Here’s the story from NEWS.va. In short:
Benedict XVI will be “Pontiff emeritus” or “Pope emeritus”, as Fr. Federico Lombardi, S.J., director of the Holy See Press Office, reported in a press conference on th final days of the current pontificate. He will keep the name of “His Holiness, Benedict XVI” and will dress in a simple white cassock without the mozzetta (elbow-length cape).