If you terminate and are age 55 or older, you
will be considered as a University retiree for benefits purposes. You will be eligible for certain benefits.
Contact the Benefits Office at least six weeks prior to your termination date to schedule an appointment to complete the necessary paperwork. Please review the Preparing for Retirement Checklist and the frequently asked questions for retirees.
When do my benefits end when I terminate employment?
Medical, dental, life and long-term disability coverage ends on the last day of the month in which you terminate. An exception to this is if you are a faculty member or employed graduate student who is paid on an academic year basis. Benefits for academic year faculty who terminate in May will end on June 30. For graduate students employed for the academic year or for spring semester, coverage will terminate August 31. If you terminate during a semester, coverage ends at the end of the month following termination.
Can I continue to purchase health insurance through the University?
Yes. You will be sent COBRA forms to complete to continue coverage for up to 18 months after termination. Go to http://www.uiowa.edu/hr/benefits/faq/faq_cobra.html for more information on COBRA.
Can I continue my life insurance?
You can convert your plan to a whole life policy. Information regarding this will also be sent to you.
What happens to my sick leave and vacation?
Vacation pay will be paid out to you the first of the month after your final paycheck, assuming all leave paperwork has been submitted by your department. You are not paid for sick leave unless you are retiring. If you are 55 or older when you terminate, you will be eligible for payout of up to $2000 for accumulated sick leave credits.
What happens to any money in my spending account?
Health Care Spending Account expenses must be incurred by the end of the month in which you terminate employment. You have until April of the following year to submit claims. Dependent Care Spending Account expenses must be incurred by December 31 of the year in which you terminate employment. You have until April of the following year to submit claims.
Must I meet with someone in the Benefits Office before I terminate?
Not unless you are retiring. The Benefits Office does not hold exit interviews; these are done in your own department.
When will contributions into my retirement account(s) end?
Your retirement contributions come out of your paycheck as long as you receive compensation for your regular appointment. There is no retirement contribution on any pay out of vacation or sick time.
Must I move my retirement account through TIAA-CREF into another company?
No. You can leave your money with TIAA-CREF as long as you like. However, IRS regulations require you to begin a minimum distribution April 1 following the date you turn 70 1/2.
I want to take my TIAA-CREF money. How do I do that and how much can I get?
If you have less than $10,000 total in your account, of which no more than $2000 is in the TIAA Traditional account, you can remove all the money, including the University's contribution, by completing a Repurchase Form. If you have over $10,000 you can remove up to 100% of your CREF funds. You are also eligible to receive 100% of your TIAA Traditional funds, but you can only access them at 10% a year. Necessary forms are available from TIAA-CREF at 800-842-2776. There is a 10% tax penalty for taking funds from your retirement account prior to the age of 59 1/2.
The University must provide a written verification of the termination date before a withdrawal can be processed. The University’s normal process is to submit the written verification after the first payroll cycle has occurred with no University Retirement Plan contributions. In order to have the withdrawal process expedited, the verification of termination can be submitted as soon as the termination date has occurred and is reflected in the payroll system, if the former employee signs and submits a Retirement Plan – Release of Funds Waiver.
How do I get a refund if I have IPERS?
Contact the IPERS office at 800-468-6417 to obtain a refund form. Complete your portion and forward it to the University Benefits Office. More information can be found at http://www.ipers.org/index.htm
What happens with the voluntary insurance products I am enrolled in?
If you are currently enrolled in a voluntary insurance program such as long term care or vision coverage, you should contact that insurance company directly to see if you are able to continue the coverage through direct billing. For long term care, please call John Hancock at 888-999-2072 or Genworth at 800-416-3624. For vision, please contact Two Rivers Insurance at 800-728-9620, ext. 8422.
What happens with Parking?
Contact the Parking and Transportation Office at 335-1475 regarding your parking permit or van pool.
What happens with Athletic Tickets?
Contact the Athletics Ticket Office at 1-800 IA-HAWKS (1-800 424-2957) regarding your athletics tickets.
What happens with Employee Self Service Access?
Your Employee Self Service access will remain open until September 1 of the year following your termination date so that you will be able to view your prior paychecks, W2 forms, etc.
What happens with Unemployment?
To file for unemployment benefits, please see www.iowaworkforce.org to file for unemployment benefits, or contact your nearest Workforce Development Center. In Iowa City, this is located at 1700 S. 1st Avenue.