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Mailing Address:
U.Va. Human Resources
914 Emmet Street
P.O. Box 400127
Charlottesville, VA
22904
Phone: 434.982.0123
Email: hrdept@virginia.edu
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| Benefits Summary for Faculty & Senior Research Staff |
Effective January 1, 2009
Termination Information
FULL TIME FACULTY
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 UHR Benefits Division at 924-4392 for assistance.
Flexible Spending Accounts: If you participate in the Dependent Care or 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 UHR Benefits Division at 924-4392 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.
Optional 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 optional retirement plan at the toll-free number listed above.
Virginia Retirement System (VRS) (888) 827-3847: 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. Contact the UHR Benefits Division at 924-4392 and request an "Address Declaration for Inactive Members" (Form VRS3-A). Complete the form and return it to VRS. If you decide to take a refund of your VRS member contribution account, please contact the UHR Benefits Division for information on options, as well as taxes and penalties that apply.
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 UHR Benefits Division at 924-4392 for the appropriate conversion form.
Disability Insurance. The Standard disability policy can be converted within 31 days of your termination date by those who meet certain criteria. Nine-month faculty completing the full nine-month contract period have coverage through August 31st or until the start of full-time, permanent employment with another employer, whichever is earlier. Otherwise, coverage ends the day you stop active work. If you wish to convert your disability policy, please contact the UHR Benefits Division at 924-4392. If you participate in the Virginia Sickness and Disability Plan (VSDP), your coverage ends on the date of termination.
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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 UHR Management Systems Division, University Human Resources, P. O. Box 400127, Charlottesville, VA 22904-4127 (fax (434) 982-2632).
Direct Deposit: If you had your paycheck directly deposited into your bank account, you must notify Medical Center Payroll in writing and give your name and social security number to authorize Payroll to terminate your direct deposit (fax (434) 243-6095). Please call the Medical Center Payroll Division at (434) 924-9842 if you have any questions.
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.
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