Retirement from University Service
Retirement can be a wonderful and satisfying experience when you feel prepared for the big event! We recommend that you review the information below to develop a more complete understanding of the retirement process and steps an employee should take when considering retirement. A retirement consultation with HR is recommended to review the process and your eligibility.
Feel free to download Retiree, Surviving Spouse and Long-Term Disability Recipient Benefits Handbook
- Step 1 Confirm Eligibility
Per the retiring policy, to retire from WSU you must have attained age 55 and have either 10 years of service with the university or 5 years of university contributions into your retirement savings account. Please read the University Service Credit policy for information about credit toward retirement eligibility, including years of service and retirement savings plan university contributions. Please note: Years of university contributions into your retirement savings accounts start on the date of the first paycheck with contributions into your retirement savings account.
To confirm your eligibility, please schedule a consultation:
- Step 2 Know Your Situation: Finances and Benefits
Medical, Dental, Vision & Life Insurance
Your active-employee medical, dental, vision and life insurance benefits will terminate when you retire, following these guidelines:
Type of Employee & Age: Last Day of Employment (Termination Date): Benefit Coverage Ends: 12-Month, Less than age 65 1st-14th 14th of month 12-Month, Less than age 65 15th-Last day of month Last day of month 12-month, Age 65+ 1st-Last day of month Last day of month 9-month, Any age End of Fall semester December 31st 9-month, Any age+ End of Winter semester August 31st++ 9-month deferred employees, please contact us to determine your benefit situation.
+Note regarding Medicare: WSU is not responsible for providing Medicare advice or enrolling employees, retirees or their spouses in Medicare. If you or your spouse are enrolled in Medicare as of your termination date or become enrolled in Medicare following your termination date, Medicare will become your primary coverage and the WSU benefit plan will become your secondary coverage effective on the later of June 1 or your Medicare effective date(s). You will need to let your medical providers know to bill Medicare first before billing your WSU coverage. Please visit medicare.gov to learn more.
Options When Coverage Ends
You have two WSU options you may opt into for medical, dental and vision insurance when your employee benefits end:
- COBRA allows you to continue group medical, dental and/or vision benefits when you or your dependents become ineligible for university benefits. You will receive a COBRA package in the mail after your employment termination date (please be sure to check that WSU has your current address). COBRA is a continuation of your employee coverage, not a "retiree" plan. Click here to learn more about COBRA.
- WSU Retiree Medical Dental and/or Vision. Learn more about WSU Retiree Benefits
Please note: If you or your spouse are age 65+ at the time of your retirement, it is your (or your spouse's) responsibility to enroll in Medicare if interested. WSU is not responsible for providing Medicare advice or enrolling employees, retirees or their spouses in Medicare. Please visit medicare.gov to learn more.
Flexible Spending Accounts
FSA coverage ends on your date of employment termination. Since this is a "use it or lose it" program, any unused funds will be forfeited. Claims (for incurred expenses prior to employment termination) may be filed for a period of time after employment ends. Please read the Flexible Spending Account website for more information.
You may want to consult with a financial advisor to review your income projections and income options as well as complete forms to initiate any income payment options.
If you have WSU retirement savings accounts, consult with either:
Investment Carrier Contact Information
On Campus or Virtual Financial Consultations:
Call to schedule: 1-800-732-8353
On Campus or Virtual Financial Consultations:
Call to schedule: 1-800-642-7131
For more information on all of the various benefits ending when leaving, please visit Benefits when leaving the university
- Step 3 Write a Letter of Retirement
You're ready to write your Letter of Retirement! Determine your last day of employment. Your retirement date is the day after your last day of employment. Your Letter of Retirement should be given to your department head or supervisor and the HR Service Center (firstname.lastname@example.org) stating your retirement intentions at least 2 weeks prior to your date of retirement.
