Retirement Planning

Early Retirement

Eligible retiring faculty and management staff meeting service and age specific eligibility criteria may receive a monthly stipend and a college contribution toward health insurance.  Please review your collective bargaining unit agreement or management working conditions document for specific details regarding benefits and eligibility.

Retirees not receiving early retirement benefits are also eligible to continue coverage under existing group medical, dental and vision plans until age 65.

LCC Process for Retirement

• Complete required paperwork
  • Letter of Intent to Retire - This letter should be addressed to your supervisor and should clearly identify your last day of work.  The letter should be dated and signed.
  • Insurance Enrollment Forms - You must complete and submit this prior to your retirement date in order to remain on the College group insurance plan after retirement.
    
    
• Review Insurance information
  • Your College paid "active employee" insurance will end the end of the month of your last paid day.
    Maintaining Coverage through Lane's Group Insurance Plan:
  • Inquire about your eligibility for college-contributed-to insurance under the faculty or management early retirement plan.
  • Spouse/Dependent Eligibility After Retirement - If you plan to remain on the college group insurance plan after retirement, but want to add your spouse and/or other eligible dependents to your coverage, you must complete a new insurance enrollment form during an open enrollment period before your retirement date. Dependents and/or a spouse can not be added after you retire and if you choose to drop them from the coverage after retirement, they cannot be added back on (except in the event of a new spouse/domestic partner).
  • Insurance Continuation Rights (retirees not eligible for early retirement benefits) - Prior to your date of retirement, you will receive a letter from Human Resources outlining your insurance continuation rights.  This letter will list current premium rates, enrollment deadlines and premium payment procedures.  You will need to follow the enrollment and payment guidelines contained in this letter to ensure that your benefits continue uninterrupted.
  • Insurance Premiums - Insurance rate charts are available in the Human Resources office.
  • For more information, contact Heidi Chase (x5592) or Sharon Daniel (x5190).
  Other Insurance Coverage Options:
  • PERS Insurance Plan - Contact PERS directly for information about insurance enrollment forms and paperwork deadlines. To contact PERS Health Insurance Program, call (800) 768-7377 or visit www.pershealth.com.
    
    
• Be Alert to Timing
  • The month you retire could make a difference in your benefits.
    
    
• Post-Retirement Employment
  • Both PERS and Social Security place limitations on employment after retirement. 
    • PERS information is available on their website or by calling (888) 320-7377.
    • Social Security information is contained in SSA Publication No. 05-10035.
      
  
  
• Public Employees Retirement System (PERS)
  • Review the retirement information on the PERS website.
  • Request a PERS estimate of benefits.
  • Submit your PERS retirement application.

Additional Resources

• Contact past employers and the military, if you served, to determine eligibility for retirement benefits.
  
• Contact Social Security Administration to calculate social security benefits and to determine the best time to begin receiving these benefits.
  This site explains how to apply for social security benefits; how to request a Personal Earnings and Benefits Estimate Statement online; and how to obtain access to the Social Security Benefit Estimate Program for Personal Computers.
  
• PERS - www.oregon.gov/PERS
  This site includes information on retirement eligibility and procedures; downloadable forms; member handbooks; and an electronic program that will calculate an estimated retirement benefit based on information you provide (this is not an official estimate).
  
• Management Employees Working Conditions document
  See "Early Retirement" Article 6.5.3. for eligibility requirements and a description of benefits.
  
• Faculty Contract
  See "Early Retirement" Article 41 for eligibility requirements and a description of benefits.
  
• Contact HR Benefits Analysts Heidi Morales (x5592) or Sharon Daniel (x5190).