Retirement FAQ - Frequently Asked Questions
- I am ready to service retire with Teacher's Retirement (TRS). What should I do?
- I am terminating (other than retiring) from the University. What must I do in regards to my benefits?
- I am retiring with Teacher's Retirement (TRS) and may be interested in returning to work at UAB post-retirement. What do I need to know?
For Tier 1, you must have at least 10 years of creditable service with TRS and be 60 years of age, or have 25 years of creditable service with TRS at any age. For Tier 2, you must have at least 10 years of creditable service with TRS and be 62 years of age. The Benefits Office can assist you with determining the earliest date you are eligible to retire.
You must retire on the first of a month (Ex. August 1). Application must be made in the Benefits office no earlier than 90 days prior to and no later than 30 days from your retirement date. Appointments may be made at any time with a member of the Benefits staff by calling (205) 934-3458.
Once you confirm with Benefits you are ready to retire, our office will help you complete an application for retirement. This application must be received at TRS no later than 30 days prior to your retirement date. It is your responsibility to ensure timely completion of your application to retire. You will be required to list a beneficiary for your retirement monies; therefore it is important to bring the beneficiary's name, address, and social security number. The Benefits staff member will also review all of your current benefits and any plans you are eligible to convert or keep upon retirement.
Once TRS receives your retirement application, they will mail your retirement options and a PEEHIP medical insurance application to your home address. PEEHIP is medical insurance that is available to employees who service retire with TRS. When you receive these forms from TRS, you will need to schedule a second appointment with Benefits. We will explain your income options, notarize which retirement option you choose, certify your PEEHIP medical insurance application (if applicable), and keep a copy for our files.
That's basically it! We pride ourselves on making this a seamless transition; because we know the decision itself to retire is hard enough.
I am terminating (other than retiring) from the University. What must I do in regards to my benefits?Employees who are terminating from the University (other than retiring) must complete an Employee Exit Survey. Once your Exit Survey is complete, please contact the Benefits Office to discuss your benefits. You will be given the opportunity to complete forms related to the Teacher’s Retirement System and various other benefit conversion options, if you are eligible, at the time of termination.
I am retiring with Teacher's Retirement (TRS) and may be interested in returning to work at UAB post-retirement. What do I need to know?TRS Retirees Working for UAB
Alabama law provides that TRS retirees employed with a TRS employer may continue to receive full retirement benefits provided the retired member meets both of the following conditions:
- The retiree must not be employed or under contract for permanent, full-time employment
- The retiree’s salary cannot exceed the limitation on earnings. The limits are subject to change each year based upon the Consumer Price Index (CPI). The limit for the 2016 calendar year is $30,000
Recently, in response to an Attorney General advisory opinion, TRS is requesting all TRS employers to report to TRS the names of all retirees who perform services for the TRS entity even if that retiree has been hired through a personal services contract, a contract with a third party, or as an independent contractor.
Revolving Door Provision of Alabama Ethics Law
Individuals who retire from positions which may be subject to the revolving door provision as defined by the Alabama Ethics Commission should discuss their retirement/re-employment plans with the Benefits area of Human Resources. In general, the revolving door provision applies to individuals who retire from positions of authority. These are positions in which the incumbents have authority to hire, fire, make purchases, approve or grant contracts, etc. Ultimately, the individual employee will need to consult the Alabama Ethics Commission for a final decision on whether or not their position is/was a position of authority. If the individual is/was in a position of authority, that individual cannot be re-employed at the University of Alabama at Birmingham for a period of two (2) years unless they choose to suspend retirement benefits from the Retirement Systems of Alabama.
Financial Planning Benefits
UAB employees can take advantage of flexible spending accounts (FSAs), which are pretax reimbursement accounts administered by Blue Cross and Blue Shield of Alabama (BCBS) for eligible medical and dependent care expenses.
Basic financial counseling services are offered at the UAB Employee Assistance and Counseling Center, including developing and maintaining a budget and creating a debt reduction plan.