2024 Charlotte Retirement Timeline
We recommend starting the retirement process six months before your retirement date. This will give you enough time to get everything in place for a smooth transition.
Here is an overview of the benefits you will be eligible for, depending on your age and timeline to retirement, as well as the forms you'll need to complete and the materials you'll receive along the way.
| Before You Retire |
Age 55+ with at least
5 years of Service |
- You are eligible for a Pension Plan distribution if you leave employment.
|
| Age 59-1/2+ |
- You are eligible for an in-service withdrawal and rollover from the Atrium Health 401(k) Plan without penalty.
|
| 1 Year Before Retirement Date |
- Review your retirement accounts.
|
| 6 Months Before You Retire |
- To help you plan, request a pension distribution packet from Empower Retirement. Your estimated pension benefit will be included.
- Learn about the types of retirement payment options; choose how and when you want to take money out of the plan.
|
| 90 Days Before You Retire |
- Complete the applicable form(s) in your pension election packet and return to Empower Retirement.
- Visit your local Social Security Administration office regarding Medicare and your Social Security benefit if you or your spouse will be 62+ retirement.
|
| 30 Days Before You Retire |
- Confirm your retirement date with your manager. If your retirement date has changed, this may impact timing and amounts of your retirement benefits.
- You have up to 60 days following your retirement to make a one-time election to continue your Atrium Health medical and dental coverage under COBRA. Election forms must be submitted to continue coverage.
- You may choose to continue your vision benefit by contacting CEC at 888-254-4290.
- Update and review your beneficiary information with Empower Retirement and Bank of America (HSA).
- In CORE Connect, start on the Me screen and select the Personal Info option. Then, select Contact Info to review your mailing address information.
Note: Any changes you make to your personal details will undergo an approval process. You may be asked for documents to support the change(s) you submit.
- Contact MetLife no later than 30 days after your last day of employment if you want to continue term life coverage.
|
| Last Day of Employment |
- Your medical, vision and dental benefits end on the last day of employment.
- If you select COBRA, benefits will begin the day following your last day of coverage.
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| After You Retire |
| 15 to 30 Days After You Retire |
- If you elect to receive your pension benefit following your retirement, your benefit will be paid in the form of a check. If elected, direct deposit of monthly pension payment will start with your first scheduled payment.
|
| 30 to 45 Days After You Retire |
- 30 to 45 days after your retirement, you may request a distribution of your Atrium Health 401(k) and ADVANTAGE plan.
|
| Each October |
- If you elect to continue your Atrium Health medical and/or dental benefits under COBRA, Atrium Health will provide annual enrollment options (if applicable) for the coming year.
- You may choose to continue your vision benefit by contacting CEC at 888-254-4290.
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