UNC CHARLOTTE PERSONNEL INFORMATION MEMORANDUM

PIM 10

RETIREMENT - Process

DATED:  April 15, 1998

Category:  Benefits

Contact:  Benefits Manager – ext. 2208.

The permanent faculty and staff of the University may retire from employment when eligible and upon application. It is recommended that throughout an individual's career, he/she periodically review his/her financial situation, establish and review retirement goals, and adjust supplementary retirement savings programs as necessary. As the individual nears retirement age, he/she may consult with representatives of the appropriate retirement system:

1. Teachers' and State Employees' Retirement System (TSERS) participants can request estimates of retirement benefits by calling (919) 733-4191.
    
2. Optional Retirement Program (ORP) participants may keep in regular contact with a representative of the ORP carrier(s) to assure contributions are allocated according to a sound financial plan. ORP carriers are:
    
   1. Lincoln National (704-372-3500)
       
   2. Fidelity (800-553-4421)
       
   3. TIAA-CREF (704-988-1171)
       
   4. AIG VALIC (800-892-5558) ext. 89950 or ext. 87745

When an individual decides it is time to retire he/she may wish to:

1. Consult with the Benefits Office. This confidential pre-retirement consultation may be as simple as a phone call, or involve an appointment, often including the employee's spouse as well.
    
2. Speak with the Department Chairman/Head regarding post-retirement employment (and emeritus status, if faculty) if such an arrangement is desired and possible.
    
3. Consult with financial advisors associated with University-sponsored insurance or tax-deferred compensation plans, or private financial advisors and family members.

Once the individual has accumulated all the information necessary to make an informed decision that is appropriate in his/her personal circumstances, then the individual should schedule a retirement submission appointment with the Benefits Office. This meeting may also include the spouse. The Benefits Office will review the retirement documentation, complete necessary forms, and preview the series of events which will proceed after submission of the retirement documentation.

Retirement dates are always the first day of the month. Retiree Health benefits, for those that choose such benefits, begin on the first of the month following the date of retirement. The application for retirement must be filed sufficiently in advance of the desired retirement date to permit processing. If the application is not received by the appropriate authorities within the following time frames, retirement benefits, including retiree health coverage could be delayed.

• TSERS participants should apply for retirement not less than 60 days nor more than 90 days prior to the desired retirement date.
   
• ORP participants should contact the carrier(s) in which he/she participated to obtain a retirement benefit option package not less than 90 days prior to the desired retirement date.

Retirement payment arrangements are described in detail in the publications available from the Benefits Office. These include:

1. "Your Retirement Benefits" published by the Teachers' and State Employees' Retirement System(TSERS)
    
2. "The Optional Retirement Program" published by UNC - General Administration
   (ORP participants may also wish to consult the publications and representatives of the ORP carriers, or visit the UNC Virtual Benefits Office on the World Wide Web at http://www.ga.unc.edu/benefits/)

In addition, members of the faculty and staff may wish to read "Voluntary Supplemental Retirement Savings Programs," a publication of the UNC Charlotte Benefits Office.