All insurance coverage ends at midnight on the last day of the month in which the individual's employment terminates, except life, disability and accidental death and dismemberment (AD&D), which end at midnight on the day the employee terminates. A Certificate of Coverage will be mailed to the employee's home address by the insurance company after coverage ends.
Once terminated, eligible employees and covered dependents qualify for continued coverage through COBRA continuation coverage.
The information below describes the participant’s options and responsibilities associated their retirement plans when ending employment at the University of Oklahoma.
This is for informational purposes only and is not intended to be a legal interpretation of retirement benefits.
The OU Contributory Retirement Plan and the OU Retirement Plan are 401(a) defined contribution plans established in accordance with IRS Section Code 401(a). This type of plan provides for an individual retirement savings account for each participant and retirement benefits are based on the account balance.
These plans have a three year vesting period. If the employee does not complete the vesting period, the funds are returned to OU.
Upon termination of employment and completing the vesting period participants may:
Oklahoma Teachers' Retirement System (OTRS) is a defined benefit plan designed to provide eligible retirees with lifetime income. The lifetime benefit is based on years of participation in the plan and annual compensation.
Participant terminates employment and is not vested in OTRS
Participant terminates employment and is vested in OTRS
Upon termination of employment, participants may:
Employees will be paid their paid time off leave balances up to their annual accrual amount. Extended sick leave balances are not paid when an employee leaves OU.
If you end employment and you have unspent money in your Healthcare Flexible Spending Account (FSA), you can claim reimbursement only for service dates up to the last day of your termination month.
You can protect your unspent balance by extending your Healthcare Flexible Spending Account through COBRA and continuing your contributions through the end of the calendar year. If you elect to continue your Healthcare Flexible Spending Account through COBRA, the plan will terminate at the end of the current calendar year subject to the same service deadline and claims filing deadline as the active employee plan.