Termination
Certain qualifying life events allow you to make changes in benefits that otherwise are not possible until the annual Open Enrollment period. This summary outlines the benefit plan changes you may need to make as a result of your termination of employment.
Medical/Prescription Drugs and Dental
All health insurance coverage ceases on the last day of the month that you terminate employment. If you carry health insurance coverage at termination and are not eligible for coverage through another insurance plan, the University offers you the option of continuing your health insurance coverage for up to 18 months through COBRA.
Life Insurance and Disability
All life insurance and disability coverages stop on the last day of the month that you terminate employment.
Flexible Spending Accounts (FSAs)
If you are enrolled in a Health Care and/or Dependent Care Flexible Spending Account, your contributions will cease and claims incurred up through the last day of the month in which you terminate are eligible for reimbursement. Any claims made after the date of termination will not be eligible for reimbursement from the accounts.
You may choose to continue making contributions to your Health Care and/or Dependent Care Flexible Spending Accounts through the end of the calendar year by making a COBRA election. However, contributions will be continued on an after-tax basis.
Retirement Programs
Because retirement plan participation is based on salary paid to you and you will no longer be receiving a salary from the University, any and all University contributions as well as your contributions (if applicable) to tax deferred annuities will cease on the last day of the month in which you terminate.
