RETIREMENT CHECKLIST

Thinking of retiring from MSU? The following checklist may assist you in planning for retirement.

3-7 Years Prior

  • Attend one of the Road Next Traveled seminars. These day-long seminars are intended to cover a variety of topics which help you prepare for retirement. There is no cost to an active employee. More detailed information may be found under Human Resources Education Programs.
  • Get a forecast of your retirement account from your investment vendor or advisory service. Review your risk level and develop a long-range target plan for income. We would suggest annual updates.
  • You may confirm your MSU Retirement eligibility information through the EBS Portal

1-2 Years Prior

  • Review your projected Social Security Income statement. You may contact the Social Security Administration at (800) 772-1213 or visit their website to request a statement at any time. 
  • Use the EBS Portal to confirm your current Full-time Equivalent service months, and then determine the projected level of University benefits you will expect to receive in retirement. The Effect of Retirement on Benefits will provide a detailed summary.

3-6 Months Prior

  • Make an individual appointment with your investment vendor(s) regarding income. Allow ample time to get detailed information on the different distribution options and how to complete any required forms. 
  • Contact the Social Security Administration (SSA) to apply for income benefits (generally, for age 62 or older). If you are age 65 or older at retirement, you will also need to contact the SSA to enroll in Medicare Part A and Part B. More detailed information may be found under Applying for Social Security Benefits. You may contact the Social Security Office at (800) 772-1213 for an individual appointment or apply online.
  • At least three months before your retirement date you should complete the Retirement Form found in the EBS Portal. Human Resources will send you a personalized communication providing information about health/dental coverage and related University benefits.
  • If you will receive additional income (e.g. sick leave and/or vacation quotas payouts) you may wish to consider deferring this income to a supplemental or deferred compensation plan. Contact Human Resources a least one month prior to your retirement date, to complete the required deferral form.
  • If you will receive any type of post-retirement pay from the University (i.e. severance pay, SRO payment, return to active employment) you need to be aware that current deductions and tax withholding may continue unless you take action.
  • Employees authorized to have a MSU Purchasing Card are required to notify the MSU Purchasing Card Team by processing a Procurement Card Maintenance Document (PCMD) in KFS located in the Finance folder under Lookup and Maintenance. If a card needs to be canceled, immediately contact the MSU Pcard Team directly at (517) 884-6080 and follow up with changing the information in the Finance System. Please note that requests made via the PCMD will not be changed with the bank until the Pcard Team has approved the e-doc. The Pcardholder and default account Fiscal Officer will receive an FYI once the Pcard Team has approved the e-doc for notification that the request was completed. It is the cardholder’s responsibility to cancel the card. Do not leave the card behind for someone else to cancel. If you have questions, please contact the Purchasing Card Team at (517) 884-6080.