This page was developed to assist employees who are thinking about or nearing retirement. The checklist and guide will cover your eligibility and benefits as a retiree of the State System. For additional information, please contact your university human resources office.
Annuity Requirements
In order to be eligible for a sick leave payout upon your retirement, you must establish a lifetime annuity within 90 days. If you fail to finalize your annuity within 90 days you will forfeit your sick leave payout. You also must establish an annuity prior to enrollment in the retiree healthcare plan.
SERS/PSERS
Any of the monthly payment plan options available through SERS or PSERS meets the criteria to establish a monthly lifetime annuity. Contact SERS or PSERS to finalize your retirement paperwork.
Alternative Retirement Plan (ARP)
Annuity options vary by ARP vendor (Fidelity and TIAA). Schedule a meeting with your ARP vendor representative who will confirm and review the qualifying annuity options. A minimum of $10,000 must be annuitized.
The information above is for prospective retirees. If you are a current retiree, click here for more information.