The following benefits will be provided to accommodate the needs of employees who are losing their positions as a result of this period of financial difficulty.
If you are receiving pay and benefits in lieu of the notification period, your benefits will be the same as for active employees. After your last day of employment (your last day on payroll), your benefits will be affected in these ways:
UVM-sponsored life insurance and long-term disability insurance will not be extended for employees who are terminated. Life insurance and LTD will end on your last day worked, unless they are converted to individual plans through the life and LTD insurance carriers.
Employees and their dependents who are participating in the tuition remission program will be allowed to continue in the program until the degree objective has been completed or the maximum allowance of four years of tuition remission has been provided, whichever comes first. Dependents within 12 months of eligibility to enroll at UVM (or at one of the five state colleges) at the end of the employee's notice period will be considered for tuition remission benefits.
Retirement/Bridge to Retirement
If you meet age eligibility requirements and have the required years of service according to the guidelines detailed in the Benefits, Post-Retirement section of the Staff Handbook, you may retire with benefits. You will be required to continue to pay your portion of your medical and dental insurance premium, as UVM requires of other regular retired employees.
Employees who do not meet age requirements for retirement, but are between age 50 and 55, and would otherwise qualify for post-retirement benefits at the time of termination, may elect the "bridge to retirement" option.
Terminated employees who elect to "bridge to retirement" pay the same medical and dental premiums as other active employees pay until the end of the extended coverage.
During the bridge period, terminated employees between ages 50 and 55 may continue medical and dental coverage by paying 51% of the premium cost of providing medical and dental benefits for you and your family.
At age 55, if you and your dependents have been enrolled in UVM medical and dental plans during the bridge period (concluding at the end of the month in which you turn 55), and you otherwise qualify for post-retirement benefits as outlined in the Staff Handbook, your coverage will continue. You will be required to pay your portion of the medical and dental insurance premium as other non-grandfathered retired employees pay.
If you were not enrolled in UVM medical and dental coverage during the bridge period, you may enroll during any open enrollment period after you qualify for post-retirement benefits as defined in the medical and dental plans.
The Employee Advisors in Human Resource Services will ensure that you understand your benefits during your notice period, and the extended benefits and conversion rights available after your employment ends.
Last modified May 19 2009 03:46 PM
