Step 1
Please complete The College of New Jersey’s Retirement Notice and the first section in the Alternate Benefit Program Retirement Application. Return the completed TCNJ Retirement Notice and ABP Retirement Application to Human Resources. Please give your supervisor/manager a copy of the completed TCNJ Retirement Notice.
Step 2
Six months before retirement, a member should contact the employer and the authorized carrier for information regarding benefits and options. The carriers regularly provide informational seminars on retirement.
A member may elect to receive all or a portion of his/her account in a lump-sum distribution, or as a fixed term or life annuity. The types of payout plans vary from carrier to carrier and should be considered when selecting a carrier. All returns of contributions and earnings are considered taxable in the year they are received.
Lump-sum cash distributions to members under the age of 55 are limited to the member’s contributions and earnings. The remaining employer contributions and earnings are only available after age 55.
There is no minimum retirement age under ABP. A member may begin collecting an annuity, or take a cash distribution, at any time after termination of employment; however, if you return to public employment in New Jersey, you cannot participate in any State-administered retirement system. The member will automatically be considered retired, regardless of age, if there is any distribution of mandatory contributions.
Life Insurance
Insurance coverage ceases 31 days after termination of employment. During the 31-day period following termination of employment, the member may convert existing group life insurance coverage (less any amount of coverage carried over into retirement) into an individual whole life policy, without medical examination. For more information, please visit Fact Sheet #13, Conversion of Life Insurance.
Step 3
Check your Social Security and Medicare benefits:
- Social Security Web site: www.socialsecurity.gov – Phone Number – 1-800-772-1213
- Medicare Coverage at Age 65
- Medicare: www.medicare.gov – Phone Number – 1-800-663-4227