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Planning for Retirement

West Virginia University (WVU) wants to assist our employees in planning and preparing for their retirement. Retirement is one of the largest milestones in your career and WVU wants to be sure you are fully informed and prepared.

  • STEP 1: Confirm your Eligibility to Retire and Receive Benefits
  • STEP 2: Review your Retirement Income Options
  • STEP 3: Confirm your eligibility for Using Sick Leave and/or Faculty Credit to Purchase Retiree Insurance
  • STEP 4: Review your other Retiree Benefits Considerations, such as health insurance options and staying connected to the University
  • STEP 5: Notify Your Department of your retirement
  • STEP 6: Review the additional Retirement Resources

    • Contact Shared Services at sharedservices@mail.wvu.edu or 304-293-6006 to speak with a benefits representative.

    Step 1: Eligibility to Retire and Receive Benefits

    Criteria for employees wanting to receive benefits such as medical insurances and other WVU privileges in retirement. This eligibility criteria excludes retirement account withdrawal (see step 2).  

    TIAA Participants

  • Any age with 30 years of service
  • Age 60 with at least 5 years of service

    State Teachers Retirement System (STRS) Participants

  • Full benefits at age 60 with 5 years of service
  • Full benefits at age 55 with 30 years of service
  • Full benefits at any age with 35 years of service
  • Reduced benefits before age 55 with at least 30 but less than 35 years of service

Retirement Eligibility FAQ

The best age to retire does not exist. Only you know when to retire. This is a personal decision which depends on individual preparation and planning.

Please reach out to Benefits Strategy at WVUBenefitsStrategy@mail.wvu.edu or 304-293-8405 to determine eligibility.

Please refer to the PEIA Summary Plan Description and Shopper's Guide for surviving dependent information.


    Step 2: Retirement Income Options

    Employees may wish to reach out to their retirement vendor to discuss their retirement income options.

    TIAA

    To obtain a specific estimate as to an employee’s future retirement income with the 401(a) plan, TIAA provides online tools to estimate retirement income. In addition, TIAA will also project an employee’s retirement income in a 1:1 consultation.


      Step 3: Using Sick Leave and/or Faculty Credit to Purchase Health Insurance

      Sick Leave Conversion

      Employees hired and continually covered by PEIA prior to July 1, 1988 can use accrued sick leave at the point in which they transition from active employment to retirement to pay 100% of the PEIA medical premiums. Employees hired on or after July 1, 1988 but before July 1, 2001 are eligible to use sick leave to pay for 50% of the PEIA retiree medical premium. Employees hired on or after July 1, 2001 are not eligible to use sick leave to pay PEIA retiree medical premiums.

    • 2 days of sick leave = 1 month individual coverage
    • 3 days of sick leave = 1 month of family coverage

    Faculty Service Conversion

    Full-time, less than 12 month faculty years of service for employees hired prior to July 1, 2009, may use faculty service credit to pay 100% of PEIA retiree medical premiums. Less than 12 month faculty service typically refers to 9 month faculty, but would include any contract of less than 12 months, such as 10 month, 11 month contracts, etc. Note less than 12 month faculty hired after July 1, 2009 are not eligible for the retiree medical premium credits.

  • 3.33 years of service = 1 year individual coverage
  • 5.00 years of service = 1 year family coverage

      • Premiums
      The rates are included in the  PEIA Shoppers Guide each year and just like active employee rates are subject to change upon approval of the PEIA Finance Board and West Virginia Retiree Health Benefits Trust.

      The retiree medical premium rates are based on:
    • Employee’s years of service if hired prior to July 1, 2010
    • Employee's date of hire
    • If employee or employee’s dependents are eligible for Medicare
    • If employee chooses to cover dependents
    • Tobacco use status of employee and any covered dependents

      • Step 4: Retiree Benefits Considerations

      WVU Shared Services is here to help you elect or decline retirement benefits, including health insurance, life insurance, and flexible benefits. Contact Shared Services at 304-293-6006 or sharedservices@mail.wvu.edu.

WVU Retirees are also eligible for additional benefits, including:

    Step 5: Notify Your Department

    Once you've decided to retire and established your last day, it is your responsibility to notify your department of your upcoming retirement. A quick note or email informing your supervisor of your decision helps ensure a smooth process for both you and your department. When you complete your retirement forms, you will be asked if you will permit your retirement date to be shared with Senior Leadership and your HR Partner for planning purposes. This is voluntary, and may be declined.

    Step 6: Resources

    Medicare

    Refer to the PEIA Summary Plan Description for additional information regarding Medicare and PEIA. PEIA will be the primary insurer for PEIA PPB Plan active employees or dependents of active employees who are 65 or older and eligible for Medicare, except in a few rare cases. As long as you are an active employee, neither you nor your Medicare-eligible dependent need to sign up for Medicare Part B and pay the premium.

    When you prepare to retire, you and your Medicare-eligible dependent must enroll for Medicare Part B. If you do not enroll in Medicare Parts A & B, you will not be eligible for PEIA’s Medicare Advantage plan, and your PEIA coverage may be terminated. For PEIA PPB Plan active employees who are also eligible for Medicare, and Medicare is the primary payor, PEIA will use the traditional method of coordinating benefits. If you become eligible for Medicare prior to age 65, you must send a copy of your Medicare card, or other evidence to support Medicare coverage, to PEIA. This notification will make the claims payment process go much more smoothly.

    Retirees and their Medicare-eligible dependents covered by PEIA and Medicare, regardless of age, PEIA’s Medicare Advantage or Humana will be the primary insurer. When you become an eligible beneficiary of Medicare, you must enroll in Medicare Parts A and B and send a copy of your Medicare card to PEIA. Part A is an entitlement program and is available without payment of a premium to most individuals. Part B is the supplementary medical insurance program that covers physician services, outpatient laboratory and x-rays tests, durable medical equipment and outpatient hospital care. Part B requires payment of a monthly premium.

    You MUST NOT enroll in a separate Medicare Part D plan, since PEIA will provide prescription drug coverage for retirees with Medicare. If you do not enroll in Medicare Parts A & B, your coverage may be terminated. If you or your dependents have other coverage in addition to PEIA and Medicare, contact UMR or PEIA to determine what coverage will be primary, secondary or tertiary (third) and whether you need to enroll in Medicare Part B. Whenever you or your covered dependents become eligible for Medicare, you should send a copy of your Medicare card to PEIA. Members enrolled in an HMO when they become Medicare-eligible will be transferred to the Special Medicare Plan.