Retirement Process

As employees begin the retirement process, these steps provide a guide as to the totake to actually retire. Additional steps may be needed for individual employees.

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Pre-Retirement

Step 1: Submit a letter annoucing your retirement process to the Superintendent's Office.

  • Submit approximately 4-6 months in advance, detailing your retirement plans. More information found here.
  • The CBA requires notice by November 1 to ensure a sick time payout during the same academic year.
  • Sample Letter

Step 2: Apply for retirement on MBOS.

  • Submit your retirement application online on MBOS. Once submitted, Payroll will automatically complete a certification of final salary.
  • The application on MBOS requires that you answer the following:
    • Retirement Date: must always be the first day of a month, and must always be in the future.
    • Resignation Date: must be at least one day prior to the retirement date (e.g. June 30 for a July 1 retirement date).
    • Pension Option: there are multiple options for your pension benefits. More information found here.
    • Beneficary Information: you can designate beneficiaries. More information found here.
  • The Division of Pensions and Benefits may ask for proof of your birthdate (or proof for your beneficiary). Please fax copies of your driver's licenses to 609-292-6656. Include your pension ID and name on the fax transmittal.

Step 3: Complete all paperwork with regards to health benefits, Medicare, etc.

Step 4: Post-retirement

  • Direct deposit: a direct deposit application is required for your pension check. You can change the account on MBOS, or submit this form directly to the Division of Pensions and Benefits.
  • Address change: Ensure that the district has your current address if you plan to move for your final W-2 and any other correspondence. If you need to change your address with the Division of Pensions and Benefits, do so on MBOS or with this form.
  • Sick time payout: will be directly deposited into the bank account on file, so please make sure it remains active or provide an updated account. Payouts over $5,000 require that all funds be deposited into a 403(b).
  • Conversion of group life insurance: in retirement, members receive limited life insurance (TPAF: 7/16 of pension average salary; PERS 3/16 of pension average salary). Members have the option to covert their active life insurance benefit and pay market rate. More information found here.
  • Divorce: if a member gets divorced while retired, there are certain steps that need to be taken. More information found here.
  • Employment after retirement: there are specific rules pertaining to working for a public entity after your retirement. More information found here.
  • Retirement earnings: your first check will be paid 30 days after your retirement date, and once monthly thereafter. More information found here.
  • Taxation of retirement benefits: pension payments are taxable, but differently than active earnings.

Questions?

  • Once retired, you must direct all questions to the Division of Pensions and Benefits.
  • Similarly, while active, if the questions are about the process, documentation received, or are unrelated to district policies, please contact the Division of Pensions and Benefits.

Division of Pensions and Benefits

PO Box 295

Trenton, NJ 08625-0295

609-292-7524 (phone)