Part-time Employment
Going from full to part-time employment can be a difficult transition. Your income
will probably be decreasing and your eligibility for health and financial benefits
will likely change. You'll have some important decisions to make including
those involving your employee benefits. We've prepared this brochure to help
guide you through this significant transition.
Things to Consider
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We'll send you a Certificate of Creditable Coverage indicating the
date your health insurance coverage ended. Give a copy of this certificate to your
new insurance company-they'll waive all or part of their health plan's
pre-existing period, as long as you enroll within 63 days after your Deseret Mutual
insurance terminates.
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If you want to continue your medical and dental insurance through Deseret
Mutual, complete the COBRA Continuation of Medical/Dental Insurance Application
that we'll automatically send to you. Return it to us within the 60-day deadline.
Frequently Asked Questions
Q. Which Deseret Mutual benefits are available to part-time employees?
A. The Thrift Plan and Master Retirement Plan are available to part-time employees
who continue to meet the eligibility guidelines set by their employer.
Q. Why are the COBRA premiums so expensive?
A. COBRA premiums are more expensive than you're used to paying because your
employer is no longer paying the majority of the monthly premium.
Q. How long can I continue COBRA coverage?
A. Generally, under the COBRA provision, you may continue your
medical and dental insurance for up to 18 months, or until you are eligible for
other insurance.
Q. What will happen to my Thrift Plan account?
A. You can continue contributing to your account as long as you meet your employer's
eligibility requirements. You will also continue receiving matching contributions
from your employer. Restrictions may apply to loans and withdrawals. Contact our
Savings Department about your options.
Q. What about my Thrift Plan loan?
A. If your reduced salary is not enough to cover your loan payments, we can provide
other payment options to help you avoid having to pay income taxes and other penalties
on the unpaid balance of your loan.
Q. Will I still earn benefit credit in the Master Retirement Plan?
A. It's possible. Ask your employer if your new position qualifies for retirement
credit. If you continue to earn credit, be aware that your reduced income may reduce
your retirement benefit. How? Among other things, your retirement benefit is based
on your final average salary during your last ten years of employment.
Q. What about the money in my Flexible Spending Account?
A. You can be reimbursed for expenses that you incur by the end of the month in
which you go part-time. However, if you choose to make after-tax payments to Deseret
Mutual, you'll be able to continue to submit expenses through the end of the
year.
Q. What about my MetLife or Liberty Mutual group home and auto or long-term care insurance?
A. Your MetLife or Liberty Mutual insurance programs should continue uninterrupted, as long as you
continue to pay the premium. MetLife insurance premiums will no longer be withheld
from your pay, so you'll need to coordinate with MetLife or Liberty Mutual directly to arrange
for your future payments.
Checklist
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Evaluate your health and life insurance needs and options
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Ask your employer if you'll still be eligible to participate in the Thrift Plan
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Contact our retirement department to help you determine how going part-time will affect
your Master Retirement Plan benefit
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Contact MetLife or Liberty Mutual concerning your group home, auto, or long-term care insurance (if applicable)
to make arrangements for your premium payments
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.