WorkPreparing for retirement
As employees approach retirement, they’ll need to begin taking actions to ensure they’re ready. Making informed decisions at this stage can help employees build a better retirement strategy. Here are steps for employees to consider:
Employees should start the retirement process 45 – 90 days before the retirement date to meet legal and administrative requirements, as these can affect the timing of benefits. Visit NetBenefits® for more information.
The HR Support Center will finalize the employee’s retirement from Liberty Mutual and discuss important information such as final pay and FTO usage. The employee should start the retirement process with the HR Support Center no later than 30 days before their anticipated retirement date. This ensures that all retirement benefits will be available at retirement.
An employee should talk to their manager about their exit from the company, including submitting a resignation letter (if appropriate), returning company equipment and ensuring time in Time Management is up-to-date. This will help make sure their final pay and exit from the organization is handled accurately and efficiently.
Employees can learn about their health benefit options and their costs at retirement at BenefitConnect. Pre-65 health and dental insurance will be handled through BenefitConnect, which also handles all retiree life insurance regardless of age. Post-65 health and dental insurance will be handled through Via Benefits. Both BenefitConnect and ViaBenefits are administered by Willis Towers Watson.
Employees should visit Medicare to enroll in Medicare if they’re 65 or will be turning age 65 within the next 90 days. If they’re retiring and are already 65 or will be 65 when they retire, they’ll need to have enrolled in Medicare Part A and B in order to enroll in Medicare Marketplace coverage (with Via Benefits).
Employees must review and update their beneficiary designations for retirement and income protection benefits. They can log into the Portal for a full list of direct links to the various beneficiary designations.
Employees can visit www.ssa.gov to find out how to begin collecting Social Security benefit or if waiting to collect Social Security is a better option for them.
Employees should make sure their name, address and any other personal information is correct in case we need to communicate during the process. If they’re still an active employee, they’ll only need to update their personal information at People at Liberty and this will feed to NetBenefits® and BenefitConnect.
Employees must make sure important legal documents are up-to-date so they have a plan in place to provide for loved ones. They have access to self-help resources for financial documents as well as a no-cost 30 minute legal consultation through the Work Life Solutions (EAP) Plan. They can log into the Portal to view the Work Life Solutions website and phone number.
Work Life Solutions (EAP) Plan can help employees explore ways to make a smooth transition from work to retirement. They can get access to resources, immediate advice over the phone and referrals to online and face-to-face counseling. Employees receive up to 10 free visits per family member, per issue, each year. Log into the Portal to view the Work Life Solutions website and phone number.