Subject: Things to Know When Leaving University Employment
Approval Date: 07/01/85
Revision Date: 03/26/87
To outline the things that a faculty or staff member should know about group life and health insurance, retirement contributions, and other matters if he/she leaves University employment prior to retirement.
GROUP LIFE INSURANCE:
Protection in this plan stops 31 days after the end of the pay period in which the resignation becomes effective. The employee's University policy can be converted to an individual policy without a medical examination if application is made within this 31-day period.
A faculty or staff member should contact the Office of Personnel Services if he/she wishes to take advantage of the conversion privilege.
An individual who desires to continue life insurance and is in good health may be able to obtain more desirable coverage by contacting a representative of any commercial insurance company. This is because converted policies are limited to one type. The amount which may be converted is limited to the amount in force immediately prior to termination.
The cost of the converted policy will be higher than the University's because (1) the type of insurance to which one converts is whole life insurance instead of the less expensive group term insurance, and (2) the age of the individual at time application for conversion is made is also a factor.
GROUP MEDICAL INSURANCE:
Under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), regular full-time employees, their spouses, and their eligible dependents may elect to continue their health care coverage under the University's medical plan in certain instances where coverage would otherwise be terminated (See PG-28).
OTHER OPTIONAL INSURANCES:
Guidance regarding other optional insurance that may be applicable can be received by contacting the Office of Personnel Services.
A faculty or staff member who is leaving University employment should contact the Office of Personnel Services regarding possible retirement benefits or the withdrawal of contributions.
FINAL PAY CHECK:
The faculty or staff member must make arrangements to receive his/her final pay check and year-end W-2 form. If a change of address is known, a new W-4 should be submitted. If there is a change of address after termination but before the end of the calendar year, the Payroll Office must be notified so year-end tax statements can be forwarded to the new address.
The faculty or staff member is responsible for completing the exit interview checklist and scheduling the exit interview with the Office of Personnel Services.