Preparing to Retire
Retirement is a significant milestone and a transition that comes with a number of important decisions and next steps. This page outlines what to do before you retire and what to expect once your retirement is effective, so you can move forward with clarity and confidence. It is strongly encouraged to consult a Certified Financial Planner or tax advisor prior to making the decision to retire.
Retirement planning isn’t a single decision—it’s a series of choices about when to retire, how to use your savings, and how to manage healthcare. As you get closer to retirement, focus on these priorities:
- Confirm your retirement timing and eligibility
- Understand your income sources (401(k)/RSP, pension, Social Security)
- Review healthcare options before and after age 65
- Decide how and when to start using your savings
- Update beneficiaries and personal information
Retirement Transition Guide
Click here to access the Retirement Transition Guide.
Plan Your Retirement Date Carefully
When you retire can impact how smoothly your pay, benefits, and healthcare transition. To help avoid delays or gaps in coverage, we strongly recommend retiring within the first five business days of the month. Here’s why:
- You will receive your final paycheck during the month based on the payroll schedule.
- Your current medical, dental, and vision insurance will continue through the end of the month, helping you avoid a gap in coverage.
- If you are a Pension Account Plan participant, your pension check will be paid on the first of the month following your last day worked.
- If you retire during the last two weeks of the month, your first pension payment and healthcare benefits may be delayed by six to eight weeks. It’s even more important to avoid retiring during the last three weeks of December, which could cause delays of eight to ten weeks.Note:
- Note: You will receive your full pension credit and interest no matter when you retire during the year.
- If you are over age 65, your medical enrollment will be offered through Via Benefits. Because your information is not sent to Via Benefits until your retirement goes into effect, if you retire at the end of the month, there may be a gap in your medical coverage. Via Benefits cannot provide retroactive medical coverage.
Retirement Income
Your 401(k)/RSP may be a primary source of income for you in retirement. You’ll need to decide how to use your balance:
- Leave it in the plan
- Roll it into another account (such as an IRA)
- Begin withdrawals or set up periodic income
Approximately three to four weeks after your retirement, T. Rowe Price will mail you a distribution packet outlining your available options. At that point, you can decide whether to leave your balance in the plan, roll it over to another account, or begin taking distributions. Because withdrawals and rollovers can have tax and long-term financial implications, it’s strongly recommended that you consult with a tax or financial advisor before making decisions about your account.
If you choose to keep your account with T. Rowe Price, it will continue to be invested based on your selections and will incur a $9.00 quarterly recordkeeping fee once you are no longer an active employee.
You can access your account at any time by visiting rps.troweprice.com, where you can view your balance, make investment changes, and update your personal information. If you’re ready to take action or have questions about your options, you can contact T. Rowe Price directly at 800-922-9945.
Learn more here.
The PAP is applicable to you only if you began employment on or before September 30, 2010, and elected to continue participation in the PAP as of October 1, 2010, or if you were employed in the Mississippi Division covered under a collective bargaining agreement before July 14, 2014.
After you submit your retirement application, you’ll receive a pension election packet within two to three weeks that outlines your payment options and estimated amounts. At that point, you’ll need to make a one-time election to determine how you want your pension paid.
Pension Benefit Payment Options
- Defer Your Pension. You can delay starting your pension (no later than age 73) if you don’t need the income immediately or want to coordinate timing with other income sources. Your balance will continue to grow with an annual interest credit (currently 4.69%, subject to change). This may result in a higher future payment, but delays income.
- Monthly Annuity Payments. You receive predictable monthly income for life. You’ll choose one of the following:
- Joint & Survivor (J&S): This option provides lifetime monthly income to you and continues payments to your spouse after your death. You can elect a survivor percentage of 50%, 66⅔%, 75%, or 100%, depending on how much ongoing income protection you want to provide. In general, the higher the survivor percentage you choose, the lower your monthly payment will be during your lifetime.
- Single Life Annuity (SLA): This option provides monthly income for your lifetime only, with no payments continuing after your death. Because there is no survivor benefit, this option typically provides the highest monthly payment.
- 5- or 10-Year Certain and Life: This option provides monthly income for your lifetime, with a guarantee that payments will continue for at least five or ten years. If you pass away before the guaranteed period ends, the remaining payments are made to your spouse or designated beneficiary. This option offers a balance between lifetime income and some level of beneficiary protection.
