![]() ![]() ![]() In banking, simple interest is a certain percentage you are paid on the money you put in your account. This is a little different from earning simple interest. That means your money increases in value by earning returns on both the original amount and accumulated profits. When you invest in a retirement savings plan such as an IRA or 457(b), you earn a return on your investment, and your returns are compounded. The sooner you do that, the better, because it’s important to start saving and investing early so your money has time to grow. But if you want to improve your chances of a financially secure retirement, you should have a retirement savings plan. You know you can count on your pension income in retirement. Upon an employees return from a termination, retirement, or unpaid leave, Yale reserves the right to collect any unpaid Health Welfare balances in arrears.Financial security doesn’t just happen it takes planning … and time. Yale reserves the right to amend, modify or terminate benefits plans at any time, including the right to change retiree contribution rates for retiree health plan coverage. Final rates will be available from BSwift at the time of your retirement and will be determined based on verification of your relevant demographic information and plan terms in effect at that time. Estimates are prepared based on the information provided and the current terms of Yale’s retiree health plan. Healthcare costs provided at the time of retirement counseling are an estimate and are subject to change. If anything differs from what is stated in the legal plan documents, the legal plan documents will prevail. For more detailed information about your benefits please visit /benefits. The benefit descriptions in this document are brief summaries of the benefits offered. Read the full PTO policy on the Staff Workplace Policies page. Respond to COBRA offer for continuation of current coverage (mailed to home address). Respond to notice from carrier within 30 days to convert or port you current Basic and/or Supplemental Life Insurance coverage (notice mailed to home address). Terminal Vacation/PTO Pay/Terminal Sick PayĬomplete and submit Terminal Vacation Payout form to defer all or a portion of your lump sum PTO and sick pay payout to your Yale 403(b) retirement plan.Įmployee Services Retirement Decisions benefitīasic/Supplemental Life Insurance (if applicable) Update your beneficiaries for the retiree life insurance benefit. Start your monthly Social Security payments.Įnroll or waive participation in your retiree health coverage.Įnroll or waive participation in your retiree dental coverage. Note: Contact Social Security Administration upon attainment of Medicare eligibility even if you are actively employed to determine the most beneficial date for you to enroll in Medicare Parts A and B.Ĭall or access the SSA.gov website for an estimate of your payment ![]() TIAA website or select Yale Retirement Savings on the Workday Benefits WorkletĮnroll in Medicare Parts A and B if you are Medicare eligible (generally age 65 or earlier if disabled). Select Staff Pension Plan on the Workday Benefits WorkletĬall to make an appointment with a TIAA advisor to review your income projections and payment options. ![]() Your Supervisor, Business Manager or Department Chair Provide written intent to retire and last work day/ retirement date. Sign up for a retirement education workshop at the TIAA website Workshops include: Retiree Benefits Overview, Retirement and Financial Planning Workshop and Social Security Workshop. Make an appointment with a retirement counselor to review your retirement benefits.Ĭontact Employee Services for appointmentĪttend a retirement planning workshop to help you prepare for retirement. Review Yale’s retirement benefits with a retirement counselor If you are considering retirement, use the checklist below to start planning for your finances and benefits during retirement.ĭownload a PDF version of the checklist 90 Days Prior to Retirement benefit ![]()
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