This section provides important information regarding the benefit options that you retain into retirement, and other benefit options that are no longer available. This section does not address the Retiree Medical Program. Please read this section carefully. If you have any questions about your benefit options and the transition into retirement, please contact the Benefits Department.
403(b) Plan Changes in Retirement
Contact TIAA and/or Fidelity
You may wish to contact or arrange a meeting with TIAA and/or Fidelity Investments to receive an explanation of your benefit options under the 403(b) retirement plan. To arrange a meeting on campus, they can be contacted at the following numbers:
TIAA (800) 842-2776
Fidelity Investments (800) 343-0860
Minimum Required Distribution Information
Generally, a participant may delay withdrawals from the Plan after severance from employment. However, IRS regulations require that an individual who has left the University must begin receiving a specified minimum amount by April 1st of the year after the calendar year in which such person reaches age 70½ and by December 31st of every year thereafter. If an employee continues working at the University beyond the age of 70½, he or she can continue deferring distributions from the Plan until April 1 following the year of retirement. If an employee does not begin receiving income in accordance with this requirement, substantial tax penalties may be imposed. For additional information regarding minimum distributions, contact Fidelity at 1-800-343-0860 or TIAA at 1-800-842-2776.
Benefit options you retain into retirement
Benefits that are no longer available in retirement
Dental/Vision/Health Care Flexible Spending Account
Dental, vision, and the health care flexible spending account (if applicable) are not available in the retiree benefits program. They end as of the last day of the month in which you retire. If you wish to continue any of these plans, COBRA is your only option. You may elect to continue coverage under COBRA by paying the full cost of the plan shown on the COBRA enrollment form. A COBRA enrollment packet will be mailed to your home within 4 weeks of your retirement. Find 2018 COBRA rates on the Health Benefits page.
For dental coverage, you may also wish to contact Delta Dental to purchase an individual policy. The dental products offered by Delta Dental are not sponsored by the university and are not part of the DePaul University Retiree Medical Plan or any other health benefits coverage sponsored by the university. If you decide to purchase dental through Delta Dental, then Delta Dental will perform all enrollment, billing and claims processing related to your coverage. For cost and complete details regarding this coverage, contact Delta Dental online at mysmilecoverage.com or call (800) 971- 4108.
Group Life Insurance
Group life insurance coverage as well as any spouse or dependent life insurance will end at 5 pm on your last day of work as an active employee. However, you do have the option to convert your coverage. When you convert coverage, you switch to an individual insurance policy. Evidence of Insurability is not required for conversion. You have 31 days from the date your group coverage terminates (your last day of work) to apply for insurance conversion with Liberty Mutual Insurance and pay your first premium. Contact Liberty Mutual at (888) 287-8494, prompt 4, for additional information related to converting your life insurance coverage.
Accidental Death and Dismemberment Insurance
Group accidental death and dismemberment (AD&D) insurance coverage, if you elected it, will end at 5 pm on your last day of work. This coverage is not available for conversion or porting by retiring employees.
Long Term Disability Insurance
Coverage under DePaul’s long term disability insurance will end at 5 pm on your last day of work. You have 31 days from the date your group coverage terminates (your last day of work) to apply for insurance conversion with Liberty Mutual Insurance and pay your first premium. To determine your options for converting your long term disability insurance, contact the disability conversion service center of John Hewitt and Associates (JHA) at (888) 786-2688.
Dependent Care Flexible Spending Account
The dependent care flexible spending account ends your last day worked. Contributions to your account will stop with your final paycheck. If you have funds remaining in your dependent care flexible spending account at time of termination, you may continue to submit claims for eligible expenses incurred through the last day of the plan year in which you were making contributions and the following grace period. There is no option to continue the dependent care flexible spending account through COBRA.
METLIFE Voluntary Auto, Renters, and Homeowners Insurance
If you are paying premiums through payroll deduction, your policy will terminate at the end of the last pay period you are paid. You are, however, able to continue your policy by paying the premiums directly to the insurance carrier. To set up a direct billing arrangement with MetLife, call 800-438-6388.