Aerial shot of campus

Information for Prospective Retirees

ABP

PERS

Seminars and Webinars for PERS members:

The New Jersey Division of Pensions & Benefits provides seminars and webinars for members. Topics include Retirement Planning, PERS Retirement Estimates, PERS Pension Options, submitting an MBOS Retirement Application, and Understanding your Pension Benefits

PFRS

ABP Checklist:

4-6 months before retirement:

  • Determine last working day (Retirement date will be the first of the month subsequent to the last day worked)
  • Notify your department and HR/Benefits in writing of your intent to retire
  • Request information about payout options from your investment carrier
  • Minimum distribution required within 30 days of retirement date
  • Contact the Division of Pensions and Benefits for Audit of Pension Credited Service Time and health rates at 609-292-7524 (Optional)
  • Contact the Social Security office, if you plan to enroll at 1-800-772-1213
  • Submit an address change in Workday, if your home address will change before you retire

3 -2 months before retirement

  • Anyone 65 or older, including dependents must enroll in Medicare Part A and Part B.
  • ABP members, return the completed forms listed below to hr-benefits@montclair.edu. Ensure that all fields are fully completed, including signature and full social security number.
    • Application for Retirement Form
      • Part 1: Terms and Conditions of Retirement – please review
      • Part 2: Member Information
      • Part 3: Designate Group Life Insurance Beneficiary
    • Withdrawal Request Acknowledgement Receipt ABP
      • Confirming you contacted your financial advisor to withdraw $1,000 distribution
        • Note: Employee’s are considered retired once they have elected to receive a 1k cash distribution.

1 – 0 Month before Retirement

  • Contact Prudential at 1-855-364 7783 if you are interested in converting your life insurance
    • This must be done no later than 31 days after your retirement
  • You will receive a letter from the NJ Divisions of Pension and Benefits explaining your eligibility and any required information needed at that time.
  • For more information regarding your retirement benefits eligibility, please contact the State directly at 609-292-7524 or email at pensions.nj@treas.state.nj.us

PERS Checklist:

4-6 months before retirement:

  • All Retirement Applications must be submitted via MBOS
  • Determine last working day (Retirement date will be the first of the month subsequent to the last day worked)
  • Notify your department and HR/Benefits in writing of your intent to retire
  • Contact the Division of Pensions and Benefits for Audit of Pension Credited Service Time and health rates at 609-292-7524 (Optional)
  • Contact the Social Security office, if you plan to enroll in Social Security at 1-800-772-1213
  • Submit an address change in Workday if your home address will change before you retire

3 -2 months before retirement

  • Anyone 65 or older, including dependents must enroll in Medicare Part A & B and return certified forms to Social Security
  • If enrolled in a Supplemental Retirement plans (403b or Deferred Compensation) request information about payout options from your investment carrier, if applicable

 1 – 0 Month before Retirement

  • You will receive an approval letter from the Division of Pensions and Benefits confirming your Retirement
  • You will receive a Quotation of Retirement Benefits from the Division of Pensions and Benefits which will indicate your monthly retirement allowance

PFRS Checklist:

4-6 months before retirement:

  • All Retirement Applications must be submitted via MBOS
  • Determine last working day (Retirement date will be the first of the month subsequent to the last day worked)
  • Notify your department and HR/Benefits in writing of your intent to retire
  • Contact the Division of Pensions and Benefits for Audit ofPension Credited Service Time and health rates at 609-292-7524 (Optional)
  • Contact the Social Security office, if you plan to enroll in Social Security at 1-800-772-1213
  • Submit an address change in Workday, if your home address will change before you retire

3 -2 months before retirement

  • Anyone 65 or older, including dependents must enroll in Medicare Part A & B and return certified forms to Social Security
  • If enrolled in Supplemental Retirement plans (403b or Deferred Compensation), request information about payout options from your investment carrier, if applicable

 1 – 0 Month before Retirement

  • You will receive an approval letter from the Division of Pensions and Benefits confirming your Retirement
  • You will receive a Quotation of Retirement Benefits from the Division of Pensions and Benefits which will indicate your monthly retirement allowance