Faculty considering retirement

Timeline

School of Medicine policy regarding resignation/retirement notice.

  • Faculty or staff with clinical responsibilities who intend to resign or retire from their faculty appointment shall indicate their intention in writing to their department chair as soon as possible but at least six months prior to the date of their stated last date of employment.
  • Faculty with the Optional Retirement Plan (ORP) At least four to six months prior to your retirement, contact the company(ies) with which you have your retirement plan and ask for information about your distribution options and the forms you need to complete.
  • Approximately three months prior to your retirement, contact Christine Rudge (UPG) and your HR Business Partner (SOM) to discuss health insurance and other retirement benefits.
  • At least three months prior to your retirement, telephone or write the local Social Security Office to apply for payments, if desired. If you or a dependent are age 65 or older, you must also apply for Medicare to begin as of the retirement date.

The benefits available for you at retirement include TIAA-CREF or Fidelity, Social Security and Medicare, health care insurance, and, in many cases, The Standard Life Insurance, and distribution from tax-deferred savings.

Leave with Partial Pay (an option for transition to retirement)

Leave for Other Personal Reasons policy.

Faculty may wish to transition over a timeframe up to two years to retirement.  Effort may be reduced over the two-year period in order to transition to retirement.  If a faculty member is approved for personal leave with partial pay, the faculty member will remain enrolled in the University’s health plan and will pay only the employee contribution toward the health insurance premium. The University will continue to make a contribution to the faculty member’s retirement plan, reduced to reflect the faculty member’s percentage of leave (for example, if a faculty member has been approved for personal leave of half-time, the University will contribute half of the faculty member’s retirement contribution). Life and disability coverage continue so long as the partial pay is equal to at least one quarter of full pay.

Contacts

Human Resources Business Partner
To identify your HR Business Partner, please refer to this list of HR Business Partners.

Christine Rudge
Director, Human Resources
University Physicians Group
Phone: 434-972-4288
Email: cr2j@virginia.edu