Retiring from Colby

While Social Security benefits may begin at age 62, the monthly income that would begin at age 62 is less than that which begins at age 65. Employees may of course retire at any time they choose, but most people will need to consider post-retirement income and the continuation of certain fringe benefits.

Employees participating in the Colby College Retirement Health Plan must begin withdrawing funds from their plan upon retirement (a minimum of $1,000). For most retirees this will be in the form of an annuity or lump sum payment(s). Employees planning to retire should contact the appropriate plan provider directly for assistance with making the arrangements. More >

Medical insurance coverage is available for retirees whose official starting date of employment at Colby, per the records of Human Resources, was prior to Sept. 1, 2002, under the following conditions: the employee has retired from the College, has completed 10 years of continuous service after age 40 and attained age 60 prior to retirement, has received or will begin receiving retirement benefits from a Colby-sponsored retirement plan immediately after retiring, and was employed by Colby during the year just prior to his or her retirement date. More >

• Sick time will be paid out as one-half (up to 65 days) of the employee’s sick-time accrual (up to 130 days). Sick time may be paid out as a regular pay check each pay period or as a lump sum in your last paycheck.
• Vacation accrual up to 36 days, or one and one-half times your accrual, is paid with the last paycheck

• Retirees’ Colby ID cards will remain valid for library and athletic facility privileges
• Invitations to special campus events may be extended
• With special permission from the College, retirees may also receive dependent tuition benefits based on the number of years of tuition credit earned by the employee as of the date of retirement, reduced by the number of years or fraction years that have already been paid

Important web site links:

• Apply for Social Security benefits online
• Apply for Medicare Part A and/or Part B
• Social Security benefits calculators
• TIAA online retirement planning tools
• Colby insurance plans – Summary Annual Reports

Important phone numbers:

• Social Security: 1-800-772-1213
• TIAA: 1-800-842-2252