End of Employment Benefits

We are here to help you with any end of employment benefits questions.

Flexible Spending Accounts (FSA)

These optional benefits are administered by a third-party company, WEX (866) 451-3399.

Healthcare Medical FSA

Final service date is your last date of employment, or if you elect COBRA, then it’s the last day of the month through which COBRA premium is paid.

You may submit claims for expenses that were incurred prior to your separation date 90 days after your last date of employment, or if you elect COBRA then 90 days after the last day of the month through which COBRA premium is paid.

Any funds remaining in an account after that filing deadline will be forfeited in accordance with IRS guidelines.

Dependent Care FSA

Your final service date is your last date of employment.

You may submit claims for expenses that were incurred prior to your separation date 90 days after your last date of employment.

Health Medical, Dental and Vision Insurance

Coverage for the health, dental and vision insurance ends at the end of the month following the date of separation.

COBRA

After eligibility for group health care coverage ends, you may be able to purchase continued medical and dental, on an individual basis, for a period of time under a federal law known as the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).

Individuals losing health coverage can expect to receive a mailing from WEX before the date coverage will end with COBRA information and instructions. To continue coverage under this provision, the insured person must elect coverage within sixty (60) days after group coverage terminates. To request additional information, contact WEX at (866) 451-3399. The Marymount University Benefits Department is not able to provide COBRA continuation coverage forms, as this is handled directly from WEX.  COBRA rates are found here.

Basic Life and Accidental Death and Dismemberment (AD&D) Insurance

Coverage ends on the last day worked.  When eligibility for basic life insurance coverage ends, employees can apply for a conversion to an individual policy offered by UNUM Insurance Company – no evidence of insurability is required if the application is made within thirty-one (31) days after group coverage ends. Conversion policies are not available for disability coverages.

NOTE: Costs, provisions and benefits of conversion policies may differ substantially from those of the group plans. Additional information and conversion applications are available from UNUM Life and Disability (800) 421-0344.

UNUM Voluntary Term Life

Individuals who are enrolled for additional life insurance for themselves and any dependents under the Voluntary Term Life (VTL) Insurance plan will be covered until the end of the month in which they leave employment at the university.

Short (STD) and Long (LTD) Term Disability Insurance

Coverage ends on your last day worked.

Retirement

When you leave the university, you are entitled to 100% of your employee contributions and the vested amount of the university contributions to your retirement account and any earnings made on your investments. You have the option to leave your funds invested with Voya or contact them for information regarding options for accessing the funds via direct distribution or rollover after you have separated from employment.  Voya (800) 584-6001.  If you still have retirement funds with TIAA, contact (800) 842-2252.

CAPTRUST continues to serve as a resource providing financial wellness, savings, and investment advice. You may call CAPTRUST at 1-800-967-9948 to speak to a counselor, who will assist you with your investment questions and other financial inquiries you may have. CAPTRUST also provides a Retirement Blueprint financial plan to assist with your long-term financial needs. Counselors are available Monday to Thursday, 8:30 a.m. to 6:00 p.m., Friday 8:30 a.m. to 4 p.m. ET, or you can make an appointment online via www.captrustadvice.com.

Other Voluntary Benefits

If you are enrolled in other voluntary benefits that have premiums deducted via payroll, you may be able to continue coverage by contacting the vendor to make alternative billing arrangements.

Unemployment

Make sure to check Virginia Employment Commission for guidelines on unemployment and how to file a claim.