Planning/Initiating Retirement
What you need to know
Ready, set, retire. Whether you’ll spend time with family, travel a bit, plan to give back to the community, and maybe even work a bit more, Sandia is here to help you make the most of your retirement benefits when you are no longer working with us.
Retirement Eligibility Criteria
You are retirement eligible when you meet both the following minimum age and minimum service requirements while still employed by NTESS or another Affiliated Company:
| Minimum (Age) | Minimum Service Years |
|---|---|
| Any age | 30 years |
| 50 | 25 years |
| 55 | 20 years |
| 60 | 15 years |
| 65 | 10 years |
If you were hired or rehired prior to January 1, 2009 (July 1, 2009 OPEIU represented employees and July 1, 2010 MTC or SPA represented employees) and are a participant in the NTESS Retirement Income Plan (Pension Plan), the above stated minimum age and service requirements are used to define retirement eligibility, to determine Service Pension eligibility and to determine access to subsidized retiree medical and dental benefits.
For additional information, see Retirement Benefits and Retiree Non-Health Benefits.
Ready to Retire?
It takes approximately two to three months to complete the process for starting retirement and coordinating benefits. The date you retire can have an impact on your benefits.
For example, if you are not an active employee on the last day of the month in which you retire, that month’s earnings are not included in your pension calculation.
Be sure to attend a Retirement Group Briefing before you decide on your retirement date.
Monthly Retirement Briefings
To best prepare you for your retirement planning, please sign up to select and attend one of our monthly retirement briefings hosted by a Benefits team member. The Retirement Group Briefing is a 90-minute session that will primarily cover retirement benefits, date selection, health premiums, corporate separation process, and includes a Q&A. This session is intended to answer the majority of your questions.
How Much Money Will You Need in Retirement?
Experts generally estimate you will need at least 70% of your pre-retirement income to maintain your pre-retirement standard of living.
While some expenses – like commuting and the cost of eating out – may go down, other expenses – like health care or travel – may go up depending on your lifestyle.
Be sure to take a close look at your estimated retirement expenses and income needs before you retire.
Don’t forget about non-Sandia benefits such as Social Security and Medicare
Social Security may provide an important supplement to your retirement income; and Medicare provides valuable healthcare coverage options once you become eligible.
Take time to understand how all of the parts fit together; Sandia’s retirement benefits, Social Security, and Medicare and will work for you.
Need help? Get in touch with a financial professional.
Selecting Your Retirement Date
The date you retire can have an impact on your benefits.
For example, if you are not an active employee on the last day of the month in which you retire, that month’s earnings are not included in your pension calculation.
Be sure to talk with an HR Solutions representative before you decide on your retirement date.
Providing Notice
Completing a Leaving Sandia eForm is the initial notice of your intention to retire. Once submitted, HR Solutions will contact you for your next steps in the process.
Scheduling an Exit Exam
If you work on certain occupational medicine surveillance programs, you must complete an exit physical exam at least three months before your retirement date.
And, Sandia encourages you to talk regularly with your healthcare provider to review your health and talk about your health status and concerns.
Contacts and Resources
- HR Solutions or 505-284-4700
- Exit Exams
- Occupational Medicine Administrative Support
- 505-844-1866 (New Mexico)
- 925-294-2700 (California)
- Occupational Medicine Administrative Support
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