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Preparing to Retire

As you think about when to retire, keep in mind that your age and years of service may affect your eligibility to receive benefits or other payments from certain programs.

If you are under age 65 when you retire:

  • You must be at least age 55 with at least 10 years of service to receive a prorated bonus from the Annual Incentive Plan (AIP) for the plan year in which you retire, even if you’re not employed on December 31 of that year.
  • You must be employed on December 31 of the plan year to receive a Retirement Account Contribution (RAC) of up to 3% of eligible pay contributed to your 401(k) account.  
  • You are not yet eligible for Medicare and will have to consider healthcare coverage (see the Retiree Healthcare Coverage tab for details).
  • At age 62, you will become eligible for Social Security Benefits.
  • Note: A select group of employees enrolled in the Supplemental Deferred Compensation Plan can receive a retirement benefit from the plan at age 55. Contact Lockton Financial Advisors for more information: Executive.Benefits-KCNQ@lockton.com.

If you retire between ages 62 and 70:

  • You can begin receiving your Social Security retirement benefits anytime between ages 62 and 70. However, the age you begin receiving benefits affects the size of your monthly Social Security benefit. Get details from the Social Security Administration at ssa.gov.

If you are at least age 65 when you retire:

  • You must have at least five years of service to receive an AIP Bonus and LTI Payment.
  • You can receive a prorated RAC for the plan year in which you retire, without having to be employed on December 31 of that year.
  • You are eligible for Medicare healthcare coverage (see the Retiree Healthcare Coverage tab for details).

The age at which you retire affects the coverage available to you.

As your chosen retirement date approaches, use the following checklist to take the right actions at the right time.

Timing

Action

180 days prior to retirement

  • Notify your manager and HR of your intent to retire. Review your retirement plan options and discuss your situation with a tax advisor.

90 days prior to retirement

  • If you want to begin receiving Social Security right away and are at least age 62, apply for Social Security benefits, if applicable. You may apply online at www.ssa.gov/benefits/retirement, in person, or by calling 1-800-772-1213.
  • If you are at least age 65 or otherwise eligible for Medicare by your retirement date, apply for Medicare. You may apply online at www.ssa.gov/benefits/medicare, in person, or by calling 1-800-772-1213.
  • Contact Fidelity, your 401(k) Plan administrator, to request a 401(k) estimate, if applicable. Call Fidelity at 1-800-835-5095 or visit netbenefits.com.

30 – 60 days prior to retirement

  • Contact your manager to prepare for your last day, which includes submitting your letter of resignation in writing.
  • Review your coverage options and work with the Benefits4Me Program Service Center to determine which options work best for you. Call 1-844-279-7894, Monday through Friday, 9:00 a.m. and 6:00 p.m. ET.

Upon retirement

  • Your Company medical, dental, and vision coverage will continue until the last day of the month in which you retire.
  • After your retirement date, you’ll be mailed an information packet about COBRA continuation coverage. Note: This information is a legal requirement explaining your right to continue certain benefits for a limited time after your retirement.
  • Contact Fidelity, your 401(k) Plan administrator, for your account withdrawal options, if applicable. Call Fidelity at 1-800-835-5095 or visit netbenefits.com.
  • Review your options and work directly with the carrier to convert any applicable life insurance coverage.

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