Changing Employers (From one Participating Employer to Another)

At Deseret Mutual, we're pleased to continue to administer your health and financial benefits. When you change from one participating employer to another participating employer, most of your benefits will continue without interruption. But there are a few things you need to do to ensure you have a smooth transition between employers. The information in this brochure can help.

Note: This brochure is intended for participants who move from one Deseret Mutual participating employer to another. If you're new to the benefits administered by Deseret Mutual, you should refer to our brochure entitled "New Employee."

Things to Consider

• If your salary is increasing, consider increasing your Thrift Plan contributions, as well!
• If your new employment involves relocating, pick up our brochure on "Moving."

Checklist

• Make sure your new employer gets you enrolled in the benefits
• Review your pay stub to make sure the right amount is being withheld for insurance and other deductions such as Thrift Plan, FSA, etc.
• If you have a Thrift Plan loan, make sure your new employer continues deducting your loan payments. To avoid taxes and penalties, contact our savings department to make arrangements for any loan payments you missed during your transition.
• Check with your new employer or Deseret Mutual to determine what will happen to your Master Retirement Plan benefit
• If you're enrolled in MetLife's Group Auto & Home or Long-Term Care insurance programs, make sure your new employer continues your premium deductions.

Frequently Asked Questions

Q. Do I need to fill out all of the Deseret Mutual insurance forms again?

A. As long as you transfer (or are re-hired) within 90 days, you won't need to complete the enrollment forms-with the help of your employer, your Deseret Mutual benefits will carry over automatically. One exception, however, is the FSA program.

Q. What happens to my FSA when I transfer to another employer?

A. Your FSA continues through the end of the month in which you terminate employment. That means you'll forfeit any money remaining in your FSA after that date. However, if you transfer (or are re-hired) no later than the first day of the following month, your FSA will automatically carry over to your new employer.

Q. So I won't have to prove I'm healthy to keep my life insurance?

A. That's right! Your life insurance coverage will carry over automatically, as long as you transfer within 90 days to your new employer.

Q. Can I change medical plans mid-year or do I need to wait until Open Enrollment?

A. In most cases, you must wait until Open Enrollment to change plans. However, there are exceptions. For example, if you move to an area where different medical plans are available, such as an HMO, you may be able to enroll in those plans without having to wait until Open Enrollment.

Q. I wasn't enrolled in the health insurance before. Can I sign up now?

A. Unfortunately, no. To sign up for the health insurance mid-year, you need to have what's called a "change in family status," such as a birth or marriage. A change in employment does not qualify. Therefore, you'll have to wait until Open Enrollment.

Q. What happens to my Thrift Plan account?

A. You can continue making regular contributions to the Thrift Plan and receive matching contributions from your new employer. Contact our savings department as soon as you know you're changing employers. They can help you make sure your contributions and loan payments continue with as few interruptions as possible.

Q. What happens to my Master retirement plan benefits when I change employers?

A. If you change employers before incurring a break in service, your Master Retirement Plan benefit credit may continue and your additional service may be added to your previous employment. Call us if you have questions.

This information is provided as a service to help you make informed decisions. Nothing in this information should be considered legal, financial, investment, or medical advise. For a complete description of the plans. please refer to your Benefits Handbook. As with any major life event, you should consult with qualified prefessionals of your choice who can provide you with appropriate counsel and advise.