Leaving the Company
You have the option to continue benefit coverage when your employment end. You must make a decision to continue medical, dental, vision and life insurance within 60 days of leaving your position.
Benefit Coverage End Dates
Your medical, dental and vision coverage will cease at the end of the pay period in which you terminated (i.e. the 15th or end of the month). Your other benefit coverage(s) end on your termination date.
Medical, Dental and Vision (VSP) Continuation
You may continue group medical, dental, and/or vision coverage at full cost for up to 18 months after termination. If you elect to continue coverage, you must continue under the same plan you are currently enrolled in. You may elect to change your coverage type by deleting a family member but you cannot add a family member.
Health Savings Account Continuation
If you elect to continue your medical coverage under the Consumer Choice PPO Plan, please note the following regarding your HSA:
- You may elect to continue to contribute to your HSA for the duration of your coverage until you turn 65 or you elect Medicare coverage.
- Payroll deductions for your HSA will end on your termination date. However, you can continue to contribute directly to your account and taxes will be adjusted on an "above-the-line" basis when you file your income tax.
- You are eligible to receive reimbursement from your HSA for expenses incurred before and after the date your coverage ends.
- Details on HSA guidelines, taxability and eligible expenses are available at www.irs.gov (publications 502 and 969).
Basic and/or Optional Basic Employee Term Life and AD&D Insurance
You have the option to continue your Basic and/or Optional Basic Employee Term Life insurance and Basic and/or Optional Basic AD&D coverage directly with Minnesota Life. You will receive a statement from Minnesota Life approximately six weeks following your termination date with continuation details. You may call Minnesota Life at 1-877-215-1529 if you have questions or do not receive your continuation information within the six-week time frame.
Child(ren) Term Life Insurance
Child(ren) Term Life insurance can be continued only if you continue your Basic/Optional Basic Term Life. Minnesota Life will contact you within six weeks after it is notified of your termination regarding payment information. You may also call Minnesota Life at 1-800-843-8358 if you have questions or do not receive your continuation information within the six-week time frame.
Group Universal Life (GUL) Insurance
Employee GUL, Spouse GUL and child(ren) life end on your termination date. You may continue life insurance coverage directly with Minnesota Life. Child(ren) life insurance can be continued only if you continue your Basic/Optional Basic Term Life. Minnesota Life will contact you within six weeks after it is notified of your termination regarding payment information. You may also call Minnesota Life at 1-800-843-8358 if you have questions or do not receive your continuation information within the six-week time frame.
Tax-Advantage Account Information
- Health Care Flexible Spending Account (FSA)
- Limited Purpuse Health FSA
- Dependent Care FSA
When your employment ends, you may elect to continue to make payments to your Health Care and/or Dependent Care Flexible Spending Accounts until the end of the calendar year. If you continue payments, you are eligible to receive reimbursement for expenses incurred before and after the date your coverage ends. If you do not elect to contribute to your Health Care Flexible Spending Account after termination, you are eligible to receive reimbursement for expenses incurred up to your termination date. Claims must be submitted within 90 days. Claims submitted 90 days after termination will not be eligible for reimbursement.
Long-Term Disability (LTD) Insurance Continuation
You may continue your LTD coverage with Hartford after termination. You may request a conversion application form from Farm Credit Foundations. Complete the application form and send it along with a check or money order to the address on the application within 31 days of your termination date.
Do You Still Need Long-Term Disability?
A decision to continue long-term disability insurance must be made within 31 days of termination and an application must be filed with the insurance vendor. You pay full cost of coverage and monthly payments must be made on a timely basis in order to continue coverage.
Voluntary Accidental Death and Dismemberment Insurance
Voluntary AD&D ends on your last day of active employment. No conversion option is available.
401(k) Plan
If you were a participant in the 401(k) Employer Contribution Plan, you will receive a letter from New York Life Retirement Services within two to three weeks after your last day of employment about your 401(k) account.
If your account balance is less than $1,000, you will be required to take a cash distribution or rollover. If your account balance is more than $1,000, your options are to:
- Elect to receive a cash distribution.
- Elect a direct rollover / transfer.
- Transfer the money to a New York Life Investment Management IRA.
- Keep your money in your account.
Do You Have Any Outstanding 401(k) Loans?
If you have an outstanding 401(k) loans, contact New York Life Retirement Services at 1-800-294-3575 or go to www.bcomplete.com to get a loan payoff form. You also have the option of continuing to make your loan payment(s) to New York Life Retirement Services, which will send you invoices on a monthly basis. You will be able to access, add or change your beneficiary information through www.bcomplete.com.
Pension Plan
Your accrual of credited service under the retirement plan will end when your employment terminates. If you have any questions regarding your Defined Benefit Retirement Plan, contact New York Life Retirement Services at 1-800-294-3575.