TERMINATION
If you are age 55 or older, you are considered a retiree. Please review 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. You will be responsible for the full cost of the policy. 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 unless you are a retiree eligible for a paid-up 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.
What happens to any money in my spending account?
Money in the Health Care Spending Account must be spent by the end of the month in which you terminate employment. You have until April of the following year to submit claims. If you have been reimbursed more that you have contributed at the time of the termination, a final deduction will be made from your last paycheck. Money in the Dependent Care Spending Account must be spent 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.
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
Last Updated April 2007