Planning for Retirement

To qualify as a JHU retiree, you must leave the university in good standing and meet one of these conditions:

• Be at least age 55 and have completed 10 or more years of continuous full-time service, or
• Have completed 30 or more years of continuous full-time service, regardless of age.

You shall be deemed to be in full-time service even if your level of service is reduced to less than full-time service in connection with the event described in (1) or (2), as applicable: (1) you are participating in a Transitions Program, and (2) you are determined by your medical insurance carrier to be eligible for long-term disability benefits and simultaneously continue performing part-time services for JHU.

Further, you shall have your full-time service to another employer included in the determination of years of full-time continuous service for JHU retiree eligibility: (1) if you transferred to JHU due to an involuntary administrative transfer from the Johns Hopkins Health System Corporation or one of its affiliates (as determined by JHU in its sole discretion), and (2) you were appointed and employed by the Howard Hughes Medical Institute as an investigator immediately following full-time service with JHU.

Note: A leave of absence from which an employee does not return to full-time service does not count toward satisfying the service requirement except when on disability. Any break in service for reasons other than Position Discontinued or Lack of Funds to Support Position will not be bridged for purposes of retiree eligibility. A break in service caused by a termination can be bridged if the termination was due to a reduction in force and the employee returned to active full-time service with JHU less than one year from the date of termination.

To take a distribution from your 403(b) retirement plan account, one of the following events must occur:

• You terminate employment
• You retire
• You become disabled (as defined by Social Security eligibility)

Your beneficiary is entitled to a distribution of your plan benefits (if not yet distributed to you) following your death.

If you are under age 65 at retirement, research your options on purchasing health insurance. Some options include JHU Retiree Health Coverage, COBRA, health insurance through your spouse’s employer if they are working full-time, or the open marketplace. If you will be living in Maryland, you can search the insurance broker directory on the Maryland Health Connection for assistance, If you are outside of Maryland, you can search your local State Health Insurance Assistance Program (SHIP). 

If you are age 65+ at retirement, you may use Aptia365 (formerly Mercer Marketplace 365+) to help you compare JHU Retiree Health Coverage with other supplemental plans. Your local State Health Insurance Assistance Program (SHIP) can also assist you with Advantage plans, Medigap, and Part D policies. Explore the Medicare section on this page to learn more.  

• Aptia365 
• COBRA
• JHU Retiree Health Coverage
• Medicare
• State Health Insurance Assistance Program (SHIP) 

A Health Savings Account (HSA), available with the High Deductible Health Plan (HDHP), can be a good financial planning strategy for retirement with its triple tax benefits.  

The HSA is different from the FSA (flexible spending account). 

• Learn the differences and functions of each of these healthcare savings tools.  
• Learn the basics of HSAs.

You can elect the HDHP with the HSA during benefits annual enrollment or within 30 days of a qualifying life event. Learn more about the HDHP, available to faculty & staff, on the Medical Plan Options page, or Ask ALEX to explore your medical plan options while employed.

You should stop contributing to your HSA 6 months before enrolling in Medicare.

Medicare is a federal health insurance program for people age 65 or older. People younger than age 65 with certain disabilities and health conditions may also be eligible for Medicare. The program helps with the cost of health care, but it doesn’t cover all medical expenses or the cost of most long-term care. You have choices for how you get Medicare coverage.

Get a better understanding of the Medicare maze with Ask ALEX Medicare, our interactive education tool.

Ask Alex Medicare

One year before retirement

• Learn about Medicare basics, including when to enroll.
• If you are contributing to a Health Savings Account (HSA), you must stop contributions 6 months before enrolling in any part of Medicare, including Parts A or B.

Six months before retirement

• Learn about supplemental policies such as JHU retiree medical plans, Advantage plans, or Medigap and Part D policies.

Three months before retirement

• Three months before you want Medicare coverage to begin, enroll through Social Security. If applicable, submit the CMS L-564 form to the Benefits Service Center for completion.
• Once enrolled in Medicare Parts A and B, enroll in a supplemental and prescription plan. This might be the JHU retiree medical or a Medigap policy, Part D or an Advantage Plan.

NOTE: When you retire from JHU and are age 65+, you MUST enroll in Medicare Parts A and B. This is true even if you are electing the JHU retiree medical benefit.

Learn

• Visit ALEX Medicare for step-by-step guidance on eligibility, coverage, options, and costs.
• Read the “Medicare & You” handbook.
• Browse the official Medicare website.
• Attend a workshop hosted by your local SHIP office (State Health Insurance Assistance Program).
• Watch a Pre-Retirement Program webinar about Medicare.

Enroll through Social Security

• Social Security will mail your Medicare enrollment form about 3 months before your 65^th birthday if you are collecting your social security benefit.
• Enroll in Medicare only.
• Enroll in Part B only.

Get help

• Medicare
• State Health Insurance Assistance Program (SHIP)
• Aptia365 offers free support for JHU retirees and spouses for help choosing a supplemental or prescription plan

Marsh McLennan Agency (MMA)

To help you make decisions about your retirement investments, JHU has partnered with Marsh McLennan Agency (MMA), an independent investment advisor. Along with retirement plan advice, MMA can assist current JHU employees with other personal financial topics, including how to create a budget, plan for a big expense, and the best time to claim Social Security.

