Your insurance coverage will end the last day of the month in which you terminate your employment with the University. At this point, you will be eligible to continue the medical, dental and vision insurance that you were enrolled in as a benefit eligible employee. You are eligible to continue this coverage for up to eighteen months under the federal law known as COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985). COBRA requires the plan to offer covered employees and dependents the opportunity to continue coverage when it ends for certain specified reasons. To find out more about COBRA and the University’s benefits, click here. Upon notification of your qualifying event, you will receive an enrollment form from the Human Resources Office. This will be mailed to your current home address so it is important that it is up to date in the HR database or has a forwarding order. You will need to read the information provided as it will direct you on how to apply, the costs and when certain actions need to occur to qualify.
You will also have the opportunity to convert any of the life insurance policies (basic life or supplement life on self, dependent life/spouse or dependent life/child) to an individual insurance policy. If you are interested in converting your policies, please contact your campus benefit office.
Flexible Spending Accounts (FSA)
You will be eligible to COBRA your health care Flexible Spending Account (FSA) for the remainder of the calendar year. It will no longer be a pre-tax benefit since it will not be deducted from earnings. If you choose not to continue your FSA, you will only be able to file claims for reimbursement for charges incurred up to your termination date. All other monies will be forfeited. The Dependent Care FSA is not eligible for COBRA. You will receive the FSA COBRA forms directly from the COBRA plan administrator, ASI.
If you do not have five years of eligible service, then you would not be vested and therefore would not have a pension. If you are vested, visit the Estimate Your Retirement Benefits page and proceed to use the “Retirement, Vested, and Not Vested Calculator” to view an estimate. You must be a current employee in order to access these tools.