- Lump Sum Payment. You can take your pension as a one-time payment, either by rolling it over into an IRA (which is not taxed at the time of transfer) or by receiving it as a cash payment (which is taxable immediately). This option gives you full control and flexibility over how the money is managed and used, but it also means you are responsible for investing it and ensuring it lasts throughout your retirement.
Learn more here.
Social Security is an important part of your retirement income, but when you start benefits matters. You can begin receiving Social Security as early as age 62 or delay until age 70. Starting earlier means you’ll receive smaller monthly payments, while delaying beyond your full retirement age increases your benefit through additional credits. The table below shows your full retirement age based on the year you were born.
| If you were born in... | Your full retirement age for Social Security benefits is… |
|---|---|
1937 or earlier | 65 |
1938 | 65 plus 2 months |
1939 | 65 plus 4 months |
1940 | 65 plus 6 months |
1941 | 65 plus 8 months |
1942 | 65 plus 10 months |
1943 – 1954 | 66 |
1955 | 66 plus 2 months |
1956 | 66 plus 4 months |
1957 | 66 plus 6 months |
1958 | 66 plus 8 months |
1959 | 66 plus 10 months |
1960 or later | 67 |
What to Consider Before You Apply
Deciding when to start Social Security isn’t just about age—it should align with your overall retirement income strategy.
- Starting early may provide income sooner but results in permanently reduced monthly payments
- Delaying benefits can increase your monthly income, which may be beneficial if you expect a longer retirement
Your decision should be coordinated with your 401(k)/RSP, pension, and other income sources.
HSA Impact for HDHP Participants
If you are enrolled in a High Deductible Health Plan (HDHP), timing matters even more. If you apply for Social Security benefits before age 65, you will automatically be enrolled in Medicare Part A. This makes you ineligible to contribute to a Health Savings Account (HSA), including any contributions from Atmos Energy. Because of this, it’s important to understand how claiming Social Security may affect your healthcare and tax strategy. Consider speaking with a tax or financial advisor before making a decision.
Plan Your Social Security Strategy
As you approach retirement, take these steps to make informed decisions about Social Security:
- Request an estimate: Get a personalized estimate of your future benefit so you can factor it into your retirement income plan. You can request this through the Social Security Administration (SSA) by calling 800-772-1213 or visiting ssa.gov.
- Coordinate your strategy: Work with a financial advisor to determine when to start benefits as part of your overall income plan.
- Apply on time: You should apply for Social Security benefits at least three months before you want payments to begin.
- Use available tools: T. Rowe Price offers a Social Security Optimizer tool to help you evaluate different claiming strategies and understand how timing impacts your lifetime benefits.
Learn more by contacting SSA at 800-772-1213 or going to ssa.gov.
Financial Tools to Help You Make Informed Decisions
As you get closer to retirement, these tools can help you move from general planning to specific decisions—like when to retire, how to take income, and how long your savings may last.
GuidedChoice provides objective, personalized guidance to help you make informed decisions about your 401(k)/RSP. You can use the service at no cost for general guidance or elect optional account management for a fee if you prefer more hands-on support. If you choose account management, GuidedChoice will manage your investments on your behalf for an annual fee of 0.35% ($3.50 per $1,000), up to a maximum of $350 per year (excluding Atmos Energy stock). If you are already enrolled with GuidedChoice, you can continue to have them manage your investments into retirement.
Retirement Income Planning
If you are within three years of retirement, the GuidedChoice Retirement Income Solution helps you turn your savings into a structured income plan. You can model different scenarios to estimate how much income you can generate each month, when to start withdrawals, and how long your savings may last. If you haven’t selected a retirement date, the tool defaults to age 65, but you can adjust this at any time to reflect your actual plans. This is one of the most practical ways to test your readiness before you retire!
T. Rowe Price offers tools and support to help you refine your strategy and stay on track.
- The Retire With Confidence® program includes a free Confidence Check-In® session with a retirement specialist who can help you understand your goals, evaluate your current savings strategy, and identify potential gaps. These sessions provide education and guidance, but do not include specific investment recommendations.
- You’ll also have access to a range of digital tools, including retirement modeling tools to estimate how much you may need to save, Roth comparison calculators to evaluate tax impacts, and financial calculators that allow you to explore different scenarios. Additional resources such as webinars, videos, and personalized check-in content can help you stay informed and adjust your plan as needed.
Learn more about these tools and more here.
Your Health Care Transition
Health care is one of the most complex parts of retirement. As your retirement date approaches, you’ll receive information about retiree medical (if eligible), Medicare enrollment (if eligible), and COBRA (as a temporary option). Your active coverage ends on the last day of your employment month. After that, your coverage will transition. (Coverage options depend on your age and Medicare eligibility when you retire and are explained here.)
