Inside HR: Myths and Misconceptions about Retirement

Inside HR: Myths and Misconceptions about Retirement

September 27, 2022

Understanding the benefits of retirement may be a little tricky. Here are a few common misconceptions about retirement: 

New hires won’t have any insurance when they retire. 
False! Health Insurance is still a benefit offered to our qualifying retirees (at least 55 years old with minimum of 20 years of service). 

Retirees don’t have insurance after they turn 65. 
False! Retirees turning 65 do transition over to Medicare, but GUC still covers the cost of retirees’ Medicare supplemental insurance plans.

I need to retire before the end of the year for my vacation payout to count towards retirement.  
False! Vacation payouts are included as part of your final compensation average regardless of when you retire. 

I should go see my HR Business Partner (HRBP) if I have questions about the retirement process. 
True! Our HR staff is happy to walk you through the ins and outs of the process, run retirement estimates, and answer any questions you may have.