Does my health and dental insurance coverage end on my last day of work?
Yes if you are enrolled in Biogen's Medical or Dental plans your coverage will end on your last day of employment. You will however be receiving an information package on COBRA election within a few weeks following your termination.
If I will not be receiving information on electing Cobra for a few weeks after my termination, what will I do if I need health insurance during that period of time?
Cobra coverage is retroactive to the day after your date of termination. Therefore even if you do not receive the package for two weeks after your last day of work you may elect coverage that is effective the day following your termination day and eligible claims will be covered.
I will be taking a few weeks off before I start my next job, should I elect health insurance through COBRA?
You have 60 days following your last day of employment to elect continuation of health coverage through COBRA. You can hold off and choose whether to elect depending on whether you visited a doctor during that time period.
Will my Tufts card and prescription card be inactivated immediately?
Yes, coverage ends on date of termination.
I am not sure what my current balance in the retirement plan is how can I find out?
Pension statements are sent annually in July, you can look back at your last statement. Otherwise you will be receiving a notification from Towers Perrin approximately a month following your termination which will include your current vested balance as well as instructions for immediate distribution or deferral.
I have less than $5,000 currently in my pension plan therefore the money will need to be distributed, what can I do with that money?
You may elect to receive the balance in a single sum cash payment with tax withholding or you may elect to rollover the balance directly to an IRA or other qualified retirement plan.
Do I have 90 days or 3 months after my termination date to sell my stock options?
You have 3 months following your date of termination to sell stock options.
Employees typically have to wait a year before selling stock bought with the Employee Stock Purchase Plan; since I am ending my employment will I be able to sell the shares I bought within the last year?
Yes once you have terminated your employment you may sell any shares that you have purchased.
What options do I have for distribution of my 401k account?
If your account value is greater than $5000 you may decide to take a lump sum distribution or leave your money in the plan until a later date. You may elect to receive your vested account at any time after your termination.
I believe there is an error on my last paycheck who should I contact?
Please contact the payroll department directly. If you feel there is an error with your vacation payout please have your former Manger reconfirm the number of days you have taken with payroll.
