For members planning to retire

Holistic support as you prepare for retirement

Getting ready to retire?

Call the Board of Pensions and we'll walk you through key considerations, resources, and options. You can reach us Monday through Friday, 8:30 a.m. to 6 p.m. ET at 800-773-7752 (800-PRESPLAN) (TTY: 711)​.

Understand your benefits options at retirement

​​A​s you consider what your retirement will look like, take tim​e to review this chart detailing the coverage and benefits options that will be available to you.

​​Planning to Retire is a comprehensive resource that goes further into detail about your benefits options as you prepare for the retirement process.​

Your retirement income

Beginning your pension benefit

If you are enrolled in the Defined Benefit Pension Plan, you will receive a monthly income throughout retirement. The amount you receive each month depends on when your pension begins and how your benefit is paid.

Contact the Board of Pensions at least four months before you plan to retire to connect with a representative who will provide you with information and a personalized Retirement Pension Application. Submit your application at least 45 days before you plan to retire.

Read more about how the pension plan works and your options.

Review your Retirement Savings Plan account

If you participate in the Retirement Savings Plan, you may want to review and update your investment strategy as you approach retirement. Before you retire — or anytime — consider a complimentary consultation with a Fidelity workplace financial consultant (enter Board of Pensions for the employer name).

As you near retirement, log on to Fidelity NetBenefits to review your account or call Fidelity at 800-343-0860 to speak with a customer service associate about your options (reference plan #57887).

Learn more about your Retirement Savings Plan choices before, at, and throughout retirement.

Not yet participating? Check with your employer if they offer the Retirement Savings Plan. Then, learn how you can enroll.

Your healthcare considerations

The Humana Group Medicare Advantage PPO plan for retired members will replace the Medicare Supplement Plan, effective January 1, 2024. Read more​ about the new plan.​

If you’re under age 65 at retirement​

You may be eligible to continue your medical coverage through the Board of Pensions. Enrolling in medical continuation coverage enables you to keep the same coverage you have now — PPO, EPO, or HDHP — on a self-paid basis for a limited time.

Review medical continuation coverage details.

If you’re age 65 or older at retirement

You can enroll for Medicare if you are age 65 or older* (or if you are younger than 65 and have certain disabilities). Choosing Healthcare at Retirement outlines the key parts of Medicare and your healthcare coverage options. 

Because Medicare may not provide all the coverage you need, the Board offers the Medicare Supplement Plan to help support your well-being. Learn more about Medicare Supplement Plan coverage, costs, and enrollment.

*If you plan to continue working after turning 65, the Board recommends that you enroll in Medicare Part A and defer Part B.

older man with sons

Security for your loved ones

Consider how certain benefits may help provide for you and your survivors, should you die before they do or suffer a terminal illness.  

If you're enrolled in the Death and Disability Plan, the following benefits may be available:

If you're enrolled in the Death and Disability Plan or Term Life Plan, supplemental death benefits coverage offers survivors additional protection against unexpected loss of income.

Emotional and financial planning support

If you are enrolled in medical benefits through the Board of Pensions, including the Medicare Supplement Plan, or if you're enrolled in Minister’s Choice, you have access to the Employee Assistance Plan (EAP). The EAP is available to help with a variety of needs, including counseling sessions, financial and legal consultations, and home life referrals.

Learn how the Employee Assistance Plan can help you.

man at laptop

The Assistance Program

The Board of Pensions offers need-based financial support to retirees and surviving spouses through the Assistance Program. Learn more about each grant, including eligibility and how to apply.

Retirement planning resources

Board University can help you plan for and live into retirement. 

  • For members within 10 years of retirement, THRIVE (Thinking Retirement: Identity, Vocation, and Economics) helps participants with financial planning and retirement healthcare coverage options as part of a larger exploration of identity, health, and vocation in retirement.
  • Beginning Anew: Finding Wholeness in Retirement is an e-learning series for members preparing to transition into retirement and retired members learning to live into this new season of life.

Learn how to access these and other educational offerings to assist with planning for retirement.