Prospective Retirees

Retiring

You are eligible to retire when you reach age:

  • 62, with 10 years of creditable service
  • 65, with five years of creditable service

Healthcare Benefits

Wake Forest offers the following plans to qualifying retirees and family members:

  • Retiree Medical:
    Under age 65 at full retirement: BlueCross BlueShield
    Age 65 or older at full retirement: Towers Watson’s OneExchange Medicare Supplement
  • Retiree Dental: ACS Dental
  • Retiree Vision: Superior Vision

You must be employed at the University at the time of retirement, with the plans elected as an active faculty or staff member.

Additional Benefits

Convert the following to direct billing within 31 days of retirement by contacting the providers:

  • Long-Term Care: John Hancock,
    (800) 482-0022 or Genworth, (800) 416-3624
  • Legal: ARAG, (800) 247-4184

Convert Life Insurance to an individual policy by completing a conversion form and contacting NEBCO (CIGNA third-party administrator) at (800) 423-1282.

Retirement Gifts

You may receive a traditional gift* totaling up to $400. Examples include:

  • Personalized chair
  • Plaque
  • Gold watch

Retirement Process

  1. Schedule appointments with the following providers several months before retirement:
    TIAA, (800) 842-2776: Discuss 403(b) balances, allocations, and distribution options.
    -Benefit Advocates, (336) 758-6233: Discuss Retiree Benefits.
  2. Ensure your department head notifies Human Resources 90 days prior to your proposed retirement date.
    – Additionally, you may contact Human Resources to help determine your retirement date and Paid Time Off (PTO) accumulation, if applicable. Staff members are paid for PTO, as described in the PTO Policy.

Resources


Medicare

Contact

Social Security Administration

Appointments: (800) 772-1213
1370 Lockland Ave.
Winston-Salem, NC 27103

Part A (Inpatient Hospital Stays)

Enrollment is optional until full retirement, and there is no charge for coverage. If you decide to enroll, contact Social Security Administration.

Part B (Doctor Visits, Outpatient)

Enrollment is required at age 65 to avoid a penalty. You may delay enrollment without penalty if you continue working and remain on the University’s active medical plan. If you are on a spouse’s plan, check with that employer to insure you may continue coverage at 65.


*Retirement gifts are in addition to and separate from all other awards provided during the year. The tax law treats a “typical retirement gift” as a de minimis fringe benefit, not subject to federal or state taxes. If the average cost of other awards (excluding the retirement gift) provided to you during the year exceeds $400, you will be taxed on the excess value (or cost, if higher). In order for the Wake Forest Service Appreciation Program to remain a Qualified Award Plan for IRS purposes, (1) it cannot discriminate in favor of highly-compensated individuals; (2) the non-cash gift must be awarded as part of a meaningful presentation or ceremony; (3) the gift must be for employee achievement in safety or length-of-service; and (3) the gift must be awarded under circumstances sufficient to indicate it is not disguised compensation. 

Wake Forest University Human Resources
2598 Reynolda Rd, Winston-Salem, NC 27106  |  P.O. Box 7424
AskHR@wfu.edu   |  P (336) 758-4700 |  F (336) 758-6127

Se habla español.

Recruit. Retain. Develop.