the Deferred Compensation Plan (DCP), call for information on distribution options. Call 1-888-327-5596 OR visit the DRS website.
    • Review the Health Care Authority’s (PEBB) Retiree Health Care Coverage. Note: Pay close attention to the deadlines for application. Eligibility is time sensitive and a decision to opt out is final.
    • Review the VEBA Sick Leave Cash Out Program: If you are eligible for “normal retirement” under SBRP rules (age 55 or 30 service credit years or by means of disability), you may be eligible to transfer the value of your sick leave balance to a health reimbursement arrangement (HRA) with VEBA. A health reimbursement arrangement (HRA) is an account-based health plan you can use after becoming claims-eligible, to reimburse your qualified out-of-pocket medical care costs as defined by the IRS. Common qualified expenses include co-pays, deductibles, prescription drugs, retiree insurance premiums, etc.
    • The value of your sick leave balance is calculated at the rate of ¼ the dollar value. Remember, if you do not enroll into the VEBA you will forfeit your sick leave cash out.
    • Social Security can provide you, your spouse, and other eligible members of your family with benefits when you retire. Review Social Security retirement benefits and Medicare benefits.

6-8 months before retirement

  • Research/Review:
    • If you are a PERS or TRS member, contact the Department of Retirement Systems (DRS) to request an official estimate of your monthly benefit payment. You can do this securely through online account access or by calling DRS.
    • If you are a State Board Retirement Plan (SBRP) member or if you contribute to the State Board Voluntary Investment Program (SBVIP), contact TIAA to finalize the different income options available to you at 800-842-2776.
    • If you participate in the Deferred Compensation Plan (DCP), call to finalize your distribution options. Call 1-888-327-5596 OR visit the DRS website.
  • Take Action:
    • Announce Retirement to Pierce College. Be sure to send your letter announcing your retirement date to your supervisor and the VP for Human Resources (hr@pierce.ctc.edu).

2-3 months before retirement

  • Take Action:
    • Apply for Retirement with your retirement plan(s).
      • DRS members can apply for retirement through online account access.
      • SBRP or SBVIP members can contact TIAA at 800-842-2776.
      • You may also want to look into Social Security benefits.
    • Apply for Medicare Part B. In the application process with Social Security, there's usually a section of your forms that Human Resources probably needs to complete. To have our reps complete this section, please contact Human Resources, and allow a couple days for processing.
    • Call Health Care Authority (PEBB) to acquire a Retiree Health Care Coverage enrollment packet. Pay close attention to the deadlines for application. Eligibility is time sensitive and a decision to opt out is final.

The month of retirement

  • Take Action:
    • If you were employed by a community college and in the TIAA/CREF retirement program before July 2011, you may be eligible for a supplemental retirement payment through the State Board. The Legislature eliminated this benefit to SBSRP participants who were not active participants in the SBRP prior to July 1, 2011.
    • Complete the VEBA Form and return to Human Resources. The value of your sick leave balance is cashed out at the rate of ¼ the dollar value. Remember, if you do not enroll into the VEBA you will forfeit your sick leave cash out.
    • Complete the Out-processing Checklist for some quick reminders and to inform Payroll and HR of your exit wishes.
      (You must log in to the Pierce College intranet for this form).