State, University, and Retirement Insurance Benefits
Employees who are either resigning or are terminated by the university have coverage through midnight on the last day the employee was physically at work (or on an approved leave of absence). Resigning employees cannot extend the date of separation by using accrued benefit time. Employees terminating employment, which is considered a qualifying event, must be enrolled in the State health, dental, and vision benefits on the last day of employment to be eligible for benefits continuation through COBRA.
The State basic or optional life insurance may be continued through a conversion to classic life or election of portability plan.
The optional accidental death and dismemberment and long term disability insurances may not be continued after termination.
Under the optional University life insurance plan, you may take your policy with you should you terminate your employment. Your premiums stay the same with a nominal direct-billing fee added. You also have the option to convert your policy to a permanent whole-life insurance plan offered by Voya Financial (formerly ING/ReliaStar). However, premiums for a permanent insurance policy are generally higher than those available for term coverage.
For information regarding the University's Supplemental 403(b) Retirement Plan, contact the specific 403(b) vendor for payout or rollover information.
State Universities Retirement System (SURS)
Payroll deductions for SURS retirement continues until the final paycheck, including paychecks with vacation and sick leave payouts. Contact SURS directly for additional information.