How you pay for health care premiums will also change:
- Pre-65 premiums are deducted from your pension payment, if available, or you’ll pay premiums directly to HealthEquity/WageWorks
- Post-65 premiums are paid directly to VIA Benefits, and you can use HRA funds for reimbursement
Pre-65 Non-Medicare-Eligible Health Care
You’re under age 65 and not yet eligible for Medicare. You will:
- Stay enrolled in an Atmos Energy medical plan with the same network and coverage structure
- Pay premiums through your pension (if applicable) or direct billing
Learn more about your coverage and options here.
Pre-65 Medicare-Eligible Health Care
You’re under age 65 but eligible for Medicare due to disability or other qualifying conditions. You will:
- Transition to a Medicare-based plan
- Coordinate your coverage with Medicare
Explore how Medicare works with your retiree coverage here.
Post-65 Medicare-Eligible Health Care
You’re age 65 or older and eligible for Medicare. You will:
- Enroll in coverage through Via Benefits
- Choose from Medicare Advantage or Medigap plan options
- Have access to an HRA to help reimburse eligible premiums
Understand your options and how to enroll here.
If You Cover Dependents
If your spouse or dependents are covered under your health care benefits, their coverage may transition differently based on age and eligibility. For example:
- A spouse under age 65 may remain on a retiree medical plan
- A Medicare-eligible spouse may enroll through VIA Benefits
This is known as split coverage, and each person will have separate plans and ID cards.
When to Apply for Medicare
If you will be 65 or older when you retire and you are covered by the Atmos Energy Medical Plan you should enroll in Medicare Part A (which is at no cost to you) and Part B 90 days prior to your retirement.
(Note: For HDHP participants, once you enroll in Medicare, neither you nor Atmos Energy can make contributions to your HSA account.)
Final Pay, PTO, and Incentive Pay
As you transition into retirement, your final paycheck, unused time off, and any incentive pay will be processed based on company policies and timing.
You will receive your final paycheck based on where your retirement date falls within the payroll cycle. If you are enrolled in direct deposit, your final paycheck will be deposited into your account as usual. (View final payslips in Workday.) If you typically receive a paper check, it will be mailed to your address on file.
Your accrued, unused PTO will be paid out in your final Atmos Energy paycheck. Not all time off is paid out:
- Unused floating holiday hours are not paid and will be forfeited
- Unused Extended Illness Bank (EIB) hours are not paid and will be forfeited
If you have used more PTO than you accrued at the time of retirement, the difference will be deducted from your final paycheck.
*If you are/were a Colorado employee, refer to the Colorado Time Off/Absence Policy for specific details.
If you retire at age 55 or older with at least 10 consecutive years of full-time service, you may be eligible to receive a VPP payout based on your eligible earnings during the fiscal year. You do not need to remain employed through September 30 to qualify. Payouts are issued after the fiscal year ends, provided company performance goals are met.
Start the Process: Submit Your Retirement Application
Once you’ve made the decision to retire, there are a few key steps to complete to ensure a smooth transition. Begin by discussing your retirement plans with your supervisor to align on timing and next steps. When you’re ready to move forward, submit your official retirement application in Workday. For step-by-step instructions, click here . If you have questions at any point, contact your HR Partner for support.
What Happens After You Apply
After you’ve spoken with your supervisor and your retirement application is submitted, several things are set in motion:
- You’ll receive information about your benefits transition, including health care and retirement income options
- If applicable, you’ll receive a pension election packet within two to three weeks, outlining your payment options and estimated amounts
- You’ll need to make key elections, such as how you want your pension paid and what health care coverage you’ll select
Some of these decisions are time-sensitive and may be irreversible, so it’s important to review materials carefully and act promptly.
Ongoing Support After You Retire
Even after you retire, support is available:
The Atmos Energy Benefits Team is available by phone at 800-888-0149 or by email at retiree@atmosenergy.com.
GuidedChoice can continue to provide investment guidance and income planning support. Call 800-242-6182 or go to guidedchoice.com.
T. Rowe Price tools and specialists remain available to help you manage your retirement savings. Call 800-922-9945 or to go rps.troweprice.com.
VIA Benefits Advisors can help you understand and manage Medicare coverage year-round. Call 833-945-1112 or go to my.viabenefits.com/AtmosEnergy.
Retirement isn’t a one-time event—your needs and decisions will continue to evolve.
