Retirement Checklist

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Last Updated: Nov 05, 2025, 10:38 AM

Applying for Retirement Checklist

Set your date:

Your last day is your termination date and the retirement date would be the first day of the month following your termination date. Usually, these dates are the last day of the month and the first day of the following month so there is no break in your insurance.

SURS

Estimates: Contact SURS (if you want) to get estimates of how much you will be getting in retirement and to go over any questions you may have. Phone appointments and/or Teams meetings are available with a SURS counselor. Their number is 1-800-275-7877.

Complete Retirement application 60-90 days prior to retirement: This includes:

  • Application: Instructions are online if needed @ www.surs.org
  • Insurance form: online
  • Birth certificates, marriage certificate and survivor birth certificates

If you are purchasing service time with SURS, be sure this is paid prior to your last day.

Our office will report to SURS your last earnings as soon as it is paid. Your first checks you receive will be a PEP (Preliminary Estimated Payment) until the calculation is completed and then they will adjust and back pay any earnings due. SURS process time to complete your retirement annuity calculation can take up to 6-7 months.

SIUC

Complete a Resignation/separation form. This will be your last day worked, not the date your retirement date begins.

Vacation

Any balance you have at on your date of retirement will be paid out to you, up to 56 days. This will be direct deposit to the banking account you have now. Taxes will be deducted.

Sick

Your sick time (unpaid) will go towards service credit years with SURS and we will report this to SURS on your last payroll. Unused, unpaid sick time is calculated: 20-59 days=¼ year service credit; 60-119 days =½year service credit; 120-179 days=¾ year service credit; and 180-up = 1-year service credit.

If you have sick time accrued from 1/84 - 1/98, the balance is split between payable and non-payable.

Deferring Payouts:

Decide if you want to tax defer any vacation/sick payout money into a tax shelter annuity or Deferred Compensation. TSA vendors: https://hr.siu.edu/benefits/vendors.php

$27,000.00 limit

Health Insurance:

Under age 65 (all family members on insurance under Medicare age)

  • Must confirm insurance with MyBenefits@mybenefits.il_linois.gov or 1-344-251-1777.
  • Insurance through State plans; health dental and life

Over age 65 (all family members on insurance and Medicare enrolled)

Life coverage under age 60

Life insurance will remain at the same level but you may adjust it at the time of retirement if you choose. At age 60, the coverage amount will decrease to $5,000.00 (free) and $5,000.00 per each additional unit (annual salary) that you currently carry. Cost will go down accordingly. Metlife will reach out to you if you want to continue the coverage that is lost (or part of it) as a whole life policy (basic coverage) or a term policy (optional coverage).

Life Insurance over 60

Life insurance will reduce at your date of retirement for a benefit amount of $5,000 (free) and $5,000.00 per each additional unity (annual salary) that you carry. Since you will be losing the amount from equal to your salary down to $5,000.00, you make keep all or part of it through Metlife as a whole life policy (basic coverage) or term policy (optional coverage). Metlife will reach out to you at this time to verify if you want to continue any additional coverage.

Medicare employee and/or spouse:

If you are over the age of 65 and are not enrolled in Medicare Part-B, then you will need to start the process of enrolling effective your retirement date. Your Medicare card will show which plans you are enrolled in, so check to verify which coverage you have. Complete the CMS-40B enrollment form for Medicare Part Band our office will complete a CMS-L564E to verify your employment. Send these forms to your local Social Security Office at Room 104, 250 W Cherry Street, Carbondale IL 62901 or you can upload them online on the Social Security website at www.ssa.gov.

Address change:

If you are moving, please keep your address up-to-date. Your next W-2 will come to the last address we have on file for you. To update your address, use hrss or complete a paper address change form. To update you address with SURS after you retire, complete SURS address change form found on their website. www.surs.org

Long Term Disability Insurance:

If enrolled, goes away upon retirement; Nothing to do here.

Supplemental Insurance:

If enrolled, you can keep this and continue paying for it directly to VOYA. Paperwork will need to be completed prior to leaving and first payment must be made to Reliastar. Coverage ends at age 70.

Flex Spending:

If enrolled, you can make up or take the last remaining payments on your last pay or from your vacation payout amount.