In order to be eligible for a sick leave payout upon your retirement, you must begin to draw your monthly lifetime retirement annuity within 90 days. If you fail to finalize your retirement annuity within 90 days you will forfeit your sick leave payout.
The State System offers a retiree medical insurance program called the Annuitant Health Care Program (AHCP). In order to enroll in the AHCP a retiree must meet the eligibility criteria and begin to draw a lifetime retirement annuity. Retirees may delay enrollment into AHCP if health insurance is available from another source. Once a retiree enrolls in AHCP, coverage may continue until death or until the retiree chooses to discontinue enrollment. Survivor coverage may be extended to spouses/domestic partners (excluding SCUPA, SPFPA, and OPEIU) only after the retiree passes away. If a retiree chooses to discontinue AHCP coverage, the retiree waives all rights to future coverage under AHCP.
Any of the monthly payment plan options available through SERS or PSERS meets the criteria of drawing a monthly lifetime annuity. Contact SERS or PSERS to finalize your retirement paperwork.
Alternative Retirement Plan (ARP)
Meeting the criteria of drawing a monthly lifetime annuity varies by ARP vendor (Fidelity, TIAA-CREF, VALIC). Schedule a meeting with your ARP vendor representative who will confirm and review the qualifying annuity options. A minimum of $10,000 must be annuitized with either one vendor or a combination of vendors.
If you are thinking about retirement, view our retirement PowerPoint: