Benefits and Programs for Termination

1. Cornell University Division of Human Resources Benefits and Programs for Termination For Contract College Faculty and Staff

2. Benefits and Programs for Termination Termination Definition: When an employee’s appointment ends due to lack of funds or lack of work

3. Health Insurance • Health Insurance continues for 28 days following the last day in the bi-weekly pay-period in which you worked • You may continue the same health insurance coverage on a month to month basis for up to 36 months by electing COBRA (Consolidated Omnibus Budget Reconciliation Act) at the full share rate plus 2%. • You will be billed for COBRA by the NYS Department of Civil Service

4. Health Insurance, continued • If you are age 55 or older with 10 years of service or 10 years combined service with the State and one or more Participating Agencies you may be a Retiree • The Participating Agency must have been part of NYSHIP (New York State Health Insurance Program) at the time of your employment • If you are under age 55 with 10 years of State service you may be a Vestee • You should call the NYS Department of Civil Service at 800-833-4344 if you have questions about Retiree or Vestee status

5. Health Insurance, continued • If you turn age 65 during the COBRA continuation period, your COBRA benefits will cease. • If you are age 65 or older at the time of Termination, you may continue COBRA for a full 36 months

6. Health Insurance, continued If you or your spouse is age 65 or older at the time of your termination: • You must enroll in Medicare Parts A & B: • Contact the Social Security Office; www.ssa.govor call (800) 772-1213 • Failure to apply for Medicare Parts A & B when first eligible can result in a higher monthly premium called a penalty

7. Dental Insurance • Preferred Dental Plan with Emblem Health (formerly GHI) terminates 28 days past the last day of the bi-weekly pay period in which you worked • You may continue coverage by electing COBRA (Consolidated Omnibus Budget Reconciliation Act) or electing a Conversion Policy

8. COBRA, dental continued • You will receive a COBRA (Consolidated Omnibus Budget Reconciliation Act) continuation of coverage notice from the New York State Department of Civil Service • Under COBRA, you may continue the same dental coverage you had as an active employee on a month to month basis for up to 36 months. (You will be billed by NYS Department of Civil Service)

9. COBRA, continued • If you elect COBRA coverage and carry it for 36 months. • If you turn age 65 during the COBRA continuation period, your COBRA benefits will cease. • If you are age 65 or older at time of termination, you may continue COBRA for a full 36 months.

10. Flexible Spending Accounts • Medical Care Reimbursement Account • Submit claims for expenses incurred prior to your date of termination • After your date of termination you may continue to participate by enrolling in COBRA and making after-tax contributions during the remainder of the same calendar year in order to claim expenses incurred after your termination date, and to exhaust any remaining balance in your account

11. Flexible Spending Accounts • Dependent Care Reimbursement Account • You may continue to remit expenses incurred during the plan year against any unused balance until your account is exhausted, or the plan year ends (March 15), whichever comes first • Claims for the current plan year must be submitted and postmarked no later than April 30 of the following year • For more information including if you were awarded a Child Care Grant, call Benefit Services Resource Center at 607-255-3936

12. New York State Employees’ Retirement System (NYSERS) If you are Terminated at age 55 years old or older and you are vested: Benefit distributions eligibility for Tiers 1,2,3 & 4: • At least age 55 and • Have completed five or more years of credited member service and • Your contract college employment has terminated

13. NYSERScontinued If terminated at age 55 years old or older and are vested: NYSERS Tier V and VI • For Tier V members between 1/1/2010 and 3/31/2012, and Tier VI members on or after April 1, 2012: • Benefit distributions eligibility for Tier V and VI: • At least age 55 and • Have completed ten or more years of credited member service and • Your contract college employment has terminated

14. NYSERScontinued If you are terminated, you are under age 55 years old, but you are vested: • You can begin collecting your pension once you are age 55 years old or older. • If you have less than 10 years of credited service you can begin collecting at age 55 or older or rollover/withdraw you contributions.

