Retiring From UM
Retiring from the University of Montana involves several important steps across multiple systems. This page walks you through what to research, who to contact, and what to expect as you prepare.
We recommend beginning your research and planning at least six months before your intended retirement date.
Who This Applies To
Faculty | Staff | Contracts
Process
Schedule a consultation with the HRS Benefits Team
Contact the HRS Benefits Team at least six months before your intended retirement date to begin the process. Plan for approximately one hour. During your consultation the following topics will be covered:
- MUS retiree health insurance options and enrollment procedures
- Final UM payroll payout, including leave payout options and tax implications
- Flexible spending account close-out
- Optional supplemental and deferred compensation plan retirement accounts
- Retiree health insurance premium payments
- Coordination of Medicare benefits
- Retirement system applications
- Notifying your department and supervisor
- Review of UM retiree benefits
To Prepare For Your Consultation
-
Before notifying your supervisor or department, research your retirement plan and understand your withdrawal options. Your MUS retirement plan has rules governed in part by the IRS that determine eligibility, benefit amounts, and duration based on your age and length of service. These rules are strictly enforced and differ depending on the plan you are enrolled in.
Contact your retirement plan administrator several months in advance to request an estimate of your expected benefit. Both PERS and TRS require a completed retirement application to begin receiving benefits.
- MUS-RP members: contact TIAA or call 1-800-842-2252
-
You do not need to wait for a paper statement to review your Social Security record. Create a My Social Security account at ssa.gov/myaccount to view your earnings history, taxes paid, and a personalized estimate of your future benefit at various claiming ages. The Social Security Administration recommends reviewing your statement at least once per year to confirm accuracy.
You must be at least 61 years and 9 months old to apply for Social Security retirement benefits online, and can elect to begin payments up to four months in advance.
-
You may sign up for Medicare online beginning at age 64 years and 9 months, including while continuing to delay claiming Social Security to receive higher payments later. Medicare Part D prescription drug plans may change their premiums, covered medications, and cost-sharing requirements each year. Use the Medicare Plan Finder annually to confirm your medications will continue to be covered at the best available price. Part D plans can be switched once per year during the annual enrollment period from October 15 through December 7.
-
Upon retirement, you may enroll in MUS Choices retiree coverage, which includes the MUS medical plan through BlueCross BlueShield of Montana, the Select dental plan, and vision hardware coverage. To enroll, you must complete and return a retiree enrollment form to the HRS Benefits office within 63 days of becoming eligible for retiree benefits.
If you plan to retire before becoming eligible for Medicare, review health insurance options available through your state's Health Insurance Exchange at healthcare.gov. These plans cannot reject you or charge you more due to pre-existing conditions.
Keep Thorough Records
Throughout the retirement process, keep a written account of all conversations including the date, time, and names of individuals you speak with. Retain copies of all correspondence for your records.
Resources and Forms
UM employees who retire after 15 or more years of service receive the following perks:
- Continuation of UM email account
UM employees who retire with fewer than 15 years of service receive the following perks:
- Continuation of UM email account
Additional resources for retirees and seniors in the Missoula community:
Frequently Asked Questions
-
You should complete your initial research and meet with the HRS Benefits Team before notifying your supervisor. This ensures you have a clear picture of your retirement date, payout options, and benefit elections before any formal notice is given.
-
Your FSA will be discussed during your consultation with the HRS Benefits Team. Generally, FSA elections end with your employment, so it is important to plan your contributions and claims carefully in the months leading up to retirement.
-
Yes. If you retire before age 65, you may enroll in MUS retiree coverage through MUS Choices or purchase coverage through the Health Insurance Exchange at healthcare.gov. Your HRS benefits consultation will cover your specific options based on your retirement date.
Contact this Team
For questions, please submit a ticket through AskHR, email askhr@umontana.edu, or call 406-243-6760.