Exit Process: Separating Your Employment at MyMichigan Health
If you are terminating employment with MyMichigan Health, including retirement and voluntary or involuntary separation, here are some steps that you may need to complete.
Return of Property
You must turn in any MyMichigan property you have in your possession prior to your last day of employment. This includes, but is not limited to, your Identification Badge, Security Key Fob, and any Keys that have been issued to you.
Your final paycheck will be processed the next payroll period after your employment separation date. If you have given the proper notice in writing and fulfilled your notice period, a cash out for any remaining accrued time off will be distributed within two pay cycles after your employment termination date. Your accrued time off cash out will be distributed in the same manner as your final paycheck. Required taxes, your 403(b) deduction and, if applicable, any outstanding money owed to MyMichigan Health will be deducted from this cashout. If you have direct deposit, your final check(s) will be deposited accordingly. MyMichigan Health will mail your final two check stubs as you will not have access to Employee Direct Access after your employment termination date. If you do not have direct deposit, and have a Payroll Card, all final payments owed to you, minus applicable deductions as listed above, will be made to you via your Payroll Card.
Unemployment Compensation Notice
If you are eligible and wish to file for unemployment benefits, you will need a copy of the Unemployment Compensation Notice for the affiliate where you were employed. This document contains your 10-digit UIA number as well as other helpful information about how to determine your eligibility and file a claim.
Coverage under your current benefit elections will end on your date of employment termination. If you are eligible, Key Benefit Administrators will send a COBRA informational packet, including an election form, to your current mailing address within 15 days of their receipt of your employment termination. This informational packet will outline your options for coverage as well as the cost if you choose to continue your current benefits, such as health insurance, dental insurance and pharmacy coverage. A payment booklet containing monthly coupons will be sent to you if you should elect any of the above benefits options. Questions regarding the COBRA packet may be directed to Key Benefit Administrators at (877) 453-0556.
Flexible Spending Accounts (FSA)
If you have contributed to the Health Care FSA, you can continue to submit receipts for reimbursement for eligible services rendered up to the date of your employment termination. Any money remaining in your account will be forfeited. However, you will be offered the opportunity to elect COBRA if you wish to continue participating in, and contributing funds to, your FSA account.
If you contributed to the Dependent Care FSA, you can continue to submit receipts for reimbursement for eligible dependent care expenses through the remainder of the plan year, which is December 31. Any money remaining in this account at the end of the plan year will be forfeited.
Health Savings Accounts (HSA)
If you are currently enrolled in the Health Savings Account (HSA), you will be offered the opportunity to continue this coverage through COBRA. If you elect coverage, you may continue to contribute to your HSA as long as you participate in an HSA-eligible high deductible health plan. If you do not elect coverage, you can continue to use the money in your HSA to pay for eligible healthcare expenses, regardless of the type of coverage you elect. However, you cannot make additional contributions to the HSA during the period you are not participating in an HSA-eligible high deductible health plan. Your HSA account belongs to you just like any other bank account. Once your group coverage is terminated, you are responsible for your own monthly fees. HSA Bank will send a letter alerting you of the fees. Please contact HSA Bank’s Customer Contact Center at (800) 357-6246 with any questions regarding your HSA account.
Note: If you are remaining a casual employee, you do not have the ability to begin the distribution process.
Receiving your Cash Balance Account (CBA)
If you have three or more years of vesting service you may choose from several available distribution options or you may choose to leave your vested account balance in the plan until a later date. The money left in your account will continue to earn interest credits but you will not earn additional pay credits. If you are leaving MyMichigan Health before you complete three years of vesting service, you lose your right to the amount in your cash balance account and will not receive a benefit from the Plan.
To begin the distribution process, you must contact the MyMichigan Health Retirement Benefit Analyst at (989) 839-3937. For the Cash Balance Account, you will receive paperwork within 1-2 months after you terminate (one final payouts/earnings are finalized) in order to begin your benefit payment(s).
Receiving your 403(b) Savings Plan
If you have three or more years of vesting service and depending on your account balance, you may choose from several available distribution options for your own contributions and investment earnings on those contributions, as well as MyMichigan Health’s matching contributions. If you are leaving MyMichigan Health before you complete three years of vesting service, you lose your right to MyMichigan Health’s matching contributions, but you are always 100% vested in your own contributions and any investment earnings on those contributions. To review distribution options and begin the distribution process, you must do one of the following:
- Call MyMichigan Health’s Prudential Representative, at (855) 837-6152.
- Call Prudential Customer Service at (877) PRU-2100.
- Log on to the Prudential website at www.prudential.com/online/retirement.
If your mailing address is changing now, you may update it prior to your employment termination date through Employee Direct Access. Should your address change in the future, please notify My HR Service Center to ensure that your W-2 or any other pertinent information is mailed to the correct address.
If you have questions please contact My HR Service Center toll free at (855) 222-3230 or email firstname.lastname@example.org.