Leaving UVA

If you are enrolled in a health, dental, and/or vision plan, this coverage will end on the last day of the month in which you terminate employment.

See COBRA information below regarding options for continuation of coverage.

Under a federal law called the Consolidated Omnibus Budget Reconciliation Act (COBRA), you and your eligible covered dependents may continue your group health benefits when your coverage is lost due to a qualified life event including your end of employment or end of benefits eligibility due to reduction in hours.

Visit our dedicated COBRA page for more information.

• Funds remaining in your HSA are yours to keep and continue to use for qualified health expenses.

• You can continue to use your NetBenefits card.

• Please contact Fidelity for any questions regarding your HSA at 800.544.3716.

Health care FSA

• You may use funds for eligible expenses incurred by the end of the month in which you terminate, unless you opt to continue the health care FSA through COBRA (requires enrollment; see COBRA information).

Dependent care FSA

• You may use funds for eligible expenses incurred by the end of the month in which you terminate.
• You will forfeit any funds that cannot be used for eligible expenses incurred by the end of the month in which you terminate. There is no option to continue the Dependent care FSA after termination. 

Fidelity FSA support: 833.299.5089

ORP funds contributed by the employee

• The employee retains these funds after termination (subject to investment loss/gain).

ORP funds contributed by the employer

• Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan. You are fully vested in the ORP after two years of continuous participation in the plan.

• If you leave UVA before you are vested, you will only have access to the 5% contribution you made - not contributions made by UVA.

Vested funds - options

• You may leave funds in this account when you leave, and will continue to have access to log in and manage investments.

• If you wish to move or access these retirement funds, work directly with the account vendor.

• Please allow time for your last retirement contribution through payroll to post to your account.

• If planning to withdraw funds, be aware of tax implications and any potential early withdrawal penalties, as well as impacts to your financial future.

  • You may wish to contact the vendor, a tax specialist, or financial advisor for guidance. UVA cannot provide tax guidance.

• If you plan to roll the funds over into another retirement account, we suggest you start by contacting the new vendor to inquire about rollover acceptance and help with initiating any transfer.

• Contact vendor(s) directly with any questions

Vesting of MCRP employer funds

Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan.

• The MCRP is soley funded by the employer.

• You are 50% vested in the MCRP immediately, and 100% vested after 24 months of continuous participation in the plan.

Vested funds - options

• You may leave funds in this account when you leave, and will continue to have access to log in and manage investments.

• If you wish to move or access these retirement funds, work directly with the account vendor.

• Please allow time for the final retirement contribution through payroll to post to your account.

• If planning to withdraw funds, be aware of tax implications and any potential early withdrawal penalties, as well as impacts to your financial future.

  • You may wish to contact the vendor, a tax specialist, or financial advisor for guidance. UVA cannot provide tax guidance.

• If you plan to roll the funds over into another retirement account, we suggest you start by contacting the new vendor to inquire about rollover acceptance and help with initiating any transfer.

• Contact vendor(s) directly with any questions

VRS Defined Benefit (pension) funds

• The VRS defined benefit (member contribution account) has a 5-year vesting. This means that you are not entitled to a pension benefit at retirement age until you have five years of non-refunded service in the plan. 

• You have the option to leave your contributions in your defined benefit member contribution account in order to retain your service towards future retirement.

• Contact VRS if you wish to discuss options for withdrawal of the funds you contributed, keeping in mind tax implications and how this would impact you if you were ever to return to state service.

• There is a mandatory bona fide break in service before VRS will process a refund. 

• Taking a refund of your member contribution account cancels your VRS membership and eligibility for any future benefits.

• This decision can have a lasting impact on your future retirement. Understand the information and impact before finalizing your decision.

  • Visit "Leaving Employment" on the VRS website.

  • Consult the appropriate plan handbook.

    • VRS Plan 1 Handbook

    • VRS Plan 2 Handbook

    • VRS Hybrid Handbook

  • Contact VRS member services at 888.827.3847

VRS Hybrid Defined Contribution Funds

• The defined contribution component of the VRS Hybrid plan is held in your Voya account.

  • Hybrid defined contribution page

• The defined contribution account has a graduated vesting from 2-4 years for employer contributions. 

• Read more information in the VRS Hybrid Handbook, particularly the section regarding Leaving Employment. 

• Watch "Things to Know before You Go."

• Contact Voya at 877.327.5261.

The below information applies only to employees who contributed to an optional supplemental retirement account.

Vendors

If you are enrolled, 

• your 403(b) is managed by Fidelity or TIAA.

• your 401(a) cash match account is managed by Fidelity or TIAA

• your COV 457 account is managed by Voya.

Vesting of Employer Contributions (for employees eligible for cash match)

• Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan.

• You are immediately vested in employer matching contributions held in your 401(a) cash match account with Fidelity or TIAA. 

Funds - options

• You may leave funds in the account when you leave, and will continue to have access to log in and manage investments.

• If you wish to move or access these retirement funds, work directly with the account vendor.

• Please allow time for any final retirement contribution through payroll to post to your account.

• If planning to withdraw funds, be aware of tax implications and any potential early withdrawal penalties, as well as impacts to your financial future.

  • You may wish to contact the vendor, a tax specialist, or financial advisor for guidance. UVA cannot provide tax guidance.

• If you plan to roll the funds over into another retirement account, we suggest you start by contacting the new vendor to inquire about rollover acceptance and help with initiating any transfer.

• Contact vendor(s) directly with any questions

• Accrued, unused UStaff time off will be paid out up to the maximum allowed by policy. 

• The payout will occur in the biweekly pay cycle after your last earnings paycheck, as long as your department enters your end of employment into Workday in a timely manner.

  • Payout dates are determined by the termination date entered into Workday and the payroll calendar.

• Accrued, unused annual leave will be paid out up to the maximum allowed by Department of Human Resource Management policy. 

• The payout will occur in the biweekly pay cycle after your last earnings paycheck, as long as your department enters your end of employment into Workday in a timely manner.

  • Payout dates are determined by the termination date entered into Workday and the payroll calendar.

• If separating from UVA after at least six months of employment, team members will be paid for unused, accrued PTO hours.

• The payout will occur in the biweekly pay cycle after your last earnings paycheck, as long as your department enters your end of employment into Workday in a timely manner.

  • Payout dates are determined by the termination date entered into Workday and the payroll calendar.