Retiring from CVS Health
Whether you're retiring soon or in a few years, you have many important decisions to make before you retire. Use the resources on Colleague Zone > HR > Benefits > Retirement to learn about the retirement benefits offered to you, and use the information below to make sure you have anticipated all of the decisions you'll need to make.
Retiree Health Benefits Overview
Retirement Plan Benefits and ESPP
Continuing Coverage While on COBRA
Health Savings Account (HSA)
Resources for Living Employee Assistance Program
Deferred Compensation and Annual Equity Awards
Retirement While on Leave
Additional Benefits
Additional Considerations When Retiring from CVS Health
Consult with Your Manager
Review with your manager the tasks you must complete before you retire, such as knowledge transfer, returning company equipment, corporate credit card and ID badge, etc.
Consider Other Retirement Assets and Expenses
Take into consideration your financial assets, which might include home equity, retirement savings and/or pension as well as financial obligations. Financial obligations might include food, clothing, rent/mortgage, utilities, insurance, health care expenses, automobile expenses, insurance, wedding expenses, college expenses or any outstanding debts. You may also want to consider the cost of travel and entertainment during your retirement years.
Understand Your Social Security Retirement Benefits
If you're eligible, the amount of your Social Security benefits will be based on your earnings averaged over most of your working career, and your age when you began receiving your benefits.
Create or Revise Your Will
Contact your attorney to create or revise your will and health care directives (living will). You can also create a simple will using resources available on the Resources For Living (EAP) website.
Verify or Add Your Personal Email Address
Throughout the retirement process and after you retire, you can receive email updates about your benefits. Make sure your personal email address is on file with Colleague Zone.
Notify CVS Health of any Address or Name Changes
Please remember to contact Colleague Zone if you have a change of address or a name change. This is critical to ensuring that your Form W-2, COBRA Benefits Enrollment information, 401(k), ESPP, and Pension statements (where applicable) will be sent to the correct address.
Update Your Beneficiaries on Colleague Zone
Review and update your beneficiary designations for your CVS Health benefits, including on any life insurance, HSA, 401(k) and investment accounts you maintain, as well as any accounts you may have outside of your CVS Health plans.
