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My Benefits | My Employment is Ending

My Employment is Ending

A Qualified Life Event

Health and Dental Insurance

Healthdental, and/or vision coverage ends the last day of the month in which the appointment is no longer benefit eligible, or the last day of the termination month, whichever comes first. As long as you are currently enrolled at the time of separation, you have the You have the option to continue your health and dental coverage through the COBRA provisions. COBRA allows you and/or your covered dependents to continue coverage for up to 18 months. For the COBRA premiums, please view the COBRA web page.

Flexible Spending Accounts

Participation ends on the last day of the month in which you leave employment. You will have the option to continue paying for your Health Care Flexible Spending account with after-tax dollars through the COBRA provisions. Please contact Principal directly at 800-659-3035.

Life Insurance

Your life insurance coverage ends on the day the appointment is no longer eligible, or the date of termination, whichever comes first. You have the option of porting or converting your group term life insurance coverage to an individual policy. For an application and rates please visit principal.com/uni or contact Principal directly.

For questions on Portability: 800-986-3343 x76398.

For questions on Conversion: 800-986-3343 x79994.

Voluntary Term Life Insurance

Your Voluntary Term Life coverage ends on the last day of the separation month. You have the option of porting or converting your voluntary term life insurance coverage to an individual policy. For an application and rates please visit principal.com/uni or contact Principal directly.

For questions on Portability: 800-986-3343 x76398.

For questions on Conversion: 800-986-3343 x79994.

Long Term Disability (LTD) Insurance

Long Term Disability (LTD) Insurance ends on the day the appointment is no longer eligible, or the date of termination, whichever comes first. There are no options for continuing coverage.

Long Term Care

To continue your voluntary Long Term Care coverage after you leave employment, please contact Genworth Financial, Inc directly at 888-436-9678.

TIAA

Terminating Before Retirement (Under Age 55)
You own all contributions to your account. You can leave your money with TIAA as long as you would like. You can receive withdrawals from your account or roll it into an IRA. If you withdraw funds before age 59.5, they may be subject to an additional 10% early withdrawal penalty.

Retirement (Over age 55)
If you retire after reaching age 55, the 10% tax penalty will not apply. There are numerous withdrawal options including annuities. For more details, visit the TIAA website.

Please contact TIAA Customer Service at 800-842-2776, or the TIAA Coralville office by calling 319-356-8000, or visit the TIAA website if you have any additional questions.

IPERS

You are always entitled to 100 percent of your contributions and interest earnings. When you become vested, you have a right to a portion of your employer’s investment based on your years of service. To find the refund value of your IPERS account or to receive a benefits estimate, please call 800-622-3849 or visit the website.

Employee Assistance Program (EAP)

You will have access to the EAP through the end of the month in which you are leaving employment. EAP offers initial assessment/referral and short-term counseling for employees and/or their family members. For more information about EAP services, please visit the EAP web page.

Unused Accrued Vacation

You will receive pay for all accrued vacation. The total compensation will be the number of hours accrued on your last day of employment multiplied by your hourly wage. Payout is subject to Federal and State income tax withholding, FICA and Medicare tax and TIAA. IPERS is not withheld.

Sick Leave

You will not be paid for unused sick leave accruals unless you retire from the university. For more information about retirement and the sick leave payout, please view the Retiring from UNI web page.

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