Helpful information to help you navigate your transition from Rice.
Please see the section below for more information.
Leaving Rice
- Under 65 (not Medicare Eligible)
-
Medical and Dental Coverage
Your employee coverage under Rice’s medical, dental, and/or vision plans will end on the last day of the month in which you terminate employment. If you are enrolled in Rice’s medical, dental, or vision plan(s), a COBRA enrollment packet with an option to extend any applicable benefit coverage will be mailed to your home address on file at Rice. Please update your address in iO before your last day at Rice. Email benefits@rice.edu with address changes after termination.
You may elect COBRA continuation coverage for up to 18 months by paying 102% of the total rate (the employee + Rice portions + 2% administration fee) of the cost of these benefits which is shown on the COBRA page. You must elect COBRA within 60 days of the termination of your Rice coverage. The coverage will be retroactive back to the first day you originally lost coverage under Rice’s plans.
For more information about COBRA rules and regulations, please visit the following link on the Department of Labor website.
Basic and Supplemental Life Insurance
Your life insurance coverage continues through your last day of employment. If you are enrolled in this benefit, Unum will mail the appropriate forms to the home address listed in iO. You must return all applicable forms to Unum no later than 30 days from the date your benefits end.
Disability Plans
Your participation in the disability plans (short and long-term) terminates on your termination date. However, if you became disabled prior to the termination of your employment, you have up to one year from the date of onset to file a claim for long-term disability benefits.
Individual Disability Insurance
You can reach out to Covala for conservation forms if you are enrolled in Individual Disability Insurance and would like to retain coverage. Covala can be reached via phone at (800) 235-3551 or via e-mail at DisabilityInsurance@
covalagroup.com. Flexible Spending Accounts
If enrolled in the Flexible Medical Spending Account (MFSA) or a Dependent Care Spending Account (DCFSA), your contributions will cease and coverage ends at the end of the month you last work in. Please note, the card will shut off on your termination date. However, you may pay out of pocket until the end of the month you last worked and submit the claims you incurred through the end of the month of your termination date. Claims must be filed for reimbursement within 120 days of when coverage ends.
Health Savings Accounts
You can keep your Fidelity Health Savings Account (HSA) even after you terminate. After age 65, you can withdraw funds for any reason with no penalty. However, if not used for qualified medical expenses, withdrawals will be taxed as income.
PTO Payout
Payout of unused PTO at termination to a staff member (other than a postdoctoral associate) with at least six months of continuous benefits-eligible service who terminates from Rice will be in accordance with Rice Policy 405.
Long Term Care
Optional Long-Term Care coverage is portable within 30 days of termination. Please contact the Benefits Office before your termination to request the LTC continuation form if you wish to continue this coverage.
Retirement Plans
Both the university and your contributions to your plans will stop as of your final paycheck. There are many payment options surrounding your Rice retirement funds. You should contact your Benefits Team to discuss this important decision, or you can also contact TIAA and/or Fidelity directly for information about accessing your funds. Be sure to periodically review your beneficiary elections and make sure TIAA and/or Fidelity always have your current address.
Remember! Keep Rice informed of any address changes to ensure you receive important tax forms, etc.
- 65 and older (non-Rice Retiree )
-
Medical and Dental Coverage
Your employee coverage under Rice’s medical, dental, and/or vision plans will end on the last day of the month in which you terminate employment. If you are enrolled in Rice’s medical, dental, or vision plan(s), a COBRA enrollment packet with an option to extend any applicable benefit coverage will be mailed to your home address on file at Rice. Please update your address in iO before your last day at Rice. Email benefits@rice.edu with address changes after termination.
You may elect COBRA continuation coverage for up to 18 months by paying 102% of the total rate (the employee + Rice portions + 2% administration fee) of the cost of these benefits which is shown on the COBRA page. You must elect COBRA within 60 days of the termination of your Rice coverage. The coverage will be retroactive back to the first day you originally lost coverage under Rice’s plans.
For more information about COBRA rules and regulations, please visit the following link on the Department of Labor website.
Basic and Supplemental Life Insurance
Your life insurance coverage continues through your last day of employment. If you are enrolled in this benefit, Unum will mail the appropriate forms to the home address listed in iO. You must return all applicable forms to Unum no later than 30 days from the date your benefits end.
Disability Plans
Your participation in the disability plans (short and long-term) terminates on your termination date. However, if you became disabled prior to the termination of your employment, you have up to one year from the date of onset to file a claim for long-term disability benefits.
