Other University Benefits Upon Retirement

Upon retiring, access to the following benefits end:

Life Insurance Plan

Coverage under the Basic Life Insurance Plan ends on the date of your termination. If you are enrolled under the supplemental, spousal/partner, and/or dependent life insurance plans, coverage will also end on the date of your termination. You will have 31 days in which you may convert all or a portion of the value of your Basic Life Insurance Plan or one of the supplemental life insurance plans (if enrolled) to an individual whole life insurance policy without providing medical evidence of insurability. You will receive information and a conversion form directly from the insurance carrier.

Coverage under the Accidental Death and Dismemberment portion of the plan ends on your retirement date. You cannot convert this coverage to an individual policy.

Temporary Disability Plan

Coverage under the Temporary Disability Plan ends 14 days following the last day of the month in which you are employed with the University. If you become disabled during this 14-day period, contact the Benefits Team.

Long Term Disability Insurance Plan

Your coverage under the Long Term Disability Insurance Plan ends on your retirement date. You cannot convert this coverage to an individual policy.

Expense Account Plans

Healthcare Flexible Spending Account (HFSA)

If you are enrolled in this plan, you may submit claims for reimbursement of eligible expenses incurred during the entire calendar year in which you retire. Claims for reimbursement of eligible expenses may be filed until March 31 of the calendar year following your date of retirement.

Dependent Care Flexible Spending Account (DFSA)

If you are enrolled in this plan, your account will remain active for 31 days following the last day of the month in which you are employed with the University. Expenses incurred afterward will not be eligible for reimbursement. Only the amount contributed through your final paycheck is available for reimbursement. No pre-funding is available. Claims for reimbursement of eligible expenses may be filed until March 31 of the calendar year following your date of retirement.

Health Savings Account (HSA)

For those enrolled in this plan, it is portable or can remain with Inspira Financial for a monthly fee. The money in your HSA is yours to keep. If you do not use funds, they remain in your HSA. If you invest your HSA funds, they remain in the investment account, like an IRA or 401(k). For more information, contact Inspira Financial at (800) 284-4885.

Individuals who delay enrolling in Medicare may receive up to six months of retroactive Medicare coverage. In order to avoid a tax penalty, individuals should stop contributing to the HSA approximately six months before retirement and/or signing up for Medicare. For more information, please review A Consumer’s Guide to the Health Savings Account.

Voluntary Benefits

If you are enrolled in the Aetna supplemental health plans, contact Aetna at (800) 607-3366 to apply for continued coverage.
If you are enrolled in the MetLife Legal Plan, contact MetLife at (800) 821-6400 for portability information.
If you are enrolled in Aura ID Theft protection, you can continue your coverage by paying the monthly fee via credit card on the Aura platform.

Staff Educational Assistance Plan

If you are a participant in the Staff Educational Assistance Plan, you will only receive payment for courses that you complete prior to your retirement date.

Other University Benefits Upon Retirement

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