Post-Employment Information

Employees who are ending employment with Carleton College should know that their elected benefit plans for themselves/their dependents have differing coverage end dates, they are as follows:

• End of the Month – Benefit coverage extends through the end of the month in which you are ending employment:
  • Medical Plan  – COBRA eligible
  • Dental Plan  – COBRA eligible
  • Vision Plan – COBRA eligible

• Last Day of Employment – Benefit coverage ends at the end of the business day on your last day of employment: 
  • Group Basic Life – COBRA eligible
  • Group Basic Accidental Death & Dismemberment 
  • Voluntary Life (employee, spouse/domestic partner and child life) – COBRA eligible
  • Voluntary Accidental Death & Dismemberment (employee or family coverage) 
  • Voluntary Long-Term Disability

NOTE: You will receive information about COBRA, which will allow you to continue eligible benefits, approximately 14 days following your ending date.

Employees must give a two-week (14-day) notice or more to be eligible for the following leave payouts:

• Vacation – Exempt and Non-Exempt 
• Floating Holiday – Exempt and Non-Exempt 
• Sick (20%) – Non-Exempt ONLY with 15 or more years of service 

Payouts will process on the employee’s final pay deposit less tax withholdings and deductions. Departing employees receiving leave payouts may wish to check with their personal financial advisors to see if changes in tax withholding (W-4s) are recommended. Any changes need to be effective within the pay period in which your final deposit is received. Instructions on how to change tax withholding can be referenced HERE.

Approximately 14 days following your ending date, you will receive a COBRA Continuation Notice from OptumHealth Financial Services (Carleton’s COBRA Administrator).  This document will arrive by USPS to the address you have registered within Workday.   

COBRA Summary: 

• COBRA coverage allows continuation of certain benefit plans (paid in full by the departing employee at 100% of the policy plus a 2% administrative fee);  
• Participation in COBRA is voluntary and is a month-to-month option;   
• The COBRA Continuation Notice will provide information regarding the benefit plans that are eligible to you/your dependents, the length of time COBRA Continuation would be available, the monthly costs per benefit, the deadline to elect coverage, how to enroll and when payment is due (along with payment options).  **It is important to note that your elected coverage will not be reinstated (retroactive to the effective date of coverage as shown in the Notice) until your payment has been received. 

The primary Qualified Beneficiary (the departing employee) may elect to continue coverage on behalf of all eligible dependents which were covered the day before the qualifying event (your last day of employment).  If the employee declines coverage, your dependent(s) may elect independent coverage by completing a separate copy of the COBRA Election Agreement. 

COBRA Eligible Benefit plans: 

• Medical (If COBRA is elected, any dollars spent towards your annual deductible/out-of-pocket maximum will carry forward within the same calendar year) 
• Dental 
• Vision 
• Medical Flexible Spending Account (as long as you have an account balance at the time you are ending employment.
• **Group Basic Life (employee)
• **Voluntary Life (employee, spouse/domestic partner, child/ren) 

**Minnesota law allows COBRA coverage for these plans; COBRA would be the most economical approach to continuation if coverage is needed.  You should reference information regarding conversion and portability option for UNUM life and AD&D plans.  Documents will be provided to you by a Human Resources representative.

Benefit plans NOT eligible for COBRA:

• Long-Term Disability
• Group Basic Accidental Death and Dismemberment (AD&D)
• Voluntary Accidental Death and Dismemberment (AD&D)
• TIAA DC Retirement Plan
• Voluntary SRA and ROTH Retirement plans
• Health Saving Account (HSA)
• Flexible Spending Account – Dependent Care

 Other Insurance Coverage Options to Consider

• Your new employer’s coverage (if applicable).
• Spouse/Domestic Partner’s Employer Coverage – Identify whether coverage might be available through your spouse/domestic partner’s employer plan. 
• MNsure – Minnesota’s health insurance marketplace, visit their website and/or contact them at 651-539-2099 or 855-366-7863 for more assistance/information. 

You are 100% vested in your plan(s) and will continue to be a TIAA customer.  Please contact TIAA at 800-842-2252 for any support requests. 

This is a bank account you own through Optum Bank; you can continue to utilize the funds that you have to pay for eligible medical, dental and vision expenses. 

You also have the option to roll this account into another HSA if you choose, you will need to work with OPTUM bank for this transition.

Reimbursement Deadline: April 30th of the following calendar year is the deadline for submitting your eligible expenses (expenses that were incurred on or before your term date) for reimbursement.

• Failure to submit by the deadline results in forfeiture of your remaining balance.
• Expenses for services rendered after your termination date are not eligible for reimbursement.