A secure, comfortable retirement is every employee's dream. HR is here to help make the transition into retirement a smooth, positive experience. Being prepared for retirement takes planning, and HR will help provide you with essential information to know. Below is information to help guide Lindenwood employees as they plan for their life after work.
Planning to Retire?
Below is a list of action items you will need to complete once your retirement date has been set.
Common Benefit Questions
- When do my benefits as Lindenwood employee stop?
Your medical, dental, vision, and life insurance coverage stop at the end of the month in which you retire. For example, if your retirement day is March 15, your benefits will continue until March 31.
- Am I able to continue my benefits coverage?
You will be able to continue your benefits by enrolling in COBRA. COBRA, The Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA), allows you and your covered dependents to temporarily continue coverage for up to 18 months in the medical, dental and vision plans you are enrolled in at the time you retire. If you are enrolled in a medical plan, COBRA includes prescription drug and mental health/substance abuse coverage. COBRA benefits are 100% paid for by the employee. The HR Benefits Manager will be able to provide more details regarding enrollment and costs.
- Can I see what benefits are available before I retire?
Information about all available benefits can be found in the "Useful Links" worklet on Workday.
- What happens to my Flexible Spending Account when I retire?
Your contributions to your Flexible Spending Account end the last day you work. If you have funds remaining in your FSA account, you must use them before your last day of employment.
- What happens to my unused vacation and sick days?
Full-time employees and 12-month faculty members who have unused vacation days upon retirement will be paid for up to 20 of these unused days. Unused sick days do not hold a cash value and therefore are not paid out upon leaving the university. For specific information please contact HR's Payroll Manager.
Retirement Account Information
For those employees participating in the Lindenwood University Defined Contribution Plan, various options are available to you under the plan provisions. Once you reach the age 59 ½ you are able to start taking distributions from your retirement account without incurring a penalty tax. Under ERISA laws, minimum distributions must start at age 70 ½. Below is a brief summary of your options upon retirement:
Options How to Start
- Leave funds in the plan.
- Rollover funds into an IRA or other eligible retirement plan
- Request a distribution
Employees should consult with their accountant, attorney, or financial advisor before making any retirement plan decisions. Visit TIAA-CREF website.