Terminating Your Employment

Change is an inevitable part of life and offers each of us a chance to grow. As you end employment with one of Deseret Mutual's participating employers, we want to help you understand how this change will affect your health and financial benefits.

Things to Consider

• If you have health benefits available through your new employer, give them a copy of your Certificate of Creditable Coverage from Deseret Mutual. In doing so, your employer should waive or reduce their waiting period for preexisting conditions. If you don't have any available sources for health insurance, you may be eligible to sign up for COBRA continuation coverage through Deseret Mutual. See the Frequently Asked Questions below or call us for more information.
  
  
• If you have an unpaid Thrift Plan loan, consider making monthly payments to Deseret Mutual, or pay it off in a lump sum all at once. Otherwise, the unpaid balance is treated as a withdrawal and you may have to pay income tax and perhaps penalties.
  

Checklist

• Evaluate your health and life insurance needs and options
• Coordinate any continuing medical care with your new health care provider(s)
• Call our savings department concerning your Thrift Plan options
• Determine whether you want to leave your Thrift Plan account with Deseret Mutual or roll it over into your new employer's 401(k) savings program
• Contact our retirement department to help you determine if you're eligible to begin receiving benefits from the Deseret Mutual Master Retirement Plan
• Use up any unused FSA balances on or before your termination date, if applicable
• Contact MetLife concerning your group home, auto, or long-term care insurance (if applicable) to make arrangements for your premium payments
• If you-or one of your dependents-can no longer meet health standards to qualify for life insurance, consider converting your Supplemental Group Term Life (SGTL) insurance to a permanent policy through Beneficial Life Insurance Company. Contact Beneficial Life locally at (801) 531-7979 or toll-free at 1-800-933-1100.
  
  
• If you have a Flexible Spending Account, you may only request reimbursement for expenses you incurred before your termination date. However, if you continue making after-tax payments to Deseret Mutual, you'll be able to submit expenses through the end of the year.
  

Frequently Asked Questions

Q. When do my medical, dental, and life insurance benefits end?

Your benefits terminate on the last day of the month in which you stop working and/or no longer qualify to continue insurance benefits.

Q. What is a Certificate of Creditable Coverage?

A. This is a document showing proof of insurance and is designed to protect employees as they change from one insurance company to another. With this certificate, your new insurance carrier may waive or reduce your waiting period for treatment of any preexisting conditions.

Q. What is COBRA continuation coverage?

A. COBRA is a provision that allows you to continue medical and dental insurance for up to 18 months following your termination. You must enroll within 60 days after your termination date.

Q. Why are COBRA premiums so expensive?

A. COBRA premiums are higher than you're used to paying because your employer no longer contributes to the monthly premium. You pay the entire premium yourself.

Q. What can I do with the money in my Thrift Plan account?

A. Remember, you're vested in your entire Thrift Plan account balance as soon as you become eligible to participate in the plan. In other words, it's your money. When you terminate employment, you can leave the money in your Thrift Plan through Deseret Mutual, roll it over to your new employer's savings program, or to an IRA.

For more information-and to help you make the right decision for you-contact our savings department.

Q. If I leave my Thrift Plan account with Deseret Mutual, can I still manage the account?

A. Yes. You can still manage your account through Deseret Mutual';s Web site or by using the automated phone system. However, you will not be able to make future contributions to your Thrift Plan account.

Q. What are my options for Master Retirement Plan benefits?

A. You're vested in the Master Retirement Plan after five years of eligible employment with a participating employer. Depending on your age and the value of your benefit when you retire, you can set up an annuity that you'll receive as a monthly retirement check, or receive the entire benefit in a lump sum payment. Contact our retirement department to discuss your options.

Q. What should I do about my MetLife group home and auto insurance?

A. Your home and auto insurance is portable and may remain in effect after you end employment, if you choose. However, you must contact MetLife at 1-800-438-6381 to arrange your continued premium payments.

Q. What about my long-term care insurance?

A. Your long-term care insurance is also portable and will remain in effect after you end employment, again, if you choose. Call MetLife at 1-800-438-6388 to arrange your future 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.