#RECRUITMENT SEPARATE FROM HR HOW TO#

#RECRUITMENT SEPARATE FROM HR HOW TO#

You will receive information about your rights to continue coverage (COBRA), including an informational sheet, coverage costs and how to make payments, and an election agreement no later than 14 days after the health insurance coverage ends. Continue health insurance through the summer, 8/31, orĩ Month faculty must notify Benefits at of your decision to stop or continue your health insurance prior to your last employment day so that any pre-paid health premiums can be refunded before your final check is issued.With few exceptions, you will be eligible for COBRA (Consolidated Omnibus Budget Reconciliation Act).įor 9 Month Faculty: if leaving at the end of spring semester, you can: For example, if you leave April 15th, your health coverage will end April 30 th. For additional information, please visit the Virginia Retirement System (VRS) Leaving Employment Site.Ĭoverage ends on the last day of the month in which you separate employment if you are currently enrolled in a Mason-sponsored group health plan. If you are participating in a Virginia Deferred Compensation (457) Plan, you have the option of either leaving the funds in the plan or rolling them over into an IRA or other qualified plan. Please contact your specific plan vendor or vendors. If you are participating in a 403b Tax-Deferred Annuity, you have the option of either leaving the funds in the plan or rolling them over into an IRA or other qualified plan. Supplemental Retirement Plans (Tax-Deferred Annuity/Deferred Compensation Plans) If you are a faculty member enrolled in an Optional Retirement Plan (ORP), you need to contact your ORP vendor directly to discuss distribution or rollover options. For more information or to obtain a copy of this form, please visit the Virginia Retirement website. You may request a refund, you may do a direct rollover to a qualified plan, or you may leave the funds in VRS until you are eligible for retirement. If you are a Virginia Retirement System (VRS) participant, you have three options. Refer to the Benefits page to find web links and/or addresses for these companies. Companies who administer retirement plans (VRS or ORP), or tax-deferred annuity plans (TSAs), must be notified directly.

Recruitment separate from hr