Whenever someone retires, there are a number of routine things that must be considered. Everyone needs a plan that factors in how much income versus savings they will need. Everyone needs to think about what they hope to achieve in their retirement. Also there are items such as where you intend to live, what will be your health insurance solution, and when to sign up for Social Security. For Entergy employees, there are some very specific items that must be considered and completed before retirement. Today we are going to take a look at these Entergy specific items you must do before you retire.
The first step for an Entergy employee to retire is to notify your manager at least 90 days before your retirement date. You will want to follow up with your manager later to ensure your retirement date is entered into PeopleSoft. Also, if you change your retirement date, you need to notify your manager so they can cancel the commencement flow and start the process over. After you notify your manager, you need to visit the Hewitt website and verify that your personal email address is correct. While you are on that site, you can also verify that your beneficiaries are correct. It is extremely important that you verify your beneficiaries! Making sure this is correct before you retire will ensure a smoother transition for your family should something happen to you.
Of course you will need to apply for your Entergy Pension benefits! You can begin this process by requesting a retirement kit from the Entergy Retirement Center or calling them at 1-855-523-3772. You will need to apply for benefits no more than 90 days or less than 30 days before you want benefit payments to begin. After a decision is made, you will need to sign and return your benefit option selection to the Entergy Retirement Center via fax, mail, or upload to their website. In order to get your pension check on the 1st of the month after you retire, all paperwork must be in by the 10th of the month in which you are retiring. One note on signatures: if you are married there is good possibility your spouse will need to sign and have their signature notarized, talk to your financial advisor to verify how your paperwork needs to be signed.
As you can see there is a lot that goes into retirement planning for an Entergy employee! The financial advisors at Sound Financial have been working with utility company retirees for decades and we would welcome the opportunity to help you navigate your retirement! Give us a call today!