Portland State University Retirement Checklist
ORP
Be aware of these things that could affect your retirement.
Pre-Retirement Checklist
Make a Retirement Folder: Retirement requires gathering many types of documents and information from many sources. We recommend that with each new piece of information you acquire, you keep it in one central location.
Determine Retirement Date: Termination of employment, retirement, death, disability or plan termination. Please talk to a tax advisor about distributions. You can also check your Social Security by date of birth.
Schedule a preliminary meeting with a financial advisor to discuss your readiness to retire:
Create a budget for Retirement
Determine When Benefits End at PSU
Research Health Care Options and Costs During Retirement
Complete Separation/Transfer form
Sick Accruals are not paid out
Plan your use of vacation so you don’t lose your accrued hours. Accrued vacation will be paid in your last paycheck to a maximum of 180 hours for employees in unclassified positions.
Make copies of your legal documents (i.e. birth verification, marriage certificate or divorce decree.
Review your beneficiary designations with financial institutions (banks/credit unions), employers, investment companies and retirement plans.
Review your address and emergency contact information with the appropriate agencies and institutions.
Consider creating a living will or trust to add to your retirement folder. Search the internet for free online services or contact the Employee Assistance Program.
Create a contact list of financial information (life insurance, wills, trusts etc.) for your family and yourself in
Post-Retirement Checklist
Enroll in a medical and/or dental plan. Contact Benefit Help Solutions (BHS) at 503-765- 3581 or 800-556-3137 for information on eligibility and application/payment deadlines for each of the following plans within 60 days of the benefits end date:
- IF you are not Medicare eligible you may be eligible for retiree that will extend until you are Medicare eligible PEBB-sponsored retiree health plans
- Review the Healthcare Marketplace Your health plan to see if you are eligible for other options.
Convert or continue a percentage of your PEBB life insurance Contact The Standard Insurance Company at 800-242-1888 for more information.
Contact Unum Provident at 800-227-4165 for more information.
If you are in a tax-advantaged plan, benefits are available when you terminate your active employment. If you return immediately to a post-retiree position or wage agreement, you are still considered an active employee and may not be eligible for a distribution from these plans:
Tax-Deferred Investment (TDI) Plan
Oregon Savings Growth Plan
ORP employees may work unlimited Post-Retirement
Participants who have taken a distribution from their ORP account will need to re-complete a 6-month waiting period before ORP contributions will resume
Consider joining the Retirement Association of Portland State (RAPS). Visit the RAPS Webpage for more information.