Former Employees

If you are enrolled in these coverages, your health, dental, and vision benefits will end 28 days after your last day of employment with the RF.  This run-out period also applies for all dependents included on your medical, dental, and vision plans.  Please note that additional information will be provided in the COBRA and continuation coverage notice that will be mailed to your home address after your employment terminates.

More information can be found here.

You and your dependents may continue health, dental, and vision coverage (if enrolled at the time employment ends) under federal (COBRA) law for 18 months and continue health insurance only for an additional 18 months under New York State law for up to a total of 36 months for health insurance, depending on you and your dependents’ individual circumstances, as well as other health coverage alternatives that may be available to you through the Health Insurance Marketplace.

Cost varies based on your current medical insurance plan. The necessary paperwork required to elect COBRA will be mailed to your home address after your employment terminates. Please update your contact information by logging into Employee Self-Service.

As an alternative to continuing RF coverage through COBRA, you may be eligible to enroll in coverage through the Federal or NYS Healthcare Marketplace.  

1. Basic and Optional Life Insurance may be continued under the RF policy for up to 12 months by paying premiums directly to Securian Life. After the 12-month continuation period is exhausted, you may port or convert your Basic and Optional Life Insurance coverage to an individual policy. Additional details on this continuation option will be included in the benefits continuation and COBRA packet that will be sent to your home address at the time your employment terminates.
2. Health Care Flex Spending Account (FSA) expenses can be reimbursed only after termination of employment if the expenses were incurred prior to your termination at the RF. 

You may be entitled to elect COBRA under the healthcare FSA and receive reimbursement for qualified expenses incurred after your termination, but only if you continue to make the required FSA COBRA premium payment using your money after taxes have been taken out. However, you generally do not have the right to elect COBRA continuation coverage if the cost of COBRA continuation coverage for the remainder of the plan year equals or is more than the amount left in your FSA. 

PayFlex will send paperwork to your home address regarding your decision to continue your healthcare FSA coverage.  There is not an option to continue the dependent care FSA under COBRA.  

Learn more about Healthcare FSA.

1. Dependent Care Flex Spending Account (FSA) - is not eligible for continuation upon termination of employment; however, you can continue to request reimbursement for eligible expenses incurred until you exhaust your account balance or the plan year ends.
2. Voluntary Short-Term Disability ceases on your last day of employment
3. New York State Disability ceases 28 days after your last day of employment
4. Long Term Disability­ ceases on your last day of employment
5. Wellness Programs cease on your last day of employment. You have 30 days from the last day of your employment to redeem any rewards while you were enrolled.

Additional information will be provided in the COBRA and Continuation coverage notice that will be mailed to your home address after termination of employment.

You can file for unemployment benefits when you become unemployed.  Per NYS Department of Labor, claims should be filed during your first week of total or partial unemployment. If you wait, you may lose benefits. You may not file for a week when you work four or more days or earn more than $504 gross pay between Monday and Sunday.  You must wait until the next Monday to file, if you are still unemployed. 

Once you are vested, your retirement benefits cannot be taken away. Contributions made by the Research Foundation to your basic retirement plan account cease with your final paycheck.  Your elective contributions to the Optional Retirement plan also cease with your final paycheck.  The funds in your contracts continue to share TIAA earnings/losses, even if no further contributions are made.

The normal retirement age is 65; however, the actual retirement age varies depending upon the year an individual was born.

What is universal (according to SSA), is that 62 is considered early retirement.

You can receive a distribution at any age following termination of employment with the RF.  A terminated employee can take a withdrawal without incurring IRS penalties at age 59.5.

For more information regarding distributions and tax implications please see "How Benefits are Paid" or call TIAA at 800-842-2252.

If you meet the following eligibility requirements and pay the required premium, the RF will continue your Health Care coverage as a retiree.  You must: 

• Be enrolled in the RF Health Care plan when you retire or terminate employment;
• Have completed a minimum of 10 years of full-time service or the equivalent in part-time service at 50 percent or more of full-time effort (e.g., a person working 50 percent of full-time for 20 years would qualify) with the RF;
• Be at least age 55; and
• Be continuously employed by the RF during the one-year period immediately prior to retirement

If you and/or your eligible covered dependents are under age 65, the RF will continue health care coverage for your eligible dependents if they have been covered under your plan for at least one year before you retire.  No new dependents can be added to your coverage after you retire. 

At age 65, you will need to be enrolled in Medicare Parts A and B.  In addition, you and/or your eligible dependents will transition off of the group health plan and you will need to purchase individual Medicare supplemental medical and prescription drug coverage.  The RF will still provide financial support in the form of an annual contribution to a Health Reimbursement Account (HRA) which may be used to obtain reimbursement for Medicare supplemental insurance premiums, Medicare Part B premiums and other eligible out of pocket expenses such as copayments or coinsurance.

Retiree health rates for those under age 65

There is no break in service provision regarding the retiree health insurance benefits.  This means all of your RF eligible service counts towards the eligibility requirements.  If you return to RF employment, your prior eligible service will be combined with the eligible service from your new position. If you terminate employment from the new position and meet the eligibility criteria listed above, you will be eligible for retiree health insurance.

Your accrued paid time off balances will be impacted as follows:

• Vacation -  Upon separation from RF employment, eligible employees will be paid for up to 30 days of accrued, unused vacation leave.
• Holiday, Personal, Sick - Upon separation from RF employment, any accrued, unused Holiday, Personal and Sick time will not be paid out.  If you meet retiree health insurance eligibility requirements, you are eligible to receive an additional retirement contribution on your unused sick leave accruals (up to 200 days).