Former Employees

Leave Pay Out

Leave is normally paid out about a week after the employee’s last paycheck. Payouts during fiscal year end (June) or calendar year end (November or December) require more than a week due to other processing demands or compressed processing schedules. The Payroll Office ([[payofc]], 757-221-2848) can provide specific payment dates.

For leave to be paid out, an employee’s supervisor or department administrator must have submitted a clearance form, and the clearance must have been approved by university stakeholders, including but not limited to the W&M Libraries, Parking Services, and the Bursar’s Office. 

The only leave balances eligible for pay out are annual leave, overtime leave, compensatory leave earned but not used within the past year, and recognition leave which has not expired.

Health Insurance and COBRA Coverage through PayFlex

Cardinal is the Commonwealth of Virginia's system for managing health and dental insurance. If you are transferring to another Virginia state agency, please [[AskHR, contact AskHR]] right away to ensure a smooth transfer.

COBRA Coverage through PayFlex

Information about an employee's separation is sent to the Commonwealth's Office of Health Benefits. PayFlex is the company that administers COBRA coverage on behalf of the Commonwealth. PayFlex will send all documents for enrollment to the employee's mailing address.

COBRA coverage is an extension of the current health coverage an employee has at the time of termination and can elect to be continued for 18 months (or in some situations, 36 months). The employee and dependents have 60 days from the loss of coverage to elect COBRA. Once elected, the coverage is retroactive to the first day on which the loss of coverage occurred.

If employees choose to enroll in COBRA, all forms and noted payment due must be submitted directly to PayFlex. Payment amounts will vary dependent upon coverage options and levels. This will ensure that COBRA coverage is selected and continues as needed.

Verification of Prior Insurance Coverage

If you need a letter verifying prior insurance coverage, [[AskHR,please email AskHR with attention to Benefits]], and a member of the Benefits team will provide the necessary documentation. 

Flexible Spending Account (FSA)

The employees’ ability to use an FSA will stop at the end of the month in which they terminate. Expenses for services employees have after the plan termination date are not eligible for reimbursement.

Healthcare FSAs are eligible for account continuation under COBRA. Employees have 3 months from the account termination date to submit reimbursement requests for eligible expenses incurred during the coverage period.

Life Insurance

If you have optional life insurance and have questions pertaining to the coverage, insured amount, or wish to cancel, contact Securian Financial directly for assistance at 1-800-441-2258. Employees may convert to an individual whole-life policy at non-group rates rates by submitting a Conversion to Classic Life enrollment form to Securian Financial.

The conversion must take place within 31 days of the last day of the month in which employee terminates employment. Members who are eligible to receive a retirement benefit upon termination may not convert to an individual policy.

Paystubs and Tax Statements

Tax statements are mailed to the current home address on record; Payroll does not email them for security reasons. In Banner Self-Service, provide a forwarding address in before leaving. Access to Banner as well as other IT services is removed after the employee's last working day. Please visit Payroll for W-2 FAQs on how to get tax statements after your departure. Former employees can submit a Request for Duplicate Earnings and Tax Statements form to the Payroll Office ([[payofc]], 757-221-2848).

Retirement

Retirement options vary based on the retirement plan membership.

• Employees who are under a VRS plan and are moving to another VRS-participating employer are eligible to continue contributing to their retirement plan. The new employer's HR department will enroll you into your VRS retirement plan.
• Employees who are under a VRS plan and are not moving to another VRS-participating employer should contact Virginia Retirement System at 1-888-827-3847 for further steps.
• Employees who are under an ORP (Optional Retirement Plan) should contact TIAA-CREF at 1-800-842-2252 to inquire about their funds.

Returning to the University

If a benefited employee wants to return to work in a non-benefited position, a 6-month break in service is required by the state and ACA. There is no break in service required for a benefited employee returning to a benefited position, or a non-benefited employee returning to a non-benefited position.

Public Service Loan Forgiveness (PSLF)

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

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Verification of Employment through The Work Number

Verification of employment may be needed when an employer, or a designated third party such as a background check company, validates a job candidate’s employment history with the university. When you authorize an organization to verify your income or employment, please direct them to www.theworknumber.com. The employer code is 22654 for William & Mary and VIMS.

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