1:1 Coaching: You can schedule time to meet virtually with a financial coach at no cost to you. MMA coaches are licensed professionals with expertise in retirement plans, investing, and financial education. They’re unbiased and do not sell products or receive commissions. To schedule a one-on-one financial coaching session, visit the MMA Scheduler, select the topic you would like to discuss, then choose an available time. Frequently asked questions about MMA Financial Coaching

Financial Planning Portal: You also have access to MMA’s Prosper Wise website, a digital platform and one-stop hub for all things financial planning. Through Prosper Wise, you can access educational videos, live and on-demand webinars, news articles, financial calculators, and more.

Webinars: Join MMA’s financial well-being webinars live or visit the participants page for webinar recordings and additional educational resources. Topics include: Are you ready for retirement?, Social Security Basics, Real Cost of Retiree Healthcare, and Estate Planning.

Everything you need to know about Marsh McLennan Agency’s financial well-being resources

TIAA

You can also access personalized advice on the retirement plans’ investment menus from TIAA, our 403(b) retirement plan vendor. When you meet with a TIAA financial consultant, you’ll get answers to questions such as:

• Am I saving enough?
• Should I change or rebalance my investment strategy?
• Am I on track to meet my retirement goals?

1:1 Consultation: Advice and education are available as part of the Johns Hopkins University retirement plan at no additional cost. Take advantage and schedule a virtual virtual financial counseling session , or by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. ET.

Education: Learn more by exploring the education and learning site provided by TIAA. Their site provides an overview of investing basics and retirement planning, including information about asset allocation, Social Security, and other retirement topics. Planning tools and calculators are available so you can determine if you are on the right track towards your financial goals.

Webinars: Find quick, actionable financial videos in TIAA’s video playlist.

Depending on your position at JHU, it’s important to understand which plan you are eligible for.

Log into TIAA to check on your account or schedule a financial consultation with a TIAA consultant to see if you’re on track.

There’s no cost to you to meet with a TIAA consultant or an independent Marsh McLennan Agency financial coach to review your goals and financial plan.  

Focus on your future by increasing your 403(b) contribution with Auto Save. 

403b Plan Access

The Internal Revenue Service requires a bonafide retirement in order for you to gain access to all your retirement plan contributions as a retiree, unless you qualify by age for access to these funds.

You must indicate that you are leaving JHU with no intention of returning to active service with the university if you are requesting a distribution of your retirement benefits from the university. If your intention is to continue working at JHU in another capacity or return to the university immediately after retirement, you will not be able to access your retirement funds unless:

• You are shown as terminated/retired in the payroll system; or
• You are at least age 59½ to access your contributions to the plan or age 70½ to access your contributions and the university contributions to the plan as permitted by IRS regulations.

Not sure what your options are with regards to your JHU 403(b) Retirement Plan money when you leave the university? Click here to learn more.

Contact the Johns Hopkins University Retirement Center at TIAA at 888-200-4074 for assistance.

In addition to a will, there are two other important legal documents all adults should have. The advance medical directive allows an individual to appoint someone to make medical decisions on their behalf if they are unable to. Maryland residents can find a free template available from the Maryland Advance Directive Program. A financial power-of-attorney allows an individual to appoint someone to make financial or legal decisions on their behalf. There are different types of powers-of-attorney that offer very broad or very limited powers and you should choose the one that’s right for you. If you want guidance, an elder law attorney is a professional who can assist you.

Through JHEAP, you and your household family members have access to free legal templates and are entitled to a free, 30-minute consultation with an attorney to answer basic questions.

If you are enrolled in MetLife Legal, you and your spouse may create these legal documents at no cost.

Through your Securian Financial life insurance benefit you have access to professional services for legal matters, including will prep templates and a free 30-minute consultation per issue, by phone or in an attorney’s office (additional services available at 25 percent discount).

Whether you are a bargaining unit employee or support staff employee, understand what your pension benefits are.

Create an online account with Empower to check your estimated benefit and to gain access to online tools such as financial calculators and informational videos. You can reach them at 1-800-338-4015. 

Create an account with the Social Security Administration to review your earnings history and see projections for your monthly benefit.

Learn about the pros and cons of collecting social security at your full retirement age, versus age 62, versus age 70. 

The Johns Hopkins Employee Assistance Program (JHEAP) offers 24/7 access to free, confidential consultation, counseling and referrals for challenges such as stress at work or at home, emotional distress, navigating change and uncertainty, and so much more. Consider contacting JHEAP for support while processing the emotional side of your transition to retirement. Retirees can use JHEAP for 18 months following retirement.

Request Counseling Online: For non-urgent support, you can submit a request through the online request form to connect with a domestic counselor. For urgent support, call 888-978-1262.

More about JHEAP

Are you feeling anxiety, dread, or excitement as you approach your retirement? This is your safe space to connect with other pre-retirees to talk about preparing for your post-work life.

This group meets via Zoom the second Friday of each month, from noon to 1 p.m. EST.

Register here

Johns Hopkins offers transition programs and other resources for soon-to-retire senior faculty of specific schools.

• School of Medicine
• Bloomberg School of Public Health (select Faculty Information)
• Carey Business School
• The Academy at Johns Hopkins for East Baltimore and Homewood faculty

• Meet with an expert from TIAA
• Meet with an expert from MMA
• Social Security Administration
• Medicare
• State Health Insurance Assistance Program (SHIP)
• Aptia365