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Preparing for Retirement

When preparing for retirement, review

  • your current and post-retirement finances;
  • your healthcare coverage options; and
  • personal decisions, such as where you will live.

Starting Your Retirement

Call the Board at 800-773-7752 (800-PRESPLAN) or log on to Benefits Connect three to six months before you retire to request a retirement packet. The packet will include Benefits Plan-related information that applies to you and your specific benefits, such as a pension quote, a Retirement Pension Application, and healthcare coverage booklets.

You must complete and sign the Retirement Pension Application included in your retirement packet and submit it to the Board at least 45 days before your retirement date. Allow time to obtain the required certification of retirement from your presbytery or employing organization, as applicable.  

Reviewing Your Finances

Use Benefits Connect, the Board’s secure website, to review your benefits profile before you retire:

  • Learn how many pension credits you have accumulated.
  • Understand your projected income from the Pension Plan and the Retirement Savings Plan during retirement.
  • Assess different retirement dates and scenarios by using the pension estimator.

Active and disabled members who have access to Benefits Connect can get all of this information in a current, comprehensive Statement of Benefits anytime. Other steps you should take when reviewing your finances include the following:

  • Visit fidelity.com/atwork or call Fidelity at 800-343-0860 (reference plan no. 57887) to review your Retirement Savings Plan portfolio and assess your asset diversification (if applicable).
  • Read your Social Security statement and assess the options available to you.
  • Review the Pension Plan joint and survivor pension options and determine the payment option that will make the most sense for you and your family.
  • Review your beneficiary forms (if applicable).
  • Attend Board University’s free retirement seminar, Growing into Tomorrow … Today, for plan members.
  • Learn about the Board’s post-retirement service policies if you plan to return to work after retiring.
  • Discuss your financial situation with your family and financial adviser.

To learn more about your pension options at retirement, visit the Pension Plan section of pensions.org and read the Board’s Planning To Retire booklet.  

Choosing Healthcare Coverage at Retirement

One of the key changes when you retire is the change in your healthcare benefits. If you are already 65, you have medical coverage through Medicare Part A (hospital coverage), but have probably deferred enrolling in Part B (medical coverage) and Part D (prescription drug coverage) (or a Medicare Advantage Plan) because you have continued to participate in the Medical Plan.

When you retire, you need to determine if you will

  • add Medicare Part B and Part D;
  • add Medicare Part B and enroll in the Medicare Supplement Plan (which includes Part D coverage);
  • add Medicare Part B and enroll in a Medigap (alternate supplemental) plan; or
  • change from Medicare Part A to a Medicare Advantage plan, which includes Part A and Part B coverage (and often includes Part D as well as some additional coverage).

Be sure to have a clear understanding of your needs and the details of the many options available to you to ensure you have the coverage you need. Many options have enrollment and/or cancellation restrictions, so it is important to assess plans carefully. Read the Board’s Choosing Healthcare Coverage at Retirement booklet to get started.

Reviewing Other Benefits Coverage Changes

When you retire, the availability of some benefits may change. In addition, the benefits coverage you had as an active member may also differ in retirement. Consider these variables when making your decisions about finances and healthcare coverage for retirement. For a comprehensive look at your benefit options at retirement, please read the Board’s Planning To Retire booklet.