Ready to Retire
Congratulations, you’ve made the decision to retire! DERP is here to help you navigate important next steps in the journey. The first step you need to take is to understand what you need to do and to be prepared. There are a lot of decisions you will have to make, documents to gather, and filing dates to meet before you can begin to collect your monthly DERP Pension Benefit. Because your choices uniquely impact your retirement future, it’s important to give yourself enough time to review your DERP Plus Benefits and options to ensure your countdown to retirement is on track and there are no delays. Let’s get started!
Five Steps to Take to Ensure a Smooth Transition to Retirement
Step 1 – Gather Documents
Your retirement application package includes a number of documents. Along with your Retirement Application, there are several other documents you must submit. To ensure you don’t overlook anything and to avoid delays, we’ve created a Retirement Checklist of everything you need to include with your application.
Consent of Spouse
Visit DERP’s Forms page and expand the Retired Members section for the Consent of Spouse form.
Certified Birth Certificate or Passport (provide copy)
DERP will not accept a birth registration, driver’s license, or hospital-issued birth certificate.
If you don’t have your certified birth certificate, contact the vital records office in the state you were born to request your birth certificate.
Social Security Estimate or Award Letter (provide copy)
Only pertains to Tier 1 and Tier 2 members who are eligible for the Social Security Make-Up benefit.
Marriage Certificate/Common Law Affidavit
Visit DERP’s Forms page and expand the Retired Members Section for the Common Law Affidavit.
Medicare Card or Medicare Entitlement Letter of Award (provide copy if applicable)
If you intend to enroll in a Medicare Advantage medical plan through DERP and already have Medicare, you will need to provide a copy of your Medicare card showing you have Parts A and B. If you have applied and been approved, but haven’t received your card, you will need to provide a copy of your Medicare Entitlement Letter of Award.
Visit the Medicare website for more information and to create or log in to your account.
|Decree of Dissolution of Marriage (provide copy if applicable)||X|
Step 2 – Review and Decide
You’ll have key decisions to make at retirement that will impact your monthly lifetime DERP Pension Benefit payment. Completing the Retirement Application will be easier if you have an idea of the choices you want to make.
Health Insurance Coverage
Visit DERP’s Publications page and click on Your Guide to DERP Retiree Health Benefits to determine which insurance plan meets your needs.
You can also take a look at the presentations from our carriers describing the benefits their plans provide.
- Non-Medicare plans:
- Medicare plans:
Visit DERP’s Forms page and expand the Health Insurance section for the enrollment forms.
DERP Pension Benefit Options
When you apply for retirement you’ll have to decide on the DERP Pension Benefit option that meets your needs. The maximum option will cease upon your passing, while a joint and survivor option will ensure that your beneficiary will receive a monthly DERP Pension Benefit payment for their lifetime upon your passing.
Visit the DERP Plus Benefits section for more information
Lump-Sum Death Benefit
When you retire from active service, you will be eligible for a lump-sum death benefit. You will need to decide if you want to draw from it during your lifetime or if you want your beneficiary to receive it upon your passing.
Visit the DERP Plus Benefits section for more information.
Taxes in Retirement
- When you begin receiving your monthly DERP Pension Benefit payment it is subject to federal and state income tax. You will need to decide if you want DERP to withhold taxes and, if so, the amount you want withheld.
- You can update your tax elections in retirement by logging in to your MyDERP.org account and click the Tax Withholding button.
- DERP will mail or make available your Form 1099-R – Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. by January 31 to report your distribution of retirement benefits.
- DERP cannot provide tax counseling. Specific questions about your taxes should be directed to your personal tax advisor, the IRS, and/or the Colorado Department of Revenue.
- Login to your MyDERP.org account, click the View Tax Forms hyperlink to view and print a prior Form 1099-R. To request an older Form 1099-R email Help@DERP.org.
Step 3 – Meet with a DERP Membership Services Representative
Setup a counseling session with a membership services representative so you can ask questions, discuss health insurance options, review timelines, go over your paperwork, and more.
Login to your MyDERP.org account, click the Counseling Appointments button to request an in person, phone, or virtual one-on-one counseling session.
Step 4 – Submit Your Notification of Intent to Retire
Members who are retiring from active service should submit their notification of intent to retire, in writing, to their supervisor, the Office of Human Resources (OHR) or designated human resources representative, and to DERP. Be sure to clearly indicate your last day of work as an employee and state the reason for separation is retirement.
DERP will contact you upon receipt of your intent to retire, and/or your online retirement application, and share next steps.
Step 5 – Submit Your Retirement Application
Your signed and notarized Retirement Application, and all required documents, must be received by DERP within 30 days of your last day worked.
You can complete the Retirement Application securely on your MyDERP.org account. You will have to print the application, sign it, and have it notarized.
Visit DERP’s Forms page and expand the Active Members section for the Retirement Application.
Submit the Retirement Application and all required documents to:
Fax: (303) 839-9525
Mail: Denver Employees Retirement Plan, 777 Pearl St., Denver, CO 80203
Important: Your monthly DERP Pension Benefit payment will be deferred if you submit an incomplete package, or if DERP does not receive your complete package within 30 days of your last day worked. Failure to submit your retirement application and all other required forms and documents within 30 days of separation, will result in your DERP Pension Benefit monthly payments being delayed and the loss of the Lump-Sum Death Benefit.
Your DERP Pension Benefit is effective the first day of the month following your separation if you’ve worked continuously up to retirement. Your monthly DERP Pension Benefit will be deposited in your account on the first business day of each month.
- Visit DERP’s Publications page and click on Retirement Checklist.
- Visit DERP’s Publications page and click on Your Guide to DERP Retiree Health Benefits.
- Visit the Social Security Administration website to learn more about your benefits.
- Visit the Internal Revenue Service website for information about federal taxes and the Internal Revenue Code.
- Visit the Colorado Department of Revenue for information about Colorado state taxes.
- Visit the Administration on Aging (AoA) website for information about the resources the U.S. Department of Health and Human Services provide to older Americans.
- Visit the Medicare website for information about Medicare benefits.