New Search
Benefits Upon Separation of Employment - FY2004 (REVISED) <br /> February 13, 2004 <br /> Page 3 of 4 <br /> <br /> I ~ Long-Term Disability <br /> For eligible employees, your coverage ceases on your last working day. There is no continuation <br /> coverage. <br /> i <br /> Life Insurance <br /> Your term life insurance policy is provided through Standard Insurance Company and ceases at the end of <br /> the month in which you terminate. You may convert to an individual life insurance policy within 30 <br /> calendar days of your employment termination. Call x8868 for conversion information. <br /> If you have Portable Term Supplemental Life Insurance, you may continue your coverage by paying the <br /> premiums directly to ReliaStar. Call HRRS at x8868 to obtain a Direct Billing Request Form. <br /> Public Employees Retirement System (PERS) Members (The following information is from the <br /> PERS Website) <br /> If you leave covered employment without being vested, your contributions will remain in the PERS Trust <br /> Fund for five years if you do not withdraw your account. At that point, you should contact PERS to apply <br /> for a withdrawal, as your account will stop earning interest. <br /> If you leave covered employment without being vested and do not return to covered employment within <br /> five years, you lose PERS membership. You could reestablish membership in the Oregon Public Employees <br /> Retirement Plan (OPSRP) after serving another six-month waiting period in a qualifying position. <br /> Your Individual Account Program (IAP) in OPSRP can also be withdrawn. If you are an inactive member, <br /> you may elect at any time to withdraw your OPSRP IAP employee, rollover, or employer accounts to the <br /> extent you are vested in those accounts. (See ~~Refunds"below). If an inactive member is not vested in <br /> his or her employer account and takes a distribution of his or her employee and/or rollover account, the <br /> employer account is permanently forfeited as of the date of that distribution. <br /> Vesting in your employee account under the IAP occurs immediately when you become an IAP member. <br /> Vesting means you cannot lose your benefit rights, even if you stop working in a qualifying position or you <br /> withdraw from the Program. Under the IAP, your account will continue to have earnings or losses even if <br /> you leave PERS-covered employment. <br /> PERS Refunds (Withdrawals) <br /> You may have your member account balance refunded if you stop working for aPERS-covered employer <br /> or an employer group controlled by aPERS-covered employer and submit an Account Balance Refund <br /> Request (available on the PERS Web site or by contacting Customer Service), provided you are not eligible <br /> for retirement benefits. The amount of your refund will be the total of your employee contributions paid <br /> through December 31, 2003, whether paid by you or paid on your behalf by your employer, plus earnings. <br /> Your employer's contributions are not part of your member account balance and are not refundable. <br /> Withdrawn funds may be subject to federal income taxes; please consult a tax advisor, especially if you <br /> elect adirect-transfer rollover into an Individual Retirement Account (IRA) or other tax-qualified plan. <br /> PERS must withhold 20 percent federal tax on a portion of your withdrawal that. is distributed to you <br /> <br />