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
• 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.
• 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.
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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 group home and auto or long-term care insurance?
A. Your MetLife 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 directly to arrange for your future 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.
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