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Recording Your Last Day of Work
Recording Your Last Day of Work
Recording Your Last Day of Work
When you apply to retire in miAccount, you will enter your anticipated last day of work in step one when estimating your pension. In miAccount, your retirement effective date will be calculated automatically.
Before applying to retire, become familiar with these definitions:
Last day of work: In most cases this is the date the employee and the employer end their relationship; it's often your last day of work or paid leave. This can be any day or date in a month. Be aware that an employee on an approved leave of absence is considered terminated for retirement purposes on the date two years after the employer last reported service credit for the person.
Retirement effective date: This is the first day of the month following the month in which you have satisfied all eligibility requirements and terminated employment. There are 12 effective dates (Jan. 1, Feb. 1, March 1, etc.).
Things to know:
- We will confirm your last day of work with your employer.
- You can select any day of a month to terminate your employment. The retirement effective date is always the first day of the month.
- Employment contracts and summer pay do not prohibit you from selecting a last day of work that may be five weeks before your last paycheck. Your retirement effective date will still be the first of the month following your last day of work.
- You must have a bona fide termination, meaning a complete severing of your employee-employer relationship, and you cannot have a promise of reemployment or a contract for future employment in place.