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 an Informational Session.
- Review or run an estimate of retirement benefits via PenPoint and, if applicable, request an estimate 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?”)
- Prepare your retirement budget.
- 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.
- Attend a Forms Workshop.
- Download your retirement application forms.
- 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 payment to your 403(b) and/or 457(b) accounts.
For a more detailed list of actions, visit the ERSC Retirement Planning web page.