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For Employees Retiring from USC
When you’re leaving USC to begin retirement, there are additional steps for you to take well ahead of your actual retirement date.
| If you’re Medicare eligible: |
Online Resources |
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USC Network participants should contact Medicare to begin the enrollment process for Parts B and D (Part A also if you did not enroll at age 65). Begin researching Medigap plans. USC Senior Care is an option. |
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Kaiser participants should contact Kaiser directly to enroll in their Senior Advantage Medicare |
www.kp.org |
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PacifiCare participants should contact UnitedHealthcare directly to enroll in their Secure Horizons Medicare |
www.securehorizons.com |
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CaliforniaCare participants should contact Anthem Blue Cross directly to enroll in their Senior Secure Plan. |
www.anthem.com/ca |
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For faculty who are planning a phased retirement
- Contact the Provost’s Office.
- For a maximum of two years (three years with provost’s approval), you can reduce your appointment to 50%.
- You will need to give up tenure.
- Your retirement money will be available if you are 65 or older, working 50% time or less, and have given up tenure.
- Your health benefit eligiblility will continue until end of phased retirement.
Prepare and send your resignation letter to your dean or supervisor.
- Faculty planning an immediate retirement should, preferably, send this letter of intent early in the fall if they plan to resign in the spring. This will give your department time to find a replacement for the next academic year.
- Staff should send this letter two to four weeks prior to their retirement date. Generally, the larger your responsibilities the more notice you should give that you will be leaving.
Review your medical coverage and how you will obtain medical coverage when you retire.
Three months before you retire contact your benefits office. They can discuss your retirement and medical benefits as well as your decisions about continuing other types of insurance.
Decide how you want to receive your retirement income from your retirement plans.
- Participants in the USC Retirement Savings Program should request information from their investment companies about income options at least 6 months before they retire. Paperwork will need to be completed to start payments.
- Employees who have accumulated benefits in the Non-Exempt Retirement Plan should contact the program manager to discuss the income options available to them at least 3 months before they retire. Once retired, participants (and spouses, if married) must set up an appointment to complete the necessary paperwork to begin pension payments.
- If you have accumulated benefits under both plans, you will receive retirement income from both plans.
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Benefits programs are subject to change at anytime by the university, at its discretion, without prior notice or liability, to the extent permitted under applicable law. The benefits described in this Web site are available to staff and faculty employed by the University of Southern California subject to certain eligibility requirements. In the event of a discrepancy between the benefits and limitations described in this Web site and a plan document or a collective bargaining agreement, the terms of the plan document or collective bargaining agreement will govern. Employees of other entities that have entered into agreements with the University of Southern California to provide payrolling service are subject to the policies and procedures adopted by their employer. |
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