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 your Retirement Team Specialist.
The Retirement Team Specialist—Your Guide to the Retirement Process
Your Retirement Team Specialist is responsible for guiding you through the retirement process from the beginning to the end of the retirement season. Each conference is assigned a Retirement Team Specialist. The Retirement Team's telephone number is 1-800-883-4078.
Are You Eligible to Retire?
Each November, the General Board sends a notice indicating eligibility to retire, a pension projection and a service record to participants with 40 or more years of service or who are age 65 or older. You'll want to review this information carefully and report any discrepancies to your 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 data about you, so check and confirm that all the data is correct. If not, call your Retirement 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 completed 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 (25% of your MPP Balance) 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 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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| November—Initial letter outlining the retirement process sent from the General Board to those participants who have notified their conference of intent to retire in June.
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—Retirement Team Specialists call June retirees who have received retirement packets to answer any questions or assist in completing retirement forms.
March-April—June retirees return all completed forms and other necessary paperwork to the Retirement Team Specialist.
June—Retirement benefits are processed and paid during the month of June, but not on the first of the month. Subsequent checks are processed on the first of the month.
August—All contributions received after retirement benefits have been processed (trailing contributions) are processed during this time.
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December—Initial letter outlining the retirement process sent from the General Board to those participants who have notified their conference of intent to retire in July.
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—Retirement Team Specialists call July retirees who have received retirement packets to answer any questions or assist in completing retirement forms.
April-May—July retirees return all completed forms and other necessary paperwork to the Retirement Team Specialist.
July—Retirement benefits are processed and paid during the month of July, but not on the first of the month. Subsequent checks are processed on the first of the month.
August—All contributions received after retirement benefits have been processed (trailing contributions) are processed during this time.
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Clergy Retirement Process NOT During Annual Conference (Aug-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 Disciple 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.
After the packet is sent to the lay/staff employee, the General Board will then give the participant a proactive call in two weeks, to see if any help is needed in filling out the forms, and to answer any questions he or she has concerning retirement. Once the participant's paperwork is received at the General Board, we will begin the retirement process.
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