Retiring from Vanderbilt
Action Items Checklist
- Notify your supervisor. Exempt employees should give four weeks notice and non-exempt employees should give two weeks notice.
- Decide whether you want to continue your health, dental, vision, Flexible Spending Account or Health Reimbursement Account, if applicable, on a self-pay basis through COBRA. You will receive a COBRA packet from the COBRA Administrator, Benefit Express. You must complete the enrollment form and return it to Benefit Express by the deadline specified in your packet. If you do not submit a completed enrollment form by the specified date, you will lose your right to elect continued coverage.
- If you will be moving, please notify Human Resources of your change of address. Log in to C2HR, click on Personal Profile, then Edit, and enter your updated information. You need a VUnetID and ePassword to use C2HR. If you no longer have a VUnetID, contact the Employee Service Center at firstname.lastname@example.org or 615.343.7000.
- Return your Vanderbilt key(s), pagers, ID card, and any other Vanderbilt property to your departmental administrator on your last day of work.
Health, Dental, Vision Coverage
- Your health, dental and vision coverage ends on the last day of the month in which you retire from Vanderbilt.
- A letter of credible coverage will be mailed to health plan participants after your coverage ends.
- You may choose to continue your health, dental and/or vision coverage on a self-pay basis through COBRA for up to 18 months.
- You have 60 days to elect COBRA coverage from the date of your COBRA-qualifying event.
- Initial payment is required within 45 days of election date in order for benefits to be provided under COBRA.
- Depending on your age at retirement, use the Online Claims & Services page of the Social Security website to find information on and apply for Social Security benefits.
- If applicable, explore your Medicare options within 60 days of termination of your Vanderbilt Group Health Care coverage. Contact TN SHIP for free and objective counseling on Medicare and all related health insurance issues at 877.801.0044.
- You may wish to research supplemental health alternatives (BlueCross 65, Healthspring, AARP, etc.)
- The new state health exchanges may be an option to consider. Visit https://www.healthcare.gov/ to research options and apply for coverage.
Flexible Spending Accounts (FSAs)
- Your contributions to your FSAs stop with your last paycheck (unless you are eligible and elect to continue contributions to your FSA under COBRA).
- You can submit claims for expenses that you incurred on or prior to your last day of employment.
- Claims are due by December 31 of that calendar year. You can file claims for eligible expenses incurred while you were in an eligible employment status by the filing deadline.
- If you have a MasterCard for the Health Care Flexible Spending Account or Health Reimbursement Account, you must destroy the card and NOT use it past your termination date. You can file claims for eligible expenses incurred while you were in an eligible employment status by the filing deadline. If you use the MasterCard past your end of employment date, you are responsible to repay those charges. See the Summary Plan Description for more information.
Health Reimbursement Account (HRA)
- The Aetna HealthFund HRA, associated with the Vanderbilt Health Plan, ends when your health plan coverage ends, on the last day of the month in which you retire from Vanderbilt, unless you are eligible and elect to continue your health plan coverage contributions to your HRA account under COBRA.
- If you have Vanderbilt's grandfathered HRA plan that deposits $25 a month into an account for medical claims, you will have 30 days from your retirement date to file claims with the Spending Account Administrator. You will be eligible to request reimbursement for eligible expenses incurred prior to your termination date. See the Summary Plan Description for more information.
You may request a distribution or rollover of any or all of your Vanderbilt retirement funds at any time after you leave Vanderbilt or you may choose to leave your retirement funds with your investment companies. You may contact your investment company to make an appointment to discuss the details of your account. These representatives will be able to view your account information and discuss your future distribution options with you.
To make an appointment, refer to the contact information on the Retirement Plan Counseling website.
To request a distribution or rollover:
- Contact your investment company(ies) to request the appropriate form(s).
- TIAA-CREF 800.842.2776 or www.tiaa-cref.org
- Vanguard 800.523.1188 or www.vanguard.com
- VALIC 615.221.2541 or www.valic.com
- Fidelity 800.343.0860 or www.fidelity.com
- Complete the form(s) and submit to Vanderbilt's Office of Benefits Administration for plan administrator approval. Be sure your form includes your spouse's notarized signature, if you are married. Mail the form to: Benefits Administration, PMB #407700, 2301 Vanderbilt Place, Nashville, TN 37240-7700
- The plan administrator will approve the request and forward it within two business days to the investment company(ies). (The plan administrator will contact you if the form is incomplete).
Your life insurance policy with MetLife ends on your last day of employment with Vanderbilt.
- If applicable, you might consider converting your Group Term Life within 30 days of your last day of employment. Contact MetLife toll-free by calling 800.GETMET8, for more information.
Accrued Leave for Staff
- FlexPTO: University central employees, including retirees, will be able to cash out all time from their flexPTO bank when leaving Vanderbilt (note that grandfathered sick days cannot be cashed out). Medical Center employees' unused time will be forfeited when leaving or retiring from Vanderbilt; it will not be paid out. The policy that allowed retirees aged 62 and over to cash out their sick time will end on June 30, 2014. If you are considering retirement, you may want to factor this into your decision about when to retire.
- Vacation Accruals policy: Your accrued vacation will be paid out with your last paycheck.
- Sick Time policy: The policy that allowed retirees aged 62 and over to cash out their sick time will end on June 30, 2014. If you are considering retirement, you may want to factor this into your decision about when to retire.
Personal Days policy:
- Exempt staff: unused personal days are not paid at end of employment with Vanderbilt.
- Non-exempt staff: unused personal days are paid out at end of employment with Vanderbilt.
Vanderbilt volunteers make a big difference every day for our patients, staff and visitors. Learn more about volunteering at Vanderbilt.