VCOM Faculty Handbook

Benefits Upon Termination There are special considerations to keep in mind regarding employee benefits after leaving the employment of VCOM. Employees will receive detailed information at the time of their departure regarding the options available. Health Coverage When an individual is no longer eligible for coverage under VCOM’s health care program as an employee, they may continue the benefits of the program under what is referred to as the COBRA law. A former employee’s enrolled family members may also pay for continued group benefits when they are no longer eligible because of the employee’s death, divorce, or because a child reaches the age limit. VCOM utilizes a third-party program administrator. That agency will contact the former employee upon notification by the VCOM group administrator. The former employee has 60 days from the date coverage ends or the date the group administrator notifies the former employee of their COBRA rights (whichever is later) to decide if they want to continue coverage. For more information about COBRA, please contact the Human Resources Director on your campus. Employees are expected to assure all health coverage extensions with the HR Director at the time of termination. Retirement Employees are fully vested under VCOM’s retirement program with the first full month of employment. Upon leaving VCOM, employees may choose to: a) leave accumulations in their current active accounts; (b) roll accumulations into another qualified retirement plan; or (c) withdraw accumulations in a lump sum distribution according to plan policies. Contact TIAA for more information. Other Benefits Employees may continue some of their other benefits, such as voluntary life insurance.

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