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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
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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.

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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 the time of retirement.
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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

  1. Review policy and eligibility.
    1. Eligibility of age and years of service for the one-time incentive may vary by unit. 
  2. 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.
  3. Call TIAA to discuss retirement income options and Required Minimum Distribution if over 70.
  4. Contact the Social Security Administration to determine eligibility for Social Security income.
  5. Notify your manager of your decision to retire and discuss a transition plan for your body of work.
  6. Determine retirement date; send the letter of intent to retire to retiree@wfu.edu. The Manager or Talent Liaison submits retirement in Workday.
  7. Make benefit elections
    • Benefit Eligible Retirees: Complete and submit benefit enrollment paperwork to Benefit Advocates.
  8. If 65 or older: Sign up for Medicare if you are 65 or older.
    • For additional Medicare assistance, contact Elder Care Choices by emailing ecc@seniorservicesinc.org or calling 336-748-2171.
    • Shop eligible plans at Via Benefits
  9. Determine if other benefits will continue: long-term care, legal, AFLAC, and life insurance.

Resources

Medicare

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Contact

Social Security Administration

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

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Part A:
(Inpatient Hospital Stays)

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

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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 ensure you can 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.