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Pay & Benefits,Life Events,Life Events (Physicians) (UWMF),Retirement

Benefits Information

Benefits Information - Pay & Benefits, Life Events, Life Events (Physicians) (UWMF), Retirement

Focus

Information below is specific to what happens to your benefits with UW Medical Foundation if you resign. For information regarding your UWSMPH benefits, please contact Employee Services at (608) 262-5650.

What Happens to My UWMF Benefits if I Resign?

Dental Insurance

Dental coverage ends on the last day of the month of your employment. If you are actively enrolled in dental insurance, you will be eligible for COBRA continuation of the coverage for an 18-month period. Other qualifying events may extend this coverage. You will receive information in mail regarding COBRA.

If you elect COBRA coverage, you are eligible for the dental insurance plan as offered to employees each year and are responsible for paying the entire COBRA premium.

Life Insurance and Long Term Disability

These insurances end on your last day of work. The insurance company provides a 31-day grace period beyond your date of resignation, during which you can convert the policy to individual coverage paid directly by you. In order to obtain a conversion quote, please call Buchholz Planning at (608) 274-8989.

Flexible Spending Accounts

Health Care Flexible Spending ends on your last day of work. If you are actively enrolled in health care flexible spending, you will be eligible for COBRA continuation of this coverage through the end of the calendar year. You will receive information in regard to COBRA in the mail.

If you elect COBRA, you are eligible for the health care flexible spending account offered to employees and are responsible for paying the entire COBRA premium.

Long Term Disability Wrap Insurance

If you are enrolled in the Long Term Disability Wrap program offered by Mass Mutual, the company will be notified of your departure. Mass Mutual will send a billing statement to your home address in order for you to continue the policy. If you do not wish to continue this policy, please follow the directions given on the billing statement. If you have any questions regarding the Long Term Disability Wrap program, please contact Buchholz Planning at (608) 274-8989

LifeLock Identity Theft Protection

LifeLock Identity Theft Protection coverage ends at the end of the month in which you terminate employment.

UWMF Physicians Retirement Plan

Fidelity will provide information regarding your Physicians Retirement Plan after your last check is issued. This information includes your choices to:

  1. Leave your balance in the plan until age 70 ½, provided you have a $1,000 balance at the end of your employment
  2. Rollover your funds to another qualified retirement plan
  3. Rollover your funds to an IRA
  4. Disburse your funds to yourself - penalties and taxes may apply

Please contact Fidelity for specific information:

Fidelity Retirement Benefits Line

(800) 343-0860 or www.fidelity.com/atwork

What Happens to My UWMF Paid Time if I Resign?

All accrued paid time off will be paid out on your last check if all appropriate notice regulations are met. Please check with your supervisor or Human Resources at (608) 263-6500 if you have questions.