All active employee benefits end on the last day of the month in which you separate. For example, if your last day worked is April 12, your benefits would end on April 30. Employees whose appointment will be reduced below 50%: Benefits coverage is only until the end of last month of work above 50% FTE. Additional information on specific benefit plans can be found below.
To view your current benefit elections in Workday, please visit the Knowledge Base Article for step by step instructions.
Health, Dental, and Vision Coverage
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires that Iowa State University allow covered Employees, and their eligible Dependents, the opportunity to temporarily extend their group medical insurance, dental insurance, and vision discount plan when the benefits would otherwise end due to certain qualifying events. Employees, or eligible Dependents, are responsible for the premiums if they elect to continue any of the coverage. Continuation for COBRA qualified employees and/or dependents shall be identical to the employee's health, dental, and vision plan under which they were covered at the time coverage was lost. ISU Plan coverage ends at the end of the month you resign or experience a qualifying event.
When employment with ISU ends, individuals will receive a notice in the mail from ASI COBRA indicating steps to continue coverage.
For questions about your COBRA coverage, please call ASI COBRA at 877-388-8331 or visit their website at www.asicobra.com for more information.
- 2024 COBRA Premiums (PDF)- ISU Plan
- 2024 COBRA Premiums (PDF) - Merit
In addition to COBRA, ISU provides employees and their dependents a service through When Insurance. When Insurance is a free service that helps individuals who have recently experienced a loss of coverage understand their health insurance options and assist employees with finding health insurance plans that are a good fit for them. When Insurance’s helpful online tools aggregate health insurance plans that are available to individuals and provide recommendations based on their preferences. In addition, they have a team of agents ready to assist with finding and enrolling in a plan.
Upon separation, employees will receive an email at their personal email address from When Insurance. The email will contain a link to create a free account. Separated employees will also receive a phone call from a When Insurance Advocate to assist with the process. For other loss of coverage situations, contact When Insurance directly by emailing jamie@forwhen.com or by calling (831) 228-6412.
Flexible Spending
The FSA and DCAP accounts are active employee benefits. If you terminate your employment with Iowa State University, your contribution into either of the flexible spending accounts will terminate at the end of the month in which your employment ends. You must request reimbursement by April 30 of the following year.
- DCAP does not have a COBRA option. However, a separated employee has until the following March 15th to incur a claim for the previous year's funds.
- FSA - You may elect COBRA coverage. This option allows you to extend your period of participation on a monthly basis up to the remainder of the plan year, but tax savings is eliminated. If you elect COBRA you pay the full monthly contribution and an administration fee.
- A COBRA application will be mailed to your home address to continue the FSA.
- Without COBRA, you may request reimbursement only for charges for services incurred prior to your plan termination
Accrued Leave Payout
Eligible employees may receive a one-time payout of their unused vacation accruals. If retiring from ISU, you may also be eligible for sick leave payout up to a maximum of $2,000.
Options for accrued leave:
- Have the payout paid directly to you (no additional action required) OR
- Shelter the payout funds into a voluntary retirement account established through TIAA or Corebridge Financial. The funds can be contributed either pre-tax or post-tax (ROTH). This must be completed in Workday by the 15th of the month in which you separate/retire. Email fbac@iastate.edu with questions on your payout amount/options.
Instructions on how to complete & submit your Accrued Leave Payout Request:
https://iastate.service-now.com/uhr?id=kb_article_view&sys_kb_id=0eeffaf41b38e510ba1d64e8bc4bcb39
Group Life Insurance
Basic Term Life Insurance Conversion
If your employment with ISU ends, there may be options to continue your group life insurance policy directly with Principal.
Voluntary Term Life Insurance Portability
You may continue coverage for yourself until age 70 if you cease to qualify as a member. The employee must be less than age 70 and enroll within 60 days from the date they cease to qualify as a member. When insurance coverage terminates as an active employee, you may be eligible to continue insurance under a Group Life Portability Insurance Policy underwritten by Principal Financial Group. The Group Life Portability Policy will contain provisions that differ from the Group Policy. You will have the option to continue the insurance coverage under this option. If coverage is ported, there a several reasons the coverage would terminate, review the details on the Summary Plan Document.
Dependent Term Life Portability
When insurance coverage terminates as an active employee, you may be eligible to continue insurance under a Group Life Portability Insurance Policy underwritten by Principal Financial Group. The Group Life Portability Policy will contain provisions that differ from the Group Policy. You may have the option to continue the insurance coverage under this option. If coverage is ported, there a several reasons the coverage would terminate, review the details on the Summary Plan Document.
Retirement Plans
If you participate in one of the retirement plans through ISU, contact the applicable vendor.