Prior to making the decision to retire, confirm your eligibility to qualify as an official university retiree and identify the correct timing for your retirement.
Discuss retirement with your department chair or dean as appropriate.
Sabbaticals may not be taken during the year preceding retirement.
Confirm your eligibility to participate in the Faculty Retirement Incentive Plan (FRIP). Contact Cristen Shinbashi in Faculty Affairs: cshinbashi@stanford.edu or 650-724-4864.
Eligibility for the Retiree Health Care Plan is based on whether or not you qualify as an official university retiree as defined for benefits purposes in Administrative Guide Memo 2.1.10. Review retiree health care benefits.
If you believe you may be recalled immediately after retiring, carefully consider the impact of the recall on your health benefits and retirement savings distribution payments. Review information about benefits if you are recalled.
Review information about official university retiree status and privileges for faculty.
Now that you made the decision to retire, take these action steps at least four months before your retirement date.
For faculty members who are eligible for the Faculty Retirement Incentive Program (FRIP), take these action steps two months before your retirement date.
As your retirement date approaches, take these action steps one month prior to your last day of work.
Select retiree health care coverage.
Attend a “Health Care Benefits in Retirement” workshop. If you are unable to attend or prefer to learn online, listen to the audio presentation "Your Health Care Benefits in Retirement.". Visit the University HR calendar for a workshop schedule or to view the online presentation.
Make your medical, dental and vision benefits elections.
Call the University HR Service Team at 650-736-2985. The team will have your completed retiree calculation and a specialist can take your elections over the phone.
By recording your health care elections in advance, your retiree medical benefits will be in place on the first day of the month following your last day of work. Your active benefits cover you until the end of the month in which you stop work.
If age 65 or over and enrolling in a Medicare Advantage Plan, complete the necessary documentation and return to Stanford Benefits by the 15th of the month before you want your benefits to start. For example, if you want benefits to start April 1, Stanford Benefits must have your completed form by March 15.
Look for your new medical plan ID card in the mail.
Apply for Social Security benefits.
To apply for benefits go to www.ssa.gov or call 800-772-1213.
Decide what to do with your retirement savings.
Talk to your accountant or a financial counselor about savings in your Stanford Contributory Retirement Plan (SCRP) and/or Staff Retirement Annuity Plan (SRAP) plans. You can leave your retirement savings in their current account(s) or request a distribution. For more information, visit the Retirement Savings section of our website.
To request a SRAP distribution, call the Stanford University Pension Center at 877-249-6648.
To request a SCRP distribution, contact your investment provider(s) directly: Fidelity at 888-793-8733 and/or TIAA at 800-842-2888.
Consider how your health and retirement savings benefits may change if you are recalled to a part-time or full-time appointment. Review this Benefits if Recalled webpage.