Retirement Counseling – AFAP (PERA)
Congratulations on your retirement! Thank you for your continuous devotion and commitment to this University – the impact you have made on our community is immeasurable. Your collective achievements have helped support the mission and success of CSU and for that, we are all grateful.
We are pleased to have this opportunity to provide resources and information to educate our employees on retirement benefits. Once you have initiated your retirement, please follow the guidance below on how to complete your Retirement Counseling. These sessions will utilize online resources and tools to educate you and assist you in completing the retirement process 60-90 days prior to your date. Should you have any questions, please email our Benefits Team at HR_Retirement@colostate.
Step 1: Download the Retirement Checklist.
Step 2: Watch the Retirement Counseling Video. It is recommended that you watch the video and review the checklist as soon as possible. However, they should be completed no later than one month prior to your retirement date.
Step 3: Review the Frequently Asked Questions.
Step 4: Contact PERA at (800) 759-7372 prior to your retirement date to request your PERA benefit estimate (monthly annuity/cash value) and retirement packet, which includes the forms required to commence your PERA retirement benefit. The “Final Six Months’ Salary Report” form will be completed by HR and returned to PERA once your final pay is computed.
Step 5: If you are enrolled in PERACare and eligible for the PERA Subsidy or the Umbrella Rx Plan (age 65+), please contact Human Resources at HR_Retirement@colostate.edu to report your PERACare plan and/or request the Umbrella Rx enrollment form.
Step 6: Sign the Retirement Checklist and upload it to the HR OneDrive secure portal.
Step 7: Enjoy Retirement!
If you would like to review your current CSU Benefits, please access Employee Self-Service.
Sick and Annual Leave Payouts
Accrued and unused sick and annual leave payments owed to an employee at the time of retirement from the University shall be paid in accordance with those established policies, plans and procedures as defined below at the end of the month in which an employee retires.
Upon retirement, eligible employees are paid ¼ of their unused sick leave up to a maximum of 15 days and employees on 12-month appointments to be paid up to 24 days of accrued unused annual leave. The calculation below may be used to calculate either sick and annual:
Monthly Salary Rate ÷ 173 Hours x 8 Hours = Daily Salary Rate
Daily Salary Rate x [lesser of the maximum days or unused days of leave] = leave paid upon retirement
You can contribute leave payouts to your CSU 403(b), 401(k) or 457, as long as you remain under the IRS maximums. A Salary Reduction Form must be submitted to HR by the 10th of month in which your retirement is effective for a 403(b) and/or 401(k) plan. Changes to the 457 plan are made through VOYA and must be made by the 25th of the previous month, for the next month’s contributions.