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Human Resources > Benefits > Life Change > Retirement

Retirement

Prior to retiring, you may need to prepare in the following ways:

 

Evaluate retirement income options:

  • Review sources including Social Security and your retirement savings plan at Northwestern at least one year prior to retirement.
  • Meet with the Social Security Office several months before retirement.
  • Contact your investment company, Fidelity or TIAA-Cref, to make arrangements for retirement payments.

 

Give notice of retirement to your department:

  •  A faculty member who wishes to resign is expected to notify the dean of the school no later than May 1 of the academic year prior to the year in which the resignation would take effect or 30 days after receiving notification of the terms of continued appointment for the academic year in which the resignation will occur, whichever is later.
  • Staff must provide two weeks of working notice in order to leave the University in good standing.

 

Elect health & wellness benefits:

  • Meet with a Benefits Counselor several months prior to retirement to discuss available benefit options or review the Status of Benefit Programs Upon Retirement guide. Additional information can be found in the following certificates of coverage:

•  HMO Illinois Certificate of Coverage (pdf) 

•  Retiree PPO Certificate of Coverage (pdf)

•  Notice of Creditable Prescription Coverage (pdf)

  • Review Medicare benefits online or contact Medicare directly.

 

 

  • Submit the retiree medical, dental and vision enrollment forms and the automatic withdrawal form to the Benefits Division one month prior to retirement to enroll in a Northwestern University plan. Contact UnitedHealthcare directly at 877-791-9964 to enroll in a Northwestern University-sponsored Medicare supplement plan.

 

  • To convert the Basic or the Supplemental Life Insurance plan, complete and submit the Group Life Portability Application to the Benefits Division within 31 days of retirement.

 

Monthly Premiums

 

Medical

Premier PPO

HMO Illinois

You under 65

$517

$424

You + Spouse under 65

$1,131

$990

You + Child(ren) under 65

$963

$862

You + Spouse + Child(ren) under 65

$1,700

$1,233

You over 65

$420

$440

You + Spouse over 65

$839

$894

You + Child(ren) over 65

$923

$944

You + Spouse + Child(ren) over 65

$1,344

$1,363

You over 65 + Spouse under 65

$927

$864

You under 65 + Spouse over 65

$927

$864

You over 65 + Spouse under 65 + Child(ren)

$1,581

$1,249

You under 65 + Spouse over 65 + Child(ren)

$1,581

$1,249

 

Dental

You

You+Spouse

You+Child(ren)

You+sps+child(ren)

BlueCross PPO

$40

$87

$98

$139

First Commonwealth

$16

$29

$30

$44

 

Vision

You

You+Spouse

You+Child(ren)

You+sps+child(ren)

EyeMed

$7

$12

$13

$17

 

 

Keep in touch with Northwestern University:

  • To continue your Wildcard and Email, submit the Retiree Privileges Form to Payroll.
  • Confirm that your mailing address and contact information are accurate in Self Service .
  • Visit the Plan-It-Purple calendar.
  • Contact Northwestern Athletics & Recreation to find out about any discounts that may be offered.
  • Consider taking classes at the School of Continuing Studies. You would still receive the employee discount.
  • Consider joining a discussion group at the Osher LifeLong Learning Center.
  • Enjoy all that NU offers both on campus and around town.