Life Events - Retirement

If you plan to retire, please contact your campus Benefits Office.  For additional information, please take a look at the on-demand presentation "Getting Ready for Retirement".


Basic Retirement Plan

The normal retirement age is 65; however, you can receive a distribution at any age from your TIAA contracts following termination from employment with the RF.  You can also receive a distribution if you enter in to a phased retirement agreement.


Retirement funds can be collected in one of the forms specified in the Benefits Handbook provided you meet the criteria shown in the payment options.


Income from each TIAA contract may begin on multiple dates using any combination of payout options, provided at least $10,000 of accumulation is specified for each starting date and option you choose.


The time period selected for a fixed-period option cannot exceed your life expectancy based on TIAA tables.


Refer to the Basic Retirement Web pages for more information.




Federal tax law requires that retirement income begin by April 1 of the calendar year following the later of:

  • the calendar year in which you reach age 70˝, or
  • the calendar year in which you terminate employment.

If you are planning to receive periodic distributions to satisfy the minimum distribution requirement, you may wish to consider beginning required distributions by the December 31 of the year you attain age 70˝  to avoid receiving two taxable distributions in the calendar year following attainment of age 70˝. 


The required IRS minimum income can be collected using the Minimum Distribution Option as described in the Benefits Handbook. If the required minimum amount is not distributed, the IRS applies a tax penalty equal to 50 percent of the difference between the amount that should have been distributed and the amount actually distributed.



TIAA can assist you in determining your minimum required distribution amount.


All of the above apply to the Optional Retirement Plan as well.  


You may also elect to make periodic withdrawals, to withdraw all funds at one time, or to take a rollover distribution.


Retiree Health Plan

Health Care Coverage for Retirees and Dependents who are not Eligible for Medicare:

The RF will continue your Health Care coverage after you retire, if you meet the following eligibility requirements and pay the required premium. You must:

  • Be enrolled in the RF Health Care plan when you retire;
  • Have completed a minimum of 10 years of full-time service or the equivalent in part-time service at 50 percent or more of full-time effort (e.g., a person working 50 percent of full time for 20 years would qualify) with the RF immediately before you retire;
  • Be at least age 55;
  • Be continuously employed by the RF during the one-year period immediately prior to retirement; and
  • Enroll in Original Medicare Parts A and B when you reach age 65.

If you do not meet these eligibility requirements, you may still continue coverage under the RF Health Care plan under COBRA.

The RF will continue Health Care coverage for your eligible dependents if they have been covered under your plan for at least one year before you retire. No new dependents can be added to your coverage after you retire. If you die, health insurance for your covered dependents will continue for the remainder of their lifetime, while your dependents remain in an eligible status and pay the required premium.

Retiree Health Insurance Rates for retirees under age 65


Health Care Coverage for Retirees and Dependents Who Are Age 65 or Older and Eligible for Medicare:

Medicare-eligible retirees and/or their Medicare-eligible dependents age 65 and older will be able to choose from a wide variety of Medicare supplemental medical and prescription drug plans available through the Aon Retiree Health Exchange, a well-established private health exchange. Retirees also may select Medicare supplemental medical and prescription drug plans not offered by the Aon Retiree Health Exchange; however, they will not be eligible to receive the Aon Retiree Health Exchange's enrollment support services.

Retirees or eligible dependents who are not yet age 65 or Medicare-eligible will continue to be enrolled in the current RF group Health Care plan until they reach age 65 and become Medicare-eligible. Any covered dependent children will continue to be enrolled in the RF group Health Care plan until they reach the age limitation of the plan.

If you do not meet the eligibility requirements, you may still continue coverage under the RF Health Care plan under COBRA, or select coverage through the health insurance marketplace.


For additional information regarding retirement, please refer to the Benefits Handbook, the Basic Retirement Plan and Optional Retirement Plan Web pages.



Helpful Links from Social Security, Medicare, and AARP


·      Social Security Retirement Benefits 

·      Apply for Social Security Benefits Online — It's So Easy!

·         How To Apply Online For Social Security Retirement Benefits 

·         When To Start Receiving Social Security Retirement Benefits

·        Apply Online For Medicare—Even If You Are Not Ready To Retire

·        How To Apply Online For Medicare Only

·        Medicare and other insurance - who pays first?

·        AARP Retirement Calculator


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