Benefits:

Health Care (Medical, Dental & Vision)

Health Savings Account

Flexible Spending Account

Base Life Insurance

Supplemental Life Insurance

GVSU 403(b) & 457(b) Retirement Plans

MGS & PSS Retirement Plan A (Pension)

Vacation

Contact Information

Health Care Benefits

Medical, dental, and vision coverages will end on the last day of your employment. The following are options that will be available to you if you want to keep yourself and your dependents covered:

COBRA:

• The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows employees to continue their health care coverage after employment is terminated
• You will receive information from our COBRA administrator, iSolved Benefit Services, approximately 15 business days following your termination date.
• COBRA coverage is the same group coverage you had while employed.
• Coverage can be elected for yourself and any dependents that were covered on your GVSU plan.
• You have 60 days from the date on the COBRA notice that you receive from iSolved Benefit Services to make your elections.
• If COBRA is elected, the coverage will be retroactive back to the date you lost coverage.
• You are responsible for paying the COBRA premiums directly to iSolved Benefit Services.
• Generally, you can be enrolled in COBRA for up to 18 months.

2024 COBRA Premium Rates

Health Insurance Marketplace:

• More affordable options may be available through the Health Insurance Marketplace.
• You could be eligible for a tax credit that will lower your premiums immediately.
• You have the ability to see what your premium, deductibles, and out-of-pocket costs will be before you decide to enroll.
• Visit www.healthcare.gov or call 1-800-318-2596 to learn more.

Health Savings Account

You may keep your HSA and continue to use your account to pay for qualified expenses. Any unused balance in your HSA will remain in the account to use for future qualified expenses.

For specific questions regarding your HSA please contact HealthEquity.

Flexible Spending Account

Coverage under the Health Care and Dependent Care Flexible Spending Accounts will end on the last day of employment.

Participants in the Health FSA may submit claims for reimbursement for Eligible Medical Expenses arising during the plan year and before the last day of employment. The claims must be made within 90 days of the termination date. Unless a COBRA election is made to continue your FSA participants are not entitled to receive reimbursement for expenses incurred after the last day of employment. If you do choose to continue coverage through COBRA the contributions to your FSA will be after-tax dollars. You should seek professional tax assistance on the tax status of these contributions.

Participants in the Dependent Care FSA may continue to submit claims for eligible dependent care expenses incurred through the remainder of the plan year in which employment is terminated as long as there are still funds remaining in the account.

GVSU Provided Base Life Insurance

Conversion: Coverage under the University's base life insurance policy terminates on the last day of employment. You have the option to convert all or part of the amount of coverage in force to an individual life insurance policy on the date of termination without Evidence of Insurability. Conversion election must be made within 31 days of your date of termination. To find out what your conversion premium would be call Lincoln Financial Group at 1-800-423-2765 to request a quote. If you decide to convert your GVSU Provided Base Life Insurance complete the Life Conversion Form within 31 days. The Benefits Office will provide you a copy of the form with the Employer Section completed upon notice of your termination. This form must be completed and sent to Lincoln Financial Group within 31 days of your termination if you wish to convert the policy.

Continuation of Coverage: If coverage has been in force for at least 12 months, you may continue your coverage for a specified period of time after your employment by paying the required premium. Continuation of coverage is available if you cease employment for a reason other than sickness, injury, or retirement.

For additional information consult the Lincoln Financial Group Life Insurance Certificate which can be found on the Life Insurance & Long Term Disability page.

Supplemental Life Insurance

Conversion: If you have a supplemental life insurance policy through Lincoln Financial Group your coverage will end on your last day of employment. You have the option to convert all or part of the amount of coverage in force to an individual life policy on the date of termination without Evidence of Insurability. Conversion election must be made within 31 days of your date of termination. To find out what your conversion premium would be call Lincoln Financial Group at 1-800-423-2765 to request a quote. If you decide to convert your supplemental life insurance complete the Life Conversion Form within 31 days. The Benefits Office will provide you a copy of the form with the Employer Section completed upon notice of your termination. This form must be completed and sent to Lincoln Financial Group within 31 days of your termination if you wish to convert the policy.

Portability: If coverage has been in force for at least 12 months, you may continue coverage for a specified period of time after your employment by paying the required premium. Portability is available if your cease employment for a reason other than total disability or retirement at Social Security Normal Retirement Age. A written application must be made within 31 days of your termination.

For additional information consult the Lincoln Financial Group Supplemental Life Insurance Certificate which can be found on the Life Insurance & Long Term Disability page.

GVSU 403(b) and 457(b) Retirement Plan

If you have completed at least two years of continuous service, the 403(b) retirement contributions made on your behalf by the University are vested.  You should contact TIAA at (800)842-2776 or Fidelity Investments at (800)343-3548 to discuss the methods of distribution available.

If, at the time of your termination, you have not completed two years of service the contributions made by the University are not vested. Any amounts accumulated in your account will be forfeited.

Any contributions to a 403(b) or 457(b) supplemental retirement account that you may have made are fully vested. To receive information on your distribution options contact TIAA or Fidelity Investments.

MGS & PSS Retirement Plan A (Pension)

Maintenance, Grounds, and Service Staff members hired prior to 10/09/2004 are participants in the MGS Retirement Plan A. Professional Support Staff members hired prior to 02/03/2006 and Police staff members hired prior to 03/05/2007 are participants in the PSS Retirement Plan A. If you are a participant, please contact the Human Resources Office

Vacation

Refer to your Employment Handbook or contract for information on the payment of accrued but unused vacation time.

Academic Participation and Tuition Reduction

If your employment ends on or before the semester's "Drop With a Grade W Deadline" than the academic participation and/or tuition reduction waiver will be deleted. If your employment ends after that date than the waiver will remain in place. You can find applicable dates on the Academic Calendar section of the Registrar's webpage.