Letter of Retirement Template - Download this fillable PDF to your computer to write your letter. You may write your own letter if you'd prefer, but it should include:
- Your name and date of letter written
- Last day of employment (your termination date)
- Your 9-digit Banner ID or access ID
After your department receives your Letter of Retirement they will process your termination; however, sending the HR Service Center (email@example.com) your Letter of Retirement ensures that you're set up in the system as a retiree and that you'll receive the benefits associated with retiring (group life insurance, email continuation, etc.). Your Letter of Retirement does not mean you are automatically enrolled in COBRA or WSU retiree medical, dental or vision benefits (see Step 4).
At this step in the process it is important that your contact information on file is up to date. Please click here to check your current contact information and update it if needed.
- Step 4 Submit Benefit Forms
You will be mailed a COBRA package after your employment termination date. Election of COBRA benefits (continuation of your active employee benefits) documents must be submitted to Businessolver, Inc. Businessolver, Inc. bills and collects for WSU COBRA benefits. Click here to learn more about COBRA.
If you're interested in WSU retiree medical, dental or vision benefits or would like to convert your life insurance to a personal pay option, you have 30 days from your date of termination to elect these benefits and submit the appropriate forms to the HR Service Center.
If nothing else, please be sure your life insurance beneficiaries and address are up to date. If you need to update your beneficiaries, please submit the Life Insurance Beneficiary Designation Form. Please click here if you need to update your address.
If you've elected COBRA continuation, you may enroll in WSU retiree benefits within 30 days after it ends. Learn more about WSU Retiree Benefits
Retiree Benefit Forms Use this form to enroll in, change or terminate retiree dental plan coverage. Use this form to enroll in, change or terminate retiree vision plan coverage. Retirees, surviving spouses and long-term disability recipients use this form to enroll in, change or terminate a retiree Wayne State University medical plan. Medicare-eligible retirees and their Medicare-eligible spouses use this form to enroll in the Group Aetna Medicare Plan (PPO). Medicare-eligible retirees and their Medicare-eligible spouses use this form to enroll in the Group HAP Senior Plus HMO Plan.
Retirees and long-term disability recipients use this form to edit life insurance beneficiaries.
WSU fills this out for you (upon your request) during the conversion and portability process (within 30 days of employment termination). Sun Life Financial will collect your premiums if you convert Life Insurance to a personal pay option.
- Step 5 Obtain Your Retiree OneCard and Enjoy Your Retiree Benefits!
Retiree benefits include vacation and illness bank payoffs (please refer to your labor contract or the Non-Represented Employee Manual for details), a $2,500 university paid life insurance policy, continued WSU e-mail access, a Retiree OneCard and free university parking and more! Learn more about WSU Retiree Benefits.
Benefit Contact Information Vacation and illness bank payouts
Apply for a Retiree OneCard & free university parking (excluding Structure 6) after you have received your last employee paycheck Continued e-mail access - this is automatically set up for retirees Computing & Information Technology
Discounted rate at Mort Harris Recreation and Fitness Center (RFC) & Matthaei Center
Mort Harris Recreation and Fitness Center
Senior Citizen Reduced Tuition Library Access Retiree borrowing privileges Show Your OneCard & Save Discounts Website: https://onecard.wayne.edu/show-your-onecard
Process & Timeline
The process of retiring begins when you confirm your eligibility and submit a Letter of Retirement. Your department is responsible for terminating your employment with the university. Assuming you are eligible, a termination date is in the system and firstname.lastname@example.org has received your retirement letter, Total Rewards (HR benefits department) will process your retirement the week of your last employee paycheck. Between the time you turn in your Letter of Retirement and your last employee paycheck, the Benefits Coordinator in Total Rewards will accommodate your WSU retiree benefit needs.
Example: An employee decides to retire and that their last day of employment will be September 22, 2023. Their retirement date will be September 23, 2023. Their Letter of Retirement should be submitted at least 2 weeks before September 22, 2023. According to the payroll calendar, their last employee paycheck will be for Pay Period 21 on October 11. The Benefits Coordinator will process the employee's retirement and enroll them in retiree benefits during the week of October 11. To better understand what happens with your employee benefits at the time of retirement, please read Step 2 above.