{"id":16442,"date":"2023-05-23T15:13:48","date_gmt":"2023-05-23T19:13:48","guid":{"rendered":"https:\/\/marymount.edu\/?page_id=16442"},"modified":"2023-07-28T07:50:46","modified_gmt":"2023-07-28T11:50:46","slug":"end-of-employment-compensation-and-benefits","status":"publish","type":"page","link":"https:\/\/marymount.edu\/faculty-and-staff\/human-resource-services\/benefits-2\/end-of-employment-compensation-and-benefits\/","title":{"rendered":"End of Employment Benefits"},"content":{"rendered":"

We are here to help you with any end of employment benefits questions.<\/p>\n

Flexible Spending Accounts (FSA)<\/h2>\n

These optional benefits are administered by a third-party company, WEX<\/strong> (866) 451-3399.<\/p>\n

Healthcare Medical FSA<\/h3>\n

Final service date is your last date of employment, or if you elect COBRA, then it\u2019s the last day of the month through which COBRA premium is paid.<\/p>\n

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.<\/p>\n

Any funds remaining in an account after that filing deadline will be forfeited in accordance with IRS guidelines.<\/p>\n

Dependent Care FSA<\/h3>\n

Your final service date is your last date of employment.<\/p>\n

You may submit claims for expenses that were incurred prior to your separation date 90 days after your last date of employment.<\/p>\n

Health Medical, Dental and Vision Insurance<\/h2>\n

Coverage for the health, dental and vision insurance ends at the end of the month following the date of separation.<\/p>\n

COBRA<\/h2>\n

After eligibility for group health care coverage ends, you may be able to purchase continued medical and\u00a0dental, on an individual basis, for a period of time under a federal law known as the Consolidated\u00a0Omnibus Budget Reconciliation Act of 1985 (COBRA).<\/p>\n

Individuals losing health coverage can expect to receive a mailing from WEX<\/strong> before the date coverage will end with COBRA information and instructions. To continue\u00a0coverage under this provision, the insured person must elect coverage within sixty (60) days after group coverage terminates. To request additional information, contact WEX<\/strong> 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<\/strong>.\u00a0 COBRA rates are found here.<\/a><\/p>\n

Basic Life and Accidental Death and Dismemberment (AD&D) Insurance<\/h2>\n

Coverage ends on the last day worked.\u00a0 When eligibility for basic life insurance coverage ends, employees can apply for a conversion to an individual policy offered by UNUM Insurance Company \u2013 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.<\/p>\n

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.<\/p>\n

UNUM Voluntary Term Life<\/h3>\n

Individuals who are enrolled for additional life insurance for themselves and any dependents under the\u00a0Voluntary Term Life (VTL) Insurance plan will be covered until the end of the month in which they leave employment at the university.<\/p>\n

Short (STD) and Long (LTD) Term Disability Insurance<\/h3>\n

Coverage ends on your last day worked.<\/p>\n

Retirement<\/h2>\n

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<\/strong> or contact them for information regarding options for accessing the funds via direct distribution or rollover after you have separated from employment. \u00a0Voya<\/strong> (800) 584-6001.\u00a0 If you still have retirement funds with TIAA, contact (800) 842-2252.<\/p>\n

CAPTRUST<\/strong> 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\u00a0www.captrustadvice.com<\/a>.<\/p>\n

Other Voluntary Benefits<\/h2>\n

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.<\/p>\n

Unemployment<\/h2>\n

Make sure to check Virginia Employment Commission<\/a> for guidelines on unemployment and how to file a claim.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s the last day of the month through […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":222,"featured_media":0,"parent":16443,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/left-sidebarpage.php","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":""},"acf":[],"yoast_head":"\nEnd of Employment Benefits - Marymount University<\/title>\n<meta name=\"description\" content=\"We are here to help you with any end of employment benefits questions. Flexible Spending Accounts (FSA) These optional benefits are administered by a . 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