Retirement Timeline

Retirement Timeline  

9 to 12 months

• Review your annual retirement statement via PenPoint and/or from MSRA, depending on your core plan membership.
• Read Understanding Your Retirement.
• Attend a Retirement Information Session (if space is available) or view the Retirement Informational Webinar.
• Review or run an estimate of retirement benefits via PenPoint and, if applicable, run or request an estimate via mySRPS from the Maryland State Retirement and Pension System.
• Apply to purchase any eligible service and/or military service credit. (See “Did You Spend Time Working Outside MCPS?” in this issue of For Your Benefit.)
• Prepare your retirement budget.

6 months

• Read the Retiree Benefit Summary for retiree benefit options.
• Review the applicable rate chart in the Retiree Benefit Rate Schedules.
• Discuss your benefit payment options with your family and/or financial advisor.

3 months

• Attend a Retirement Forms Workshop (if space is available) or view the Retirement Forms Webinar.

• Download your retirement application forms.

• • Members of the MCPS Core Pension Plan 
  • Members of the State Core Pension Plan 
• Determine your federal and state withholding amount. Consult with your tax advisor for assistance.
• If eligible, contact the Social Security Administration to enroll in Medicare Parts A and B if you and/or your spouse are 65 or older. Be sure to send a copy of your Medicare card with Parts A and B to the Employee and Retiree Service Center (ERSC) at least 60 days prior to the effective date of your Medicare coverage.

1 to 2 months

• Send in your retirement forms. ERSC must receive all forms (State core, MCPS core, and/or supplemental plan) at least 30 days prior to your retirement date. This includes forms to direct your final leave payout to your 403(b) and/or 457(b) accounts.

For a more detailed list of actions, visit the ERSC Retirement Planning web page.