Retirement Checklist
So...you’re getting ready to retire. Below is a list of things you’ll need to know as you’re entering the retirement process. If at any point you have a question, feel free to call a Retirement Team Specialist.
The Retirement Team Specialist—Your Guide to the Retirement Process
The Retirement Team Specialist is responsible for guiding you through the retirement process from the beginning to the end. The Retirement Team’s telephone number is 1-800-883-4078.
Are You Eligible to Retire?
Each October, the General Board sends a notice indicating eligibility to retire, a pension projection and a service record to participants with 40 years of service or who are age 65. You’ll want to review this information carefully and report any discrepancies to a Retirement Team Specialist.
What Will You Receive in Your Retirement Packet?
After you’ve indicated your intent to retire to your conference, and your conference notifies the General Board, we will send you a retirement packet. You’ll want to review all the materials in the packet. Some forms in the packet will contain information about you and your spouse, so check and confirm that all the information is correct. If not, call the Retirement Team Specialist at 1-800-883-4078. Here’s an overview of what you can expect in your retirement packet:
- Application(s) for benefits and Guide(s) to Completing Application for Benefits—your request to the General Board indicating your desire to receive benefits. An application for benefits is valid for 180 days from the date the form was created by us as indicated in Part 1 of the application.
- Rollover Agreement for Pension Distributions—complete if you are planning to roll over a portion of your eligible rollover distribution into the United Methodist Personal Investment Plan (UMPIP) or another eligible retirement plan.
- Internal Revenue Service (IRS) Form W-4P—allows you to designate income tax withholding for pension or annuity payments.
- Internal Revenue Service (IRS) Form W-9—request to verify your Social Security number.
- Depository Agreement for Pension Payments—if you wish to have your benefit payment sent electronically to your financial institution.
- Designation of Beneficiary for Retirement and Welfare Plans—if you have not designated a beneficiary or want to change an existing beneficiary.
Clergy Retirement Process Timeline
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June Timeline
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July Timeline
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January-February—Retirement packet sent from the General Board to those participants who have notified their conference of intent to retire in June.
January 31—June retirees should have notified their conference of their intent to retire. The Book of Discipline requires 120 days’ notification prior to the retirement date.
March-April—June retirees return all completed forms and other necessary paperwork to the General Board.
June—Retirement benefits are processed and paid during the month of June, but not on the first of the month.
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February-March—Retirement packet sent from the General Board to those participants who have notified their conference of intent to retire in July.
February—July retirees should have notified their conference of their intent to retire. The Book of Discipline requires 120 days’ notification prior to the retirement date.
April-May—July retirees return all completed forms and other necessary paperwork to the General Board.
July—Retirement benefits are processed and paid during the month of July, but not on the first of the month.
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Clergy Retirement Process Not During Annual Conference (August Through May Retirees)
The clergy retirement process timelines for June and July are based on retirements that take place during sessions of annual conference. If you retire at some other time, the retirement process begins when the General Board receives notification of your retirement. Keep in mind that The Book of Discipline requires 120 days’ notification prior to the retirement date.
Lay Employees’ Process for Receiving Retirement Benefits
Lay employees should communicate to their employers their intention to retire. Their employers will notify the General Board of those employees’ intent. We will then prepare and mail an application for benefits to those employees.
Once we receive the participant’s paperwork, we will begin processing benefits.
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