Former Employees
As employees find new opportunities and leave William & Mary, University Human Resources will continue to support them with helpful guidance. When separating from the university, employees' benefits, tax statements, and contact information become even more critical.
Benefits Coverage
Generally, all benefits end on the last day of the month of the resignation date. For example, If the resignation date is October 11th, the termination date of insurances would be October 31st.
Service credit for retirement will also end in the month of the resignation. For example, if the employee resignation date is October 11th, the employee will receive service credit for retirement for the month of October.
If the resignation date is between the 1st and the 9th, employee deductions will be doubled during that pay period to ensure coverage for the whole month.
Leave Pay OutLeave is normally paid out about a week after the employee’s last paycheck. Payouts during fiscal year end (June) or calendar year end (November or December) require more than a week due to other processing demands or compressed processing schedules. The Payroll Office ([[payofc]], 757-221-2848) can provide specific payment dates. |
Health Insurance and COBRA Coverage through PayFlexCardinal is the Commonwealth of Virginia's system for managing health and dental insurance. If you are transferring to another Virginia state agency, please [[AskHR, contact AskHR]] right away to ensure a smooth transfer. COBRA Coverage through PayFlexInformation about an employee's separation is sent to the Commonwealth's Office of Health Benefits. PayFlex is the company that administers COBRA coverage on behalf of the Commonwealth. PayFlex will send all documents for enrollment to the employee's mailing address. COBRA coverage is an extension of the current health coverage an employee has at the time of termination and can elect to be continued for 18 months (or in some situations, 36 months). The employee and dependents have 60 days from the loss of coverage to elect COBRA. Once elected, the coverage is retroactive to the first day on which the loss of coverage occurred. If employees choose to enroll in COBRA, all forms and noted payment due must be submitted directly to PayFlex. Payment amounts will vary dependent upon coverage options and levels. This will ensure that COBRA coverage is selected and continues as needed. Verification of Prior Insurance CoverageIf you need a letter verifying prior insurance coverage, [[AskHR,please email AskHR with attention to Benefits]], and a member of the Benefits team will provide the necessary documentation. |
Flexible Spending Account (FSA)The employees’ ability to use an FSA will stop at the end of the month in which they terminate. Expenses for services employees have after the plan termination date are not eligible for reimbursement. Healthcare FSAs are eligible for account continuation under COBRA. Employees have 3 months from the account termination date to submit reimbursement requests for eligible expenses incurred during the coverage period. |
Life InsuranceIf you have optional life insurance and have questions pertaining to the coverage, insured amount, or wish to cancel, contact Securian Financial directly for assistance at 1-800-441-2258. Employees may convert to an individual whole-life policy at non-group rates rates by submitting a Conversion to Classic Life enrollment form to Securian Financial. The conversion must take place within 31 days of the last day of the month in which employee terminates employment. Members who are eligible to receive a retirement benefit upon termination may not convert to an individual policy. |
Paystubs and Tax StatementsTax statements are mailed to the current home address on record; Payroll does not email them for security reasons. In Banner Self-Service, provide a forwarding address in before leaving. Access to Banner as well as other IT services is removed after the employee's last working day. Please visit Payroll for W-2 FAQs on how to get tax statements after your departure. Former employees can submit a Request for Duplicate Earnings and Tax Statements form to the Payroll Office ([[payofc]], 757-221-2848). |
RetirementRetirement options vary based on the retirement plan membership.
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Returning to the UniversityIf a benefited employee wants to return to work in a non-benefited position, a 6-month break in service is required by the state and ACA. There is no break in service required for a benefited employee returning to a benefited position, or a non-benefited employee returning to a non-benefited position. |
Public Service Loan Forgiveness (PSLF)The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. |
Verification of Employment through The Work NumberVerification of employment may be needed when an employer, or a designated third party such as a background check company, validates a job candidate’s employment history with the university. When you authorize an organization to verify your income or employment, please direct them to www.theworknumber.com. The employer code is 22654 for William & Mary and VIMS. |