Preparing to Retire – AFAP (PERA)

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Contact

Human Resources
[email protected]
(970) 491-6947

Congratulations on your retirement!

To be considered a “retiree” an academic faculty member, administrative professional or state classified employee who is a participant in the Defined Contribution Plan for Retirement (DCP) or who is a participant in the Colorado Public Employees Retirement Association (PERA) appointed or reappointed on or after July 1, 2005 must be:

  • Age 55 or greater with at least 20 years of “service” or
  • Age 60 or greater with at least 5 years of “service”

“Service” for this purpose includes periods of employment with Colorado State University during which the person

  • Received, or was eligible to receive, the University’s contribution to the DCP or to PERA
  • Had an appointment of at least half‐time
  • Received, or was eligible to receive, the University’s contribution toward benefits, for example health insurance (Ben Pay, Cost Share or State Classified insurance match).

Periods of “service” need not be continuous but there must be a minimum of five consecutive years of “service” immediately preceding the date of “retirement”. Periods of paid or un‐paid leaves of up to 1 year in duration during which the person received, or was eligible to receive, the University’s contribution toward benefits shall be counted as “service”.

Academic faculty, administrative professional or state classified employees who are participants in PERA and who were appointed on or before June 30, 2005 or reappointed only on or before that date, who are eligible for “retirement” (full or reduced) under the PERA provisions at the time of separation and who have at least five consecutive years of service at Colorado State University in a half‐time or greater, benefit eligible appointment immediately prior to the date of separation are considered “retirees”.

Any academic faculty member, administrative professional or state classified employee may retire only once from the University and any
subsequent period of service shall not result in any increase in post-retirement benefits.

Thank you for your service to this University. The impact you have made on our community is immeasurable and your achievements have helped support the mission and success of CSU. We are pleased to share educational resources on retirement and post-retirement benefits.

Please follow the guidance below to complete your retirement process.

Step 1: Request a Counseling Session with Human Resources, 60-90 days prior to your retirement date.

Step 2: 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 calculated.

Step 3: Download the Retirement Checklist. Upload a signed copy to the HR OneDrive secure portal no later than one month prior to your retirement date.

Step 4: If CSU Human Resources determines that you are eligible for the PERA Subsidy or the Umbrella Rx Plan (age 65+), report your PERACare plan to [email protected] and request Umbrella Rx enrollment.

Step 5: Enjoy retirement!

If you would like to review your current CSU Benefits, please log into Workday

Benefits After Retirement

Eligible PERA retirees may enroll in PERACare which offers medical, dental, and vision plans. You can enroll in PERACare directly with PERA during your retirement application process.

Learn more on PERA’s website.

Unless otherwise noted, your CSU benefits terminate at the end of the month your retirement is effective. See the retirement checklist for more details. 

COBRA

Medical, dental and vision coverage may be continued through COBRA at the expense of the employee, for up to 18 months after the CSU separation date. A health care flexible spending account can be continued through the end of the calendar year, as long as there was a positive balance in the account at the time of separation.

You should receive COBRA information from our third-party administrator, WEX approximately three weeks after your CSU health coverage ends. You may elect COBRA coverage within 60 days of the date of the notice or the date when coverage ends, whichever is later. Coverage is retroactive to the first of the month following the end date.

COBRA premiums are 102% of the current premium for active employees (includes a 2% administrative fee.)

Other Options

Other options for healthcare may be through a spouse or partner’s page, through the Colorado Exchange or another federal exchange. You can also contact an insurance broker who may be able to provide other options.

Eligibility: Effective July 1, 2009, enrollments in the PERA Medical Subsidy Plan and the Umbrella Rx plan shall be restricted to those faculty and administrative professional staff participating in the PERA retirement plan in a benefits-eligible position on June 30, 2009, who meet the University’s definition of “retirement” at the time of separation from the University, and who meet the eligibility criteria for the Subsidy Plan and/or the Umbrella Plan subsequent to separation. 

Reappointments of eligible employees after July 1, 2009, without a break in service will not affect continued eligibility for the PERA Medical Subsidy and/or the Umbrella Rx programs.

