Terminating Employee Checklist
- The department should submit the separation notice to Human Resources as soon as the department is notified of the termination. Final leave entry should be done to facilitate payment of leave, if applicable.
- Health Insurance – Coverage continues until the end of the month in which the employee terminates. Coverage can be continued with the Extended or COBRA coverage. Premium would be the employee portion plus the employer portion. You will receive information regarding enrollment in the COBRA coverage. You have 60 days from termination to apply.
- Life Insurance – Coverage continues for 31 days after termination of employment. Information and cost on continuing the coverage can be obtained by calling Minnesota Life at 1-800-441-2258. You must apply for the continuation of coverage within 31 days of termination.
- Optional Life Insurance – Coverage can be continued with Minnesota Life. Information and cost on continuing the coverage can be obtained by calling Minnesota Life at 1-800-441-2258. You must apply for the continuation of coverage within 31 days of termination.
- Tax Shelter Annuity, State Deferred Compensation – You may leave the account in place, do a rollover to a qualified plan, or receive payment of the account. You should contact your TSA Company regarding your options. The Cash Match account may be rolled over or refunded upon termination of employment.
- Leave – See the Human Resources website for additional information on leave payment upon termination of employment - www.hr.vt.edu.
- Retirement – If you are a faculty member participating in an Optional Retirement Plan you should contact your company regarding options available. You would have the choice of leaving the account in place, doing a rollover to an IRA or another qualified plan, or receiving a refund of the contributions with applicable taxes withheld. If you have the Virginia Retirement System as your retirement plan, you would also have the choice of leaving the account in place, doing a rollover, or receiving a refund of the contributions with applicable taxes withheld. You may wish to contact the Benefits Area of Human Resources for further information on options with the VRS.
- Long Term Care – You should contact Genworth at 1-866-859-6060 within 31 days of termination to continue the coverage. If you have been covered by the Virginia Sickness and Disability plan as an employee, you have had Long Term Care included in that program. Should you wish to continue that coverage by paying the premium you should contact the Long Term Care Group at 1-800-761-4057.
