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 immediately prior to termination, or
• Have completed 30 or more years of continuous full-time service immediately prior to termination, regardless of age.

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.

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.

Our in-person sessions and on-line resources—offered to faculty, staff, and bargaining unit members who are ages 55 and older or five years from retiring—will help you better plan for retirement. Learn about JHU retiree benefits, financial and legal planning, social considerations, Social Security, Medicare, and other aspects of retirement.

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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
• School of Nursing
• Krieger School of Arts and Sciences

Having adequate health care coverage is an important consideration when you retire.

The university offers retiree medical and dental coverage for eligible retirees and their eligible dependents—the same coverage available to active employees and their families. The amount that JHU pays (the subsidy) is determined based on your age and years of service.

See the current cost of coverage for retiree medical and dental insurance, listed by employment type:

• Faculty and Staff Retiree Cost of Coverage April 1, 2022 – March 31, 2023
• Bargaining Unit Retiree Cost of Coverage April 1, 2022 –  March 31, 2023

As an alternative to the JHU retiree medical plans for those 65 or older, you may want to consider Mercer Marketplace 365+ which provides access to the Mercer Retiree Exchange Platform and to one-on-one help from a licensed retiree benefits counselor. Choose from Medicare Supplement Plans, Medicare Advantage Plans, prescription drug plans, dental and vision.

Reach a benefits counselor toll-free at 1 855 206 8117 or visit https://hr.jhu.edu/redirect/retiree-exchange.html to learn about Medicare and the different types of plans available.

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.

Looking for personalized financial advice? Schedule a one-on-one session with a TIAA financial consultant or an independent Marsh McLennan Agency financial coach, at no cost to you.