PERA Medical Insurance Subsidy: If you are eligible, this provides a subsidy toward the premium cost of the retiree only medical insurance through PERACare, after the PERA subsidy is applied. You must have at least 10 continuous years of CSU benefits eligible service in an faculty or admin pro position, you are eligible for the Subsidy Plan if you enroll in an eligible PERACare medical plan. The subsidy is equal to the retiree’s out-of-pocket cost, up to the amount of CSU’s lowest, employee only, medical premium (Green Plan).  The amount of the subsidy varies from year to year.

It is your responsibility to notify the Human Resources of:

  1. Your initial enrollment in a PERACare medical plan, and
  2. Any subsequent PERACare medical plan changes within 30 days of the plan’s effective date.

If you stop participating in a PERACare medical plan and re-enroll at a later time, your subsidy will be re-instated the first of the month following your notification to Human Resources. No retroactive payments will be made.

Transitioning to Medicare can feel overwhelming, but Anthem’s Move to Medicare services are here to help. Whether you’re exploring options, trying to understand eligibility and enrollment, or ready to make a decision, expert guidance is available at no cost to you.

📞 Talk to an Agent for Free Advice
Call: 1-844-296-3822 (TTY: 711)
Monday–Friday, 8 a.m. to 8 p.m. local time

📧 Email for Personalized Support: [email protected]

💡 Need 1:1 Concierge Service for a Complex Situation? Email HR Retirement to get connected with an expert for tailored guidance.

Additional Resources

Sick and Annual Leave Payouts

Upon retirement, faculty and administrative professionals are paid for ¼ of their unused sick leave up to a maximum of 15 days. Retiring faculty and administrative professionals on 12-month appointments are paid up to a maximum of 24 days of accrued unused annual leave. 

The calculation below may be used to calculate either sick or annual leave payout amounts:

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.

Fidelity 403(b): You must update your contributions through NetBenefits or by calling Fidelity at 800-343-0860 the month prior to your retirement date.

PERA 401(k): To update your contributions, log into Workday and follow the instructions to update your voluntary retirement contribution. 

PERA 457: Changes to the 457 plan are made through Empower and must be made by the 25th of the previous month, for the next month’s contributions.

Additional Retirement Information

Transitional Appointments are negotiated directly with your department as per section E.2.1.6 of the Academic Faculty and Administrative Professional Manual. The Transitional contract can be found on the Provost’s Office website.

Retirement Plan Requirements: When you begin a transitional appointment, the following applies:

Colorado PERA:

  • You must commence your retirement benefits with PERA at the time you accept your Transitional Appointment.
  • You cannot work the 1st business day of the month in which your retirement is effective.
  • Any work performed during the effective month of retirement, may result in a reduction of your PERA benefits for that month.

Leave Payout

Sick Leave: Prior to beginning your Transitional Appointment, you will be paid ¼ of your unused sick leave up to a maximum of 15 days, in accordance with the University’s retirement policy. Any remaining sick leave in excess of your payout (up to 60 days) will be available during your Transitional Appointment. No further payout is made at the end of the Transitional Appointment.

Annual Leave: Faculty on 12-month appointments will be paid up to 24 days of accrued unused annual leave prior to beginning the Transitional Appointment.  If eligible, you will continue to earn annual leave during your Transitional Appointment, but no further payout will be made at the end of the Transitional Appointment.

CSU Benefits: You remain eligible for all benefits during your Transitional Appointment and you continue to receive the CSU contribution during this time.

Ending Transitional Appointments: Schedule an appointment with Human Resources 60 to 90 calendar days prior to the end of your Transitional Appointment.

If you return to work for the University in a faculty/administrative professional appointment (salaried payroll), you must enroll in the University’s Defined Contribution Plan (DCP) and Medicare tax will be withheld from your pay. The employer contribution will be reduced by any amount CSU is required to contribute to PERA for PERA retirees.

Please visit the PERA Working After Retirement website for complete details on PERA’s working retiree regulations.

  • SB 10-001 Provisions require “working retiree” contributions equal to the member contribution rate for that division from all retirees working for a PERA affiliated employer.

  • SB 10-146 Provisions require an additional 2.5% member contribution amount for all State employees (including retirees) contributing to PERA.

CSU retirees have the ability to: