Benefits - What to Do When . . .
You Get Married
You Have a Baby
You Get a Divorce
You Leave WSU
Your Child Marries, Graduates or Gets a Job
Benefits Forms
What To Do If your spouse or child dies
What to do When You Get Married ...
Medical and Dental Plans
To enroll your spouse in your university plan, you must complete and return a medical insurance enrollment form and/or a dental enrollment form within 30 days of your marriage. Compare benefit costs. If the addition changes your status to "two person" or "family" coverage your biweekly medical insurance premium will change. Review and compare your spouse's benefits with your own so that you can coordinate coverage to your best advantage. If you decide to cancel your coverage, remember that you must do so in writing to the Total Compensation and Wellness office. Keep in mind that the university has a cash-in-lieu of medical insurance benefit available to employees with other medical insurance coverage. Our Medical Insurance Handbook (requires Adobe Acrobat Reader) contains the forms and detailed information that you will need to change your health insurance. If you are gay or lesbian see the university's same-sex domestic partner policy.
Life Insurance Plan
You may want to review your life insurance coverage and beneficiaries after you get married. You should determine if you have an appropriate level of coverage and if your beneficiary designations are up-to-date. If you decide to increase your contributory coverage amount, you will be required to complete a health questionnaire in addition to the life insurance change form. Contact Total Compensation and Wellness at (313) 577-3717 for forms and/or information.
Retirement Plan
Review your beneficiaries. Determine if your investment selections and contribution amounts are consistent with any new financial goals. Keep in mind that the TIAA-CREF Group Supplemental Retirement Annuity account has a loan provision. You could borrow from this account to cover expenses related to the purchase of a new home or other expenses.
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What to do When You Have a Baby ...
Medical and Dental Plans
To add your newborn to your health plan, you must complete and return to Total Compensation and Wellness a medical insurance enrollment form and affidavit of dependent child. You must enroll your child within 30 days of his/her birth. We recommend that you add your newborn to your dental insurance at this time, too. Our Medical Insurance Handbook (requires Adobe Acrobat Reader) contains the forms, affidavits and detailed information that you will need to change your health insurance. If the addition changes your status to "two person" or "family" coverage your biweekly medical insurance premium will change.
Life Insurance
You may want to review your life insurance coverage and beneficiaries after the birth of a newborn. You should determine if you have an appropriate level of coverage and if your beneficiary designations are up-to-date. You may name "My Children" as your beneficiary to cover any current children or future additions to your family. If you decide to increase your contributory coverage amount, you will be required to complete a health questionnaire in addition to the life insurance change form. Contact Total Compensation and Wellness at (313) 577-3717 for forms and/or information.
Flexible Spending Accounts (FSA)
If you will have day care expenses, you may want to begin or increase your contributions to the FSA program at the next available opportunity. The FSA program allows you to pay for unreimbursed medical and dependent care expenses with tax-free dollars.
Retirement Plan
Review your beneficiaries. Determine if your investment selections and contribution amounts are consistent with any new financial goals. Keep in mind that the TIAA-CREF Group Supplemental Retirement Annuity account has a loan provision. You could borrow from this account to cover educational and other expenses.
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What to do When You Get a Divorce ...
Medical and Dental Plans
As a result of a divorce, you may decide to enroll in a university medical and/or dental plan or drop your ex-spouse from your policy(-ies). You must complete and return the appropriate change forms within 30 days of the date of divorce. Your ex-spouse has the right to continue medical and dental participation because of federal legislation (COBRA) if he or she was covered at the time of divorce. You must provide us with the former spouse's address so that we can extend this privilege to him or her. You must provide Total Compensation and Wellness with copies of any court orders that call for medical child support.
Life Insurance
You will want to review your life insurance coverage and beneficiaries after a divorce. You should determine if you have an appropriate level of coverage and if your beneficiary designations are up-to-date. Outdated beneficiary designations can result in payment delays or prevent benefits from going to the person of your choice. You must provide Total Compensation and Wellness with copies of any court orders that call for specific life insurance beneficiary designations. If you wish for an ex-spouse to remain as a beneficiary you must formally reiterate this designation after the divorce. The original beneficiary designation becomes void after a divorce under Michigan law. Contact Total Compensation and Wellness at (313) 577-3717 for forms and/or information.
Retirement Plan
Review and/or update your beneficiary designations. Review your investment selections and contribution amounts to see if they are consistent with your new family situation. You may choose to begin, increase or decrease your contributions due to your new circumstances. Send Qualified Domestic Relations Orders (QDRO) that liquidate all or part of your retirement account to TIAA-CREF and/or Fidelity directly.
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What to do When You Leave WSU ...
If you are age 55 or more and have 10 years of service with the university or 5 years of university contributions in the retirement program please refer to Retirement from University Service.
Medical and Dental Plans
Your coverage under the university medical and dental plans ends on the first of the month following or concurrent with your date of termination. You may elect COBRA continuation coverage for up to 18 months by paying 102% of the group rate. To continue coverage, you must complete and return the necessary forms within 60 days of the termination of your coverage.
Life Insurance
Your life insurance ends on the last day of the month following or concurrent with your date of termination. You have 31 days to complete and submit an application to convert your life insurance to an individual plan with TIAA. Contact Total Compensation and Wellness at (313) 577-3717 for the conversion application.
Flexible Spending Accounts(FSA)
If you are enrolled in the FSA program, you may submit claims for reimbursement of expenses incurred through your termination date. You will be reimbursed up to the amount you have paid into your FSA account. If you participated in the medical care spending accounts, federal law allows you to continue your participation in the program for up to 18 months. The law does not apply to dependent care spending accounts.
Retirement Plan
When you terminate your employment with WSU, you have several options from which to choose. You can choose one or any combination of options to fit your situation. Keep in mind, too, that you can excercise these options on just a portion of your retirement accumulation. You do not have to "take it all".
- You may simply allow the funds to remain invested with TIAA-CREF and/or Fidelity until you elect an income option. You are not required to transfer your accumulations from your accounts.
- You may draw a lifetime annuity from TIAA-CREF and/or Fidelity at any age without penalty. PLEASE NOTE: There is no requirement that you elect an annuity (life-time income) as an income option.
- You may elect to receive a cash withdrawal from TIAA-CREF and/or Fidelity (subject to a 20% federal income tax withholding, and possibly subject to a 10% penalty under IRS regulations). This withdrawal may also be rolled over to an IRA or transferred to another 403(b) investment company.
- If you begin work for another employer who offers TIAA-CREF and/or Fidelity, you may be able to use your WSU accounts at your new employer.
- You may make after-tax contributions to your TIAA-CREF Retirement Annuity account.
What to do When Your Child Marries, Graduates or gets a Job ...
Medical and Dental Plans
When your dependent child is no longer your income tax dependent, he or she is no longer eligible to be covered on your medical and dental plans. If you dependent child marries they are no longer eligible for coverage under your medical or dental insurance (even if he or she is still living at home). If he or she requires continued coverage, they can elect to continue coverage for medical and/or dental care. Federal law (COBRA) allows them to continue coverage for up to 36 months. Your dependent(s) must complete and return the necessary forms within 60 days of the date coverage was terminated.
Life Insurance Plan
You may want to review your life insurance coverage and beneficiaries once your child is out on their own. You may want to change your level of coverage and/or update your beneficiary designations at this time, too. Contact Total Compensation and Wellness at (313) 577-3717 for forms and/or information.
Retirement Plan
With the kids out of the house, you may want to reexamine your financial goals and investment selections. Events like these often lead to new goals and objectives. You may decide (and be able to afford) to begin or increase your retirement contributions.
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If your spouse or child is covered on your medical insurance, please complete the Life Status Change form and Medical Plan Termination form found in our Active Employee Handbook. Please attach a copy of the death certificate. If this changes your coverage from family to two person or from two person to single, then you will see a reduction in your premium on your future check. Your spouse or child will also be removed from your dental insurance and your vision insurance (if applicable).
If you have spousal or child life insurance, please complete the life insurance claim form which will be sent to you upon notification of the death to TC&W. Once completed, it should be returned to TC&W with one certified death certificate. Generally, the benefit is paid by Hartford life insurance 3-4 weeks after material is sent to TC&W.
Review your life insurance and retirement fund beneficiaries and update if necessary. Forms are available online at http://www.hr.wayne.edu/tcw/form/index.php or by calling TC&W.