A minimum of two weeks notice is required for employees that wish to terminate their employment with Lenoir-Rhyne. Less notice than that will jeopardize your benefits and your eligibility for rehire. You should give written notice to your immediate supervisor and also to the human resources and benefits staff.
The exit interview is an important part of your termination process. Please make an appointment with Ann Marie Blackmon, in the Benefits office sometime during your last two weeks at work. It is important for you to understand how your benefits will be affected.
The following is a brief overview of what happens with your most important benefits:
Health Insurance is continued through the last day of the month in which your on-the-job employment ends. You and your dependents have continuation with COBRA. After your termination, you will receive notice of the effective dates of your and your dependents' insurance coverage. This is in compliance with a federal law (HIPAA).
Life Insurance is similarly continued through the last day of the month in which your employment ends. If you wish to convert your term insurance to whole life insurance upon your termination you may apply directly to the carrier as noted in your summary plan description.
Total Disability Insurance: Your total disability insurance ends the day your employment ends.
Pension is one benefit that may follow you wherever you go, at no expense to you. As long as you keep your current address on file with TIAA-CREF, you will continue to receive quarterly statements and participant information. You may make future contributions to your annuity contracts. For such investments you can still change allocations among the TIAA and CREF accounts. You may be able to repurchase or cash your accumulations upon termination, subject to investment vehicles. In such a case, you would need to pay taxes and early withdrawal penalties and realize only the remaining value of your accumulation. For more information on this option, contact TIAA-CREF at 1-800-842-2776.
Vacation: If you have worked at Lenoir-Rhyne for at least one year and provided the required notice before your termination, you may take your vacation as cash. Vacation accrual payment is subject to pension withholding. Claiming a vacation does not constitute working a notice. There is no provision for taking the cash value of sick or holiday leave upon termination.
Retirement: Retirement is a very special type of termination. A retiree is one who voluntarily terminates employment at Lenoir-Rhyne after age 55 and whose age plus length of service equal at least 70.
As you have planned your retirement, you will have considered your TIAA-CREF pension accumulation. Remember to keep TIAA-CREF up to date on your plans and to allow them six to eight weeks to process any requests for payment. You have many options regarding your pension. You may not have to start annuity payments as soon as you leave your post, depending on your age and other factors. Be sure to communicate often and regularly with TIAA-CREF as your retirement approaches, begins, and advances.
As a retiree you may qualify for certain benefits regarding holiday leave, emeritus status, tuition remission, and use of facilities. Check for details at the benefits office.
Retirees are honored at a reception at the president's home in May following their retirement and also receive a University chair. Retirees are invited to major University functions and receive University mailings. An informal association of retirees meets monthly.