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Health Insurance Coverage (Medical and Dental):
If you are enrolled in Biogen's Medical or Dental plans your coverage will end on your last day of employment. You may continue this coverage for up to 18 months by electing COBRA. To do so, you must complete an enrollment application and pay the monthly premiums. Detailed information about COBRA coverage will be sent to your home address within two weeks after your last day of employment.
Monthly cost for COBRA is approximately $600 for family coverage, $400 for two person coverage, and $200 for individual coverage. You have 60 days following your last day of employment to elect continuation of health coverage through COBRA. Please note your coverage will remain in effect only through your last day of employment If you elect to continue your health insurance under COBRA, your coverage will be reinstated retroactive to the day after your last day of work at Biogen.
LTD/Life/AD&D Coverage:
Long Term Disability coverage ends on your termination date. Life and AD&D (