News

Know Important Dates in the Retirement Process

May 16, 2018

Retirement is not that far off for many COAERS members. If you are in this category, you can take steps now to be prepared.

At least ninety days before you plan to retire, call COAERS to make an appointment to meet with a Member Services Specialist. Your Specialist can prepare a retirement benefit estimate for you and send you a checklist of the documentation you’ll need to properly claim benefits. You will then need to complete and submit your retirement paperwork no later than the 15th day of the month in which you are retiring (if the 15th falls on a business day). You will also need to notify your department of your last day of employment. It’s important to know that all of our retirement dates are the last day of the month. Finally, you will need to plan for your first benefit payment. Your first monthly benefit payment is deposited the last business day of the month after your retirement date.

Let’s consider an example. A Group "A" member is turning age 62 on December 7, 2018 and wishes to retire as soon as possible. Since the member is becoming eligible in December of 2018, the member would need to complete and submit retirement paperwork no later than December 14, 2018 (since the 15th is not a business day). The member would also plan to continue employment through December 31, 2018. The member’s first day of being in retirement status would be January 1, 2019 and the member’s first monthly benefit check would be issued on the last day of the month – January 31, 2019. Specific dates in the retirement process are provided at this link.

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