15. NYSERScontinued If you are Terminated and you are not vested: • You have 7 years to return to New York State eligible service, rollover your NYSERS contributions, or withdraw your NYSERS contributions • NYSERS will not continue to pay interest on your contributions after 7 years.

16. NYSERS continued • Benefits are based upon Final Average Salary (FAS) and Years of Service (YOS) • Final Average Salary: Best (highest) consecutive 36 months of salary averaged together • Years of Service: Full time years as member of NYSERS

17. NYSERS continued • Toll-free number (available 7:30 a.m. to 4:30 p.m.) for NYSERS Call Center: 1-866-805-0990 • To request a benefit distribution, contact Benefit Services and/or the Retirement System’s office in Albany 866-805-0990.

18. NYSERS continued www.osc.state.ny.us/retire * E-mail questions by clicking on “Contact us” * Pension calculator * Sign up for Retirement Benefits online * Other useful information

19. Optional Retirement Plan (ORP) • The ‘Option’ other than NYSERS for Cornell Exempt employees • Administered by TIAA-CREF • Benefit distributions eligibility: • Your statutory employment has terminated (10% early withdrawal tax penalty may apply if younger than age 59 ½ and not retired)

20. Optional Retirement Plan (ORP) • Many payment options are available – Call these general information numbers for additional information • ING 800-677-4636 • MetLife 800-560-5001 • VALIC 800-448-2542 • TIAA-CREF 800-842-2776 Distribution forms may be obtained by contacting the investment vendor.

21. Cornell University Tax Deferred Annuity Plan (TDA) Benefit distributions eligibility: • You have terminated employment • Distributions while employed if at least age 59 1/2 • May delay until you attain age 70 1/2 • Many payment options are available – view Webcasts TIAA-CREF 800-842-2776 Fidelity Investments 800-343-0860 Distribution forms may be obtained by contacting the individual investment vendor.

22. Cornell University Tax Deferred Annuity Plan (TDA) (Your contributions to your Retirement Plan Account) • Payment Options (may not apply to all funds): • Single Life Annuity • Survivor Annuity • Guaranteed Period • Systematic Withdrawal • Interest Only Option • Transfer Payout Annuity • Cash Withdrawal • Minimum Distribution at age 70 1/2

23. Life Insurance (Basic)(Only for employees with ORP) • You may convert the amount of your basic life insurance to an individual policy: • The conversion option is available 31 days from the date of termination or 15 days from the date of your termination letter. • Please contact NEBCO, who administers the conversion option for CIGNA at 800-423-1282.

24. Group Universal Life (GUL) • You will be able to continue the same level of coverage in force as of the date of your termination. • You will be direct billed by CIGNA shortly after your termination. You have 61 days from the date of the billing statement to elect continuation of coverage. • The rates for your insurance will be based on ported rates. • Please contact CIGNA at 800-231-1193 if you have questions or do not wish to continue this coverage.

25. Personal Accident Insurance (PAI) • May convert to an individual policy under age 70 • PAI is not available at age 70 or older • Spouses or domestic partners who are age 70 or older are also not eligible for PAI • For questions, call CIGNA at 800-231-1193.

26. CIGNA’s Trusted Advisor • For questions or concerns regarding this insurance, please call CIGNA’s Customer Service Center at 1-800-231-1193.

27. NY College Savings Plan • If currently enrolled in the plan through payroll deduction, contact Upromise at 877-697-2837 to set up direct billing • www.nysaves.org

28. Auto/Home/Pet Insurance • You need to contact Mercer Voluntary Benefits to set up for direct billing of your auto/home/pet insurance • For information, call Mercer Voluntary Benefits at 800-553-4861 • You can also access information by logging on to www.personal-plans.com/cornell

29. Legal Plan Insurance • Contact ARAG at 800-247-4184 for direct billing • You will be billed for the same rates you paid as an active employee

30. Benefit Services For more information, contact: Benefit Services (607) 255-3936 East Hill Office Building (607) 255-6873 (fax) Ithaca, NY 14850 benefits@cornell.edu www.hr.cornell.edu https://hr.cornell.edu/benefits/ 8.8.2014