Terminating Employment

See below for answers to common benefits questions for employees leaving the university:

Answer

Your retirement contributions come out of your paycheck as long as you receive compensation for your regular appointment. There is no retirement contribution on any pay out of vacation or sick time unless you have elected the option to make contributions to your Voluntary Retirement Savings Program from these payouts.

Answer

If you have less than $10,000 total in your account, of which no more than $2,000 is in the TIAA Traditional fund, you can remove all the money, including the university's contribution, by completing a Repurchase Form. If you have over $10,000 you can remove up to 100 percent of your CREF funds.  You are also eligible to receive 100 percent of your TIAA Traditional funds, but you can only access them at 10 percent a year. Necessary forms are available from TIAA at 800-842-2776. There is a 10 percent tax penalty for taking funds from your retirement account prior to the age of 59 1/2.

Answer

Contact the IPERS office at 800-468-6417 to obtain a refund form. Complete your portion and forward it to University Benefits. 

Answer

 

If you are currently enrolled in a voluntary insurance program such as long term care, you should contact that insurance company directly to see if you are able to continue the coverage through direct billing. For long term care, please call John Hancock at 888-999-2072 or Genworth at 800-416-3624.

Answer

Contact Parking and Transportation at 319-335-1475 regarding your parking permit or van pool.

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Contact the Athletic Ticket Office at 1-800 IA-HAWKS (1-800-424-2957) regarding your athletic tickets.

Answer

 

Your Employee Self Service access will remain open on a limited basis for a short period of time. Please sign up for Two-Step Login for Employee Self Service off-campus access. Please contact ITS Help Desk at 319-384-4357 for additional assistance.

Answer

To file for unemployment benefits, please visit the Iowa Workforce Development website to file for unemployment benefits, or contact your nearest Workforce Development Center. In Iowa City, the center is located at 1700 S. First Avenue.

You may also apply at two University of Iowa Virtual Access Points located at the Pomerantz Career Center, 100 Pomerantz Center, Suite C310, or University Human Resources, 102-21 University Services Building.

Answer

All benefits end on the last day of the month in which you terminate. An exception to this is if you are a faculty member or employed graduate student who is paid on an academic year basis. Benefits for academic year faculty who terminate in May will end on June 30. For graduate students employed for the academic year or for spring semester, coverage will terminate Aug. 31. If you terminate during a semester, coverage ends at the end of the month following termination.

Answer

Yes. You will be sent COBRA forms to complete to continue coverage for up to 18 months after termination. More information on COBRA.

If you terminate and are age 55 or older, you will be considered as a university retiree for benefits purposes. You will be eligible for certain benefits.

Answer

You can convert your coverage to a whole life policy. Information regarding this will be sent to you.

Answer

Vacation pay will be paid out to you the first of the month after your final paycheck, assuming all leave paperwork has been submitted by your department. You are not paid for sick leave unless you are retiring. If you are 55 or older when you terminate, you will be eligible for a one-time payout of up to $2,000 for accumulated sick leave credits. You have the option to contribute vacation and sick leave payments to a Voluntary Retirement Savings Program.

Answer

Health Care Spending Account expenses must be incurred by the end of the month in which you terminate employment. You have until April of the following year to submit claims. Services incurred after your termination date will not be reimbursable unless you continue contributions on an after-tax basis through COBRA.

Dependent Care Spending Account expenses must be incurred by Dec. 31 of the year in which you terminate employment. You have until April of the following year to submit claims.

Answer

Not unless you are retiring. University Benefits does not hold exit interviews—these are done in your own department. 

If you terminate and are age 55 or older, you will be considered as a university retiree for benefits purposes. Contact University Benefits at least six weeks prior to your termination date to schedule an appointment to complete the necessary paperwork. 

Answer

No. You can leave your money with TIAA as long as you like. However, IRS regulations require you to begin a minimum distribution April 1 following the date you turn 70 1/2.

Contact Information

University Benefits

Fax
319-335-2776
Campus Address
120 USB
Mailing Address

120 University Services Building
Iowa City, IA 52242-1911
United States

Hours
Monday-Friday, 8 a.m.-5 p.m.