Termination Information

Health Insurance

If you have been enrolled in the UVA health insurance plan, your coverage will continue until the end of the month in which you terminate employment. According to federal law (COBRA), you have the option to extend continuous coverage for as long as 18 months at your own expense and without Medical Center contribution. Premiums are 102 percent of the premiums for regular coverage, and are required 45 days after the election of Extended Coverage. If you want to elect Extended Coverage, please complete the COBRA enrollment forms that will be sent to your home address under separate cover after termination. These forms must be returned within 60 days of termination of employment or receipt of the enrollment forms, whichever is later.

Note: If you have had the reduced Family Health Care Premium offered to two active state employees, your termination of employment requires a change in membership. Please contact the HR Service Center at 434.982.0123 for assistance.

Flexible Spending Accounts

If you participate in Medical Flexible Spending Accounts, you have three options when you terminate your employment with the University: (1) deduct the remaining contributions from your last paycheck and continue participation until the end of the month in which you terminate employment, (2) deduct your regular monthly contribution from your last paycheck and continue participation until the date on which you terminate employment, or (3) continue participation until the end of the plan year as a COBRA participant. If you choose option 3, you will be responsible for paying your current election, your current account administrative fee, and the COBRA administrative fee of 2 percent on a monthly basis. This monthly payment will be due on or before the first of each month through the end of the current Plan Year. Please contact the HR Service Team at 434.982.0123 for more information about each of these options.

Note: Claims for expenses incurred while participating in these programs must be filed within 90 days of the date of termination from the plan. Funds remaining after the 90-day grace period will be forfeited.

Retirement

Virginia Retirement System

You must decide whether to leave your member contributions in place, thus retaining the service credit you have earned or take a refund of your member contribution account, thereby canceling your service credit. There is no time limit on making this choice. Contributions left with VRS earn 4 percent per year. If you do not take a refund and later return to a VRS covered position, the service you earn in your second period of employment will be added to that already in your records. If you decide to take a refund of your VRS member contribution account, please contact the HR Service Center for information on options, as well as taxes and penalties that apply.

Medical Center Retirement Plan

Your options may vary with the retirement plan you have chosen. Generally, you may leave your contributions with your designated retirement plan until you wish to transfer funds to another similar qualified plan, or withdraw funds based on the rules of the retirement fund vendor. If you elect to withdraw funds, tax penalties may be imposed. For more information on specific rules or to initiate a withdrawal/transfer, please contact your MCRP vendor.

Tax-Deferred Savings Program

These contributions cease with termination of employment. You may leave your accumulated contributions with your designated plan(s) until you wish to initiate a withdrawal or transfer to another 403(b) program or to an IRA. Taxes and penalties may apply on withdrawal of these funds. Please contact your supplemental retirement vendor(s) for more information, as well as withdrawal and transfer forms.

Life Insurance

You have 31 days from the date of your termination of employment to convert your life insurance coverage to an individual policy. A medical examination is not required. The life insurance carrier determines the cost of your converted policy. If you wish to convert your life insurance, please contact the HR Benefits Division at 982-0123 for the appropriate conversion form.

Disability Insurance

The employer-provided Liberty Mutual disability policy will cease upon termination of employment with the Medical Center.

Other Payroll Related Information

Address Change

To receive a Form W-2 and other necessary payroll-related information, it is necessary for your correct address to be on file. Please submit in writing your name, social security number and new address to the Health Systems Human Resources PO Box 800567, Charlottesville, VA 22908-0567.

Other Payroll Deductions

If you have authorized payroll deductions for the University of Virginia Community Credit Union and/or parking, you must contact these departments to cancel your deductions.

Payment of Paid Time Off (PTO) and Catastrophic (CAT) Leave Time

Payment for unused PTO and CAT will be paid in a check following your final paycheck. You will be paid 100 percent of PTO balance at separation and, if you have a minimum of 5 years of continuous State service, 25 percent of CAT leave balance up to $5,000. If you have questions concerning your PTO or CAT leave balances or when to expect leave balance payments, please contact the Medical Center Payroll Division at 434.924.9842.