| Type | Coverage Period | Continuation/ Conversion/ Portability |
Action Required/ Contact Info |
|---|---|---|---|
| State Health Plan |
Termination dates between 1st and 15th of the month, coverage is effective through
the last day of the month. Ex: 3/10 term date = covered until 3/31. Termination dates on or after the 16th of the month, coverage is effective through the last day of the following month. Ex: 3/17 term date = covered until 4/30. |
Coverage can be continued for up to 18 months through COBRA provisions. | The vendor will mail out COBRA information to the home address once the coverage has ended. |
| Dental, Vision, Cancer Plan, Critical Illness |
NCFlex benefits will end at the end of the month in which employment ends. Ex: 3/17 term date = covered until 3/31. | Coverage can be continued for up to 18 months through COBRA provisions. | The vendor will mail out COBRA information to the home address once the coverage has ended. |
| Supplemental Disability |
These benefits will end on the date that employment ends. Ex: 3/17 term date = covered until 3/17. | There are no continuation provisions for this plan. | No action is required. |
| State Provided Disability Plans |
These benefits will end on the date that employment ends. Ex: 3/17 term date = covered until 3/17. | There are no continuation provisions for this plan. | No action is required. |
| Type | Coverage Period | Continuation/ Conversion/ Portability |
Action Required/ Contact Info |
|---|---|---|---|
| Healthcare Flex Spending | Coverage is lost at the end of the month of termination or loss of eligibility. | There is a continuation provision by submitting after-tax payments to the flex spending vendor. | The vendor will mail out COBRA information once coverage has ended. |
| Dependent Care Flex Spending | The use of this benefit ends on the last day of employment. | There is a continuation provision by submitting after-tax payments to the flex spending vendor. | The vendor will mail out COBRA information once coverage has ended. |
| Plan | Vesting | Withdrawal/Rollover | Action Needed/ Contact Info |
|---|---|---|---|
| Teachers' and State Employees' Retirement System (TSERS) | Being vested in the Teachers' and State Employees' Retirement System means that at
some point in the future, a participant will be eligible for both a monthly, lifetime
retirement benefit as well as health insurance. Depending on the amount of creditable service, leaving contributions in the TSERS account may be a wise choice. There is no minimum account balance requirement and contributions continue to earn interest, currently, 4% compounded annually. |
You can leave your contributions in TSERS and keep all the creditable service you
earned to that date or withdraw/rollover contributions (and interest, if vested). A withdrawal or rollover of contributions will result in losing accumulated service credit, the death benefit and Disability Income Plan eligibility. At the point of withdrawal, state and federal taxes are assessed, as well as a 20% penalty if you are under the age of 59 1/2. Taxes and penalties are avoided if the account is rolled to a qualified plan. If a withdrawal or rollover is processed and you return to NC state government service at a later date, previously withdrawn accounts can be purchased after contributing to TSERS for 5 years. Furthermore, a return to service within 5 years of the termination date results in a reinstatement of the employee's sick leave balance. TSERS Handbook (refer to pages 6-7) |
To leave contributions, no action is required. To withdraw or rollover contributions, form 5-Application for Refund of Retirement Contributions is required. (go to link above and search under the "Contributions or Credit Withdrawal Forms") |
| Optional Retirement Program (ORP) |
Optional Retirement Program vesting occurs after 5 years of plan participation. On
separation from service, participants may receive a lump sum payout or monthly annuity
distributions. Retiree health benefits are included only if the participant elects
a monthly annuity distribution option. If separation from employment occurs prior to being vested, 100% vesting in the ORP employer contribution occurs provided all of the following criteria are met. Your new employer is a higher education institution that sponsors a substantially similar or "like" retirement plan, and the successor plan offers a "like retirement plan" that is underwritten by one of the two carriers currently underwriting the ORP benefit and You begin participation in the successor plan as your "core retirement plan" within 12 months following your termination of employment with WCU. |
You can leave your account balance in the ORP until you begin receiving a retirement
benefit under one of the various payment options available to you. As an alternative, under the ORP your retirement benefit is portable. You may transfer or roll over your benefit into an individual retirement account (IRA) or the qualifying plan of your new employer, if it accepts rollovers. However, remember that if you withdraw, transfer or roll over your entire ORP account, you forfeit your right to retiree group coverage under the State Health Plan. Keep in mind that if you withdraw money from the ORP before age 59½ without properly making a direct transfer or rollover into an IRA or another qualified plan, you will be subject to tax penalties. UNC ORP Plan (refer to pages 6-8)
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To leave contributions, withdraw, rollover ORP accounts, or participate in similar
plan with another education institution, please contact Heidi Hyatt, Benefits Manager
at 828-227-7218 or via email at hshyatt@wcu.edu.
To consult with a plan advisor: Fidelity: Cleo Morgan, 919-500-1056 TIAA: Terry M. Pait Financial Consultant 704-988-4882 |
Medicare and Retiree Health Insurance
Phased Retirement Program
If exiting Phased Retirement, please contact Matt Brown, 828.227.7218 or mbrown@wcu.edu
WCU Association of Retired Faculty and Staff
Learn More
On termination of employment, contributions to supplemental retirement plans are no
longer permitted; however, if similar plans are offered by other employers it is possible
in some cases, that contributions may be
resumed with the new employer's plan. Contact the supplemental retirement plan to
inquire further.
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Fidelity: Cleo Morgan, CRPC© TIAA: Terry M. Pait |
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Fidelity: Cleo Morgan, CRPC© TIAA: Terry M. Pait |
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Empower: Deborah Rapetski |
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Empower: Deborah Rapetski |