Editor’s Note: This is the second of two stories focusing on retirement. Today’s story focuses on specifics of a four-step retirement process developed by the Human Resources (HR) Division to accommodate increased interest in retirement options. Tuesday’s story focused on resources available to prospective Laboratory retirees.
Laboratory employees wishing to retire under the University of California Retirement System must complete a four-step process by May 31. The process is outlined below.
Los Alamos National Security, LLC, the new management and operations contractor for the Laboratory, begins operation of the Lab on June 1.
Step 1: The UCRS basics presentation
Employees should attend a UCRS presentation. Benefits (HR-SC) hosts weekly presentations in the Physics Building Auditorium at Technical Area 3. Attendance is on a first-come-first-served basis and space in the auditorium is limited to about 180 people.
Each presentation provides an overview of current benefits and retirement options available to employees. Employees also will receive specific instructions about how to complete their individual Personal Retirement Profile (PRP) request form, which must be completed as a prerequisite to Step 2.
Retirement sessions are specifically geared toward employees who are at least 50 years old and have five or more years of service credit in the UC system. A schedule of presentations is available on the Benefits homepage online. In addition, the page contains links to a streaming video presentation (Real Media required) of a UCRS presentation and UCRS presentation slides.
Step 2: Submit a completed PRP request form online
Every prospective retiree must complete the PRP request form, which is available from the Benefits homepage. Benefits will review requests automatically and will schedule a date and time for a group review of an employee’s PRP.
Personal Retirement Profile calculations can only be run a maximum of three months before the planned retirement date. Therefore, PRPs for individuals anticipating a May 31 retirement date will not be generated before March 1.
Step 3: Attend a group review of PRP information
In the past, benefits retirement specialists would meet individually with employees to review and explain their PRPs and to answer retirement related questions. In order accommodate the projected high interest in retirement inquiries from the nearly 2,500 eligible employees, HR has designed group PRP review sessions to improve throughput during the transition period, said Karen Burkett, HR deputy division leader. Employees will receive their PRPs upon arrival to the group sessions as well as a guide that explains each section of the profile. Employees can ask general questions at the group sessions, which are designed to provide as much information as possible and give employees an in-depth understanding of their profiles. Several benefits retirement specialists will be present at each session to address employees’ more specific questions after the group Q&A.
An individual meeting with a benefits specialist will be scheduled once an employee formally decides to retire.
Step 4: Sign the Retirement Election Form
Once an employee decides to retire, he or she should contact the Benefits Office at 7-1806 to schedule a brief meeting of 30 minutes or less to sign the Retirement Election Form. Employees should come to the signing meeting prepared with their decisions about payment options, CAP distributions, direct deposit and tax withholding. Employees also should bring any necessary documentation, such as birth certificates, marriage licenses or domestic partnership documentation as required. All of these requirements will be explained in more detail at the UCRS Basics and PRP group meetings. Signing the form is the last step of the retirement process.
Employees with questions about the retirement process or their benefits should contact the Benefits Office at 7-1806.
“Employees considering retirement should start making plans now to complete the process by the May 31 deadline,” Burkett said.
