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Work/Life: You Leave the University
Impact on Benefits
Back to You Leave the University
When you leave the University, your coverage under the
following benefits programs will be affected:
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 Medical and/or Dental
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What You May
Need to Do |
You can
choose to continue your medical and/or dental coverage through COBRA for
18 months. |
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When You
Should Do It |
You have
60 days to elect COBRA coverage from the date you receive the COBRA
continuation materials in the mail. |
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| How to Do It |
- Wait to receive the COBRA continuation materials in the mail
from WageWorks.
- Complete the COBRA continuation forms and
return them to WageWorks.
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| Special Note |
Your
medical and dental coverage stop on the last day of the month in which
you leave the University. Exception: If your first date of
employment with the University was prior to July 1, 1987, you will
receive one extra month of medical coverage. Your medical coverage stops
on the last day of the month following the month that you leave the
University.
For more information on COBRA, click
here. |
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Long-Term
Disability and/or Group Life Insurance |
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What You May
Need to Do |
You
can choose to convert your coverage into an individual policy. If you
are under age 60, you may also be able to continue your life insurance coverage
under the less expensive portability option. |
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When You
Should Do It |
Within
31 days of your last day on the job at the University. |
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| How to Do It |
- Contact the Benefits Office
to request the appropriate conversion and/or
portability forms.
- Complete and return the form
directly to the insurance carrier.
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| Special Notes |
Your
University participation in these plans stops on the last day of the
month in which you leave the University. |
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Personal Accident Insurance |
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| What You May Need To Do |
You can choose to convert your coverage into an individual policy.
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| When You Should Do It |
Within 31 days of the end of your appointment.
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| How To Do It |
- Contact the Benefits Office for the appropriate conversion forms.
- Complete and return the form directly to UnumProvident.
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| Special Notes |
Your University participation in this plan stops on the last day of the month in which your appointment
ends.
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Short-Term
Disability |
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| Special Notes |
Your participation in this plan stops on the last day of the month
in which you leave the University.
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Flexible Spending Accounts (FSAs) |
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| What You May Need to Do |
You can continue to submit claims
for expenses that you incurred prior to the date you leave
the University. You may be eligible to continue your Health
Care FSA through COBRA. |
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When You
Should Do It |
You must
submit all claims by June 30 of the following calendar year. |
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| How to Do It |
- Contact the Benefits Office or WageWorks at 877-924-3967
to request a claim form or click
here to download a form.
- Submit a copy of your Explanation of Benefits form with
the claim form to WageWorks — the FSA administrator.
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| Special Notes |
Your participation in
the FSAs stops on your last day of work at the University unless
you are eligible to elect to continue contributions to your
Health Care FSA under COBRA.
If you are eligible to continue your Health Care FSA, you will
be notified by WageWorks. |
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Qualified Transportation Program |
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| Special Notes |
Your
participation in this program stops on the last day of the month in
which you leave the University. |
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Retirement Benefits |
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| What You May
Need to Do |
You may
choose to receive all or part of your benefit under the University's
retirement plans after your employment has ended. (Please
Note: If you transfer from the University to the Hospitals,
your employment will not be considered to have ended for this
purpose.)
You may elect to receive your benefit under the Contributory
Retirement Plan (“CRP”), the defined contribution
part of the Retirement Income Plan for Employees (“ERIP”),
and the Supplemental Retirement Program (“SRP”)
(collectively, these are the “defined contribution”
plans) in any of the following forms:
- Tax-deferred rollover to an IRA or another employer’s
retirement plan;
- Lump-sum distribution;
- Installment payments; and/or
- An annuity.
You may elect to receive your benefit under the defined benefit
part of ERIP in any of the following forms:
- Tax-deferred rollover to an IRA or another employer’s
retirement plan;
- Lump-sum distribution; and/or
- An annuity.
If you prefer, you may leave your retirement funds with TIAA-CREF
and Vanguard until such time as you are ready to receive them. |
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| When You Can Do It |
You may choose to receive all or part of your benefit
anytime after you leave the University. There is no
deadline by which you must make your decision. You
are not required to take a distribution from the defined
contribution plans until April 1 of the calendar year
following the calendar year in which you attain age
70½. You are not required to take a distribution from
the defined benefit part of ERIP until you attain age 65. |
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| How to Do It |
- When you are ready to begin receiving payments under the
defined contribution plans, you should contact TIAA-CREF
(800-842-2776) and Vanguard (800-523-1188) directly to obtain
the requisite paperwork. TIAA-CREF and Vanguard representatives
will provide you with detailed information regarding the
alternative forms of payment available to you and the tax
consequences of each form.
- When you are ready to begin receiving payments under the
defined benefit part of ERIP, you should contact the Benefits Office at (773) 702-9634.
- Complete the forms (your spouse must sign his/her consent
if you are married) and return them to the Benefits Office.
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Other Benefits
(Child Care Referral, Educational Assistance, Elder Care Consultation
and Referral, Long-Term Care Insurance, Staff and Faculty Assistance) |
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| What You May Need to Do |
Your participation ends on your last day of work except for Long-Term Care
Insurance. You may continue your Long-Term Care Insurance
coverage if you pay the premiums on your own. |
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| How to Do It |
Contact John Hancock
for details and the appropriate paperwork. For more information
on Long-Term Care Insurance, click
here. |
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| Special Notes |
Your participation in the Long-Term
Care Insurance ends when you stop paying the premiums.
Your accrued vacation is paid out when your employment
ends. |
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