Contact

Benefits

555 S. Howes Street, Second Floor
Fort Collins, CO 80523-6004

(970) 491-MyHR (6947)

Pre-Retirement Counseling

Faculty & Admin Professional
Definition of
Retirement
Post-Retirement
Benefits
Initiate
Retirement
Leave
Payout
Transitional
Retirement
Receiving
DCP Money

 

Definition of Retirement

Information on eligibility for and the definition of retirement from Colorado State University.

Post-Retirement Benefits

Initiate CSU Retirement

DCP Participants

Contact the Benefits Office to schedule an appointment 60 to 90 calendar days prior to the anticipated retirement date.

PERA Members

  • Contact PERA at (800) 759-7372 to request your PERA benefits estimate (monthly annuity/cash value) and retirement packet, which includes the forms required to commence your PERA retirement benefit.
  • Call the CSU Benefits Office at (970) 491-MyHR (6947) to schedule an in-person or phone appointment 60 to 90 calendar days prior to your anticipated retirement date.

Sick & Annual Leave Payout

Upon retirement, faculty and administrative professionals are paid for ┬╝ of their unused sick leave up to a maximum of 15 days.

Retiring faculty and administrative professionals on 12-month appointments are paid up to a maximum of 24 days of accrued unused annual leave. Any annual leave taken during the 30 working days immediately prior to the date of separation from employment will be subject to the 24 day maximum.

Note: Leave balances are provided to Human Resource Services by your department.

Transitional Retirement

Once a transitional appointment has been approved, we recommend scheduling an appointment with a Benefits Administrator 60-90 days prior to the beginning of the transitional appointment to ensure that you have all necessary benefit information required prior to the appointment start. For more information on Transitional Appointments, please see Section E (2.6) of the Academic Faculty/Administrative Professional Manual.

Receiving your DCP Money

Termination at or after Age 55

When you leave CSU at or after age 55, you are entitled to your entire DCP account balance. Depending on the DCP investment company and the type of investment you have selected, you may be able to take your account balance as a lump sum payment, in installment payments, or convert it to an annuity which provides monthly payments for life. You can also leave it with the investment company for a distribution at a later date subject to certain limitations established under Federal tax law; or you can roll your account balance into another IRS approved, tax qualified plan.

Termination Prior to Age 55

If you leave CSU prior to "normal" retirement age (55) for any reason other than death or disability:

  • You can leave your account balance in the DCP until age 55 or later. If you choose this option, you continue to have full control over the investment of your account balance according to the provisions of the DCP. When you reach age 55, you can access, depending upon the DCP investment company and type of investment you have selected, your entire account balance in a lump sum, in installment payments, or you can convert your account balance to an annuity which provides monthly payments for life.
  • You can roll your account balance into another IRS approved, tax qualified plan. Other tax-qualified┬á Plans may include another employer's 401(a) or 401(k) plan, or an Individual Retirement Account (IRA). In order to avoid tax penalties or federal income tax withholding, you must roll your account balance directly from your DCP investment company to another tax qualified plan.
  • If your total account balance is $10,000 or less, you have immediate access to your funds.

Borrowing or withdrawing money from your DCP account may have income tax and other consequences. In addition, the ability to borrow or withdraw, and the limits thereon, may change as tax laws and regulations change. Contact the investment company directly for more information about that company's loan provision. You are encouraged to seek independent tax advice with respect to the relationship and application of all matters under the DCP to their individual tax circumstances.