Planning Your Retirement

As you begin to think about what you want the next phase of your life to look like, it’s important to know what it will take to make that happen—logistically, financially, and emotionally. We can help.

Once HR is notified of your intent and the date you wish to retire, we work with you—step-by-step—through the entire process. We notify you as to your benefits, based on your age and retirement classification. We go over your options involving Social Security, Medicare, Medical and Dental Plans, Life Insurance and Income Distribution Plans.

As your retirement date moves closer, we keep you up to date with necessary documents and forms that will enable you to plan and manage your financial future, and know what to expect once you formally enter retirement.

If you need someone to talk to, we’re here, ready to answer questions, provide insight, offer support, and work to guarantee you have everything you need to make the best decisions for you and your family moving forward. At the same time, we help you understand the many perks and privileges you will carry with you as a lifetime member of the Baylor Family.

To get you started, the following helpful guide outlines many of the action steps on your journey to retirement:

Baylor's Retiree Classifications

Retiree Benefits Details: Retiree benefits are determined by the Retiree classifications below. This document provides details of the benefits for each classification.

Grandfathered Retiree I

Faculty/staff members (age 55+) who separate from service with 20 or more years of service as of May 31, 2007.

Retiree I

Faculty/staff members (age 55+) who separate from service with 10 or more years of continuous full-time service at Baylor University.

Retiree II

Faculty/staff members (age 55+) who separate from service with more than 5, but less than 10 years of continuous full-time service at Baylor University.

Retiree III

Faculty/staff members (age 55+) who separate from service and are of retirement age but have not completed 5 or more years of continuous full-time service at Baylor. There are no additional benefits for Retiree III designation. The Retiree III may continue medical/dental insurance for up to 18 months on continuation of coverage at the full cost of premiums. Participants must not be eligible for Medicare or other employer group coverage.

Retiree IV

Faculty/staff members (age 55+) who separate from service and are of retirement age and have completed at least 10 years of continuous regular part-time service at Baylor University.

Steps to Begin Retirement Planning

Review Retirement Benefits Policy for eligibility requirements.
After you have determined a retirement date, notify your supervisor/Department Chair, providing a letter of intent to retire, then mark your calendar with the following action items in step 3.

NOTE: The retirement date is defined as your actual last day at work.
Two to three months before your retirement date:

Read Baylor's Retiree classifications to determine your retiree classification; If you are age 65 or older, enroll in Medicare Parts A and B. Your Medicare plan will become your primary insurance plan effective the first day of the month following retirement.

You are encouraged to speak with a financial advisor from CAPTRUST about your retirement plan.
By the 10th of the month before your scheduled retirement date, submit your completed retiree insurance form, and if applicable, your completed retirement income plan distribution form to HR.
The last week before your scheduled retirement date, expect to receive an electronic meeting request from askHR for your exit interview. Please accept this meeting request or propose an alternate meeting time. The meeting request will include forms for you to print, complete and bring to the meeting.

Human Resources