Countdown to Retirement (Checklist)

New to PSERS?

What is PSERS? Qualifying for Membership Waiving Membership Multiple Service Choosing Beneficiaries Your Contributions Purchasing Service Credit
Active Members
How's my Money Invested? Statement of Account Changing Public School Employers Multiple Employers Changing Beneficiaries Updating Personal Information Terminating Employment Borrowing from Your Account Active Member Handbook Purchase Service Credit
Nearing Retirement
Countdown to Retirement (Checklist) Last Chance to Purchase Service Credit Foundations for Your Future (FFYF) Retirement Estimates Exit Counseling
Leaving Employment
Disability Refunding Contributions Vesting (Deferring Retirement) Retiring
Retired Members
Monthly Payment Dates Missing Payments Changing Address Electronic Transfer of Monthly Payment Taxes on Your Benefit Receiving a Disability Retirement Federal Withholding Calculator Health Insurance Power of Attorney Updating Beneficiary/Survivor Information Working after Retirement
Employers
Employer Web Employer News Employer Service Center Employer Bulletin Employerpedia Employer Forms

Countdown to Retirement (Checklist)

Listed below are the suggested time frames in which you should consider taking certain steps toward your retirement to make your transition as easy and informed as possible:

Two Years from Retirement

If you are planning to retire within the next two years:

Apply to purchase any uncredited service, if applicable. Click here to see what types of service credit may be purchased.
If you have divorced and never submitted a copy of the Domestic Relations Order (DRO), consider doing it now. Not having an approved DRO (ADRO) on file with PSERS can delay the processing of your retirement benefit. PSERS needs to review the terms of the DRO to ensure it meets PSERS distribution requirements. In the event that there is no Equitable Distribution of the PSERS funds, the former spouse must submit a Waiver of Pension Benefits (PDF) form to PSERS.
Consider starting to set aside funds to cover the retirement benefit processing time. Depending on the time of year, it could take anywhere from 8 to 10 weeks from your date of retirement or the date your correctly completed application is received, whichever is later, to process your retirement application. Errors on the application or missing information may take even longer to process.
Use the PSERS online retirement estimators to get an idea of what you may receive as your gross monthly benefit. You may either use the generic calculator or the customized calculator that requires you to have an Interaction Account. You may also want to use the online federal tax withholding calculator to provide you a better idea of your net monthly retirement benefit.

One Year from Retirement

Attend a PSERS Foundations For Your Future program. You may attend one of these sessions at any time during your career, but we highly recommend that you attend a program within 18 months to a year of retirement. This program provides and overview of PSERS and benefits for which you may be eligible.

Retirement within the Current School Year

If you are planning to retire at the end of the current school year, by now you should have:

Requested a PSERS Retirement Estimate.
Contacted your employer to discuss benefits available through them such as payment for unused vacation, sick leave, sabbatical leave, and health insurance.
Consulted with a financial planner or a tax consultant, if appropriate.
Contacted the Social Security Administration regarding your benefits, if applicable.
Investigated your employer's guidelines for retiring, terminating, and resigning. Be sure to follow your employer’s requirements concerning the notification of retirement. Failure to actually notify your employer that you have resigned will delay the processing of your retirement benefit.
Scheduled a PSERS Exit Counseling session through your PSERS Regional Office. To schedule a session, contact your PSERS Regional office. Be prepared when you attend the session to choose your retirement option so the PSERS Regional Representative can show you how to properly complete the Application for Retirement (PSRS-8) and any other necessary applications or forms.
Attended a scheduled PSERS Exit Counseling session and completed your Application for Retirement (PSRS-8) and any other necessary applications or forms.

If you have questions as you prepare for retirement, contact your PSERS regional office.