Individual Disability Insurance
You can reach out to Covala for conservation forms if you are enrolled in Individual Disability Insurance and would like to retain coverage. Covala can be reached via phone at (800) 235-3551 or via e-mail at DisabilityInsurance@
covalagroup.com. Flexible Spending Accounts
If enrolled in the Flexible Medical Spending Account (MFSA) or a Dependent Care Spending Account (DCFSA), your contributions will cease and coverage ends at the end of the month you last work in. Please note, the card will shut off on your termination date. However, you may pay out of pocket until the end of the month you last worked and submit the claims you incurred through the end of the month of your termination date. Claims must be filed for reimbursement within 120 days of when coverage ends.
Health Savings Accounts
You can keep your Fidelity Health Savings Account (HSA) even after you terminate. After age 65, you can withdraw funds for any reason with no penalty. However, if not used for qualified medical expenses, withdrawals will be taxed as income.
PTO Payout
Payout of unused PTO at termination to a staff member (other than a postdoctoral associate) with at least six months of continuous benefits-eligible service who terminates from Rice will be in accordance with Rice Policy 405.
Long Term Care
Optional Long-Term Care coverage is portable within 30 days of termination. Please contact the Benefits Office before your termination to request the LTC continuation form if you wish to continue this coverage.
Retirement Plans
Both the university and your contributions to your plans will stop as of your final paycheck. There are many payment options surrounding your Rice retirement funds. You should contact your Benefits Team to discuss this important decision, or you can also contact TIAA and/or Fidelity directly for information about accessing your funds. Be sure to periodically review your beneficiary elections and make sure TIAA and/or Fidelity always have your current address.
Remember! Keep Rice informed of any address changes to ensure you receive important tax forms, etc.
- Rice Retiree
-
Medical and Dental Coverage
Depending on your age and service requirements (Policy 414), you may be eligible for retiree medical coverage through the university for you and your covered dependents at retirement. You can find the rates for the retiree plans on the Retiree page. You have 30 days from your date of retirement to enroll in Rice's medical plan as a retiree. Retiring is a qualifying change in status, so you may change plans within 30 days of retirement. Also, retirees have an annual open enrollment in May, which allows enrolled retirees to select from among all of the university health plans effective the following July 1. Retirees may not add dependents after their retirement date, even if they get married or have another qualifying change in status. Remember that if you opt out of Rice’s retiree plans, there is no re-entry into the plans; so please make your elections with this in mind.
Basic and Supplemental Life Insurance
Your life insurance coverage continues through your last day of employment. If you are enrolled in this benefit, Unum will mail the appropriate forms to the home address listed in iO. You must return all applicable forms to Unum no later than 30 days from the date your benefits end.
Disability Plans
Your participation in the disability plans (short and long-term) terminates on your termination date. However, if you became disabled prior to the termination of your employment, you have up to one year from the date of onset to file a claim for long-term disability benefits.
Individual Disability Insurance
You can reach out to Covala for conservation forms if you are enrolled in Individual Disability Insurance and would like to retain coverage. Covala can be reached via phone at (800) 235-3551 or via e-mail at DisabilityInsurance@
covalagroup.com. Flexible Spending Accounts
If enrolled in a medical spending account (MSA), your contributions cease and you may submit claims for reimbursement for any eligible expenses incurred (not paid) through the end of the month of your retirement date. You may elect to continue your MSA through COBRA until the end of the plan year (July 1 through June 30) of the year in which you retire. If enrolled in a dependent care spending account, your contributions cease, but you may submit claims for reimbursement of expenses incurred through the end of your retirement date. COBRA FSA contributions are made on a post-tax basis.
Health Savings Accounts
You can keep your Fidelity Health Savings Account (HSA) even after you terminate. After age 65, you can withdraw funds for any reason with no penalty. However, if not used for qualified medical expenses, withdrawals will be taxed as income.
PTO Payout
Payout of unused PTO at termination to a staff member (other than a postdoctoral associate) with at least six months of continuous benefits-eligible service who terminates from Rice will be in accordance with Rice Policy 405.
Long Term Care
Optional Long-Term Care coverage is portable within 30 days of termination. Please contact the Benefits Office before your termination to request the LTC continuation form if you wish to continue this coverage.
Retirement Plans
Both the university and your contributions to your plans will stop as of your final paycheck. There are many payment options surrounding your Rice retirement funds. You should contact your Benefits Team to discuss this important decision, or you can also contact TIAA and/or Fidelity directly for information about accessing your funds. Be sure to periodically review your beneficiary elections and make sure TIAA and/or Fidelity always have your current address.
Remember! Be sure to notify the Benefits Team of your retirement at least a month prior to your departure, so that you will have plenty of time to discuss these important decisions.
Contact the Benefits team by emailing benefits@rice.edu or calling 713-348-2363 if you have more questions or concerns.