Prospective Retirees
You are eligible to retire when you reach the age:
- 62, with ten years of creditable service
- 65, with five years of creditable service
![Healthcare Benefits Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Healthcare-Benefits.png)
Healthcare Benefits
Wake Forest offers the following plans to qualifying retirees and family members:
- Retiree Medical:
Under age 65 at full retirement: Aetna
Age 65 or older at full retirement: Via Benefits Medicare Supplement - Retiree Dental: MetLife
- 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 Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Additional-Benefits.png)
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.
- Tuition Reduction: Tuition Concession benefits are available to dependents of retirees who were eligible at time of retirement.
![Retirement Gifts Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Retirement-Gifts.png)
Retirement Gifts
You may receive a traditional gift* totaling up to $400. Examples include:
- Personalized chair
- Plaque
- Gold watch
Retiree Perks
- Access to ZSR Library, Sutton Center, and free/reduced tickets to campus events
- Retain university email address
- Retiree on-campus parking
Retirement Process Overview
- Review policy and eligibility.
- Eligibility of age and years of service for the one-time incentive may vary by unit.
- Schedule an appointment with Benefit Advocates by calling 336-758-6233 to review benefits and paperwork.
- If benefits-eligible and 65 or older, schedule an appointment with Elder Care Choices to discuss Medicare options.
- Call TIAA to discuss retirement income options and Required Minimum Distribution if over 70.
- Contact the Social Security Administration to determine eligibility for Social Security income.
- Notify your manager of your decision to retire and discuss a transition plan for your body of work.
- Determine retirement date; send the letter of intent to retire to retiree@wfu.edu. The Manager or Talent Liaison submits retirement in Workday.
- Make benefit elections
- Benefit Eligible Retirees: Complete and submit benefit enrollment paperwork to Benefit Advocates.
- If 65 or older: Sign up for Medicare if you are 65 or older.
- For additional Medicare assistance, contact Elder Care Choices at ecc@seniorservicesinc.org or 336-748-2171.
- Shop eligible plans at Via Benefits
- Determine if other benefits will continue: long-term care, legal, AFLAC, and life insurance.
Resources
- Retiree Provider Flyer
- Premiums
(Retiree Medical, Dental, Vision) - Retirement Policy
- Retirement Process Overview
- Death Benefit Policy
- Via Benefits
Medicare
![Provider Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Provider.png)
Contact
Social Security Administration
Appointments: (800) 772-1213
1370 Lockland Ave.
Winston-Salem, NC 27103
![Part-A Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Part-A.png)
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 Icon](https://prod.wp.cdn.aws.wfu.edu/sites/82/2017/05/WFU_HR_Web_Icon_Part-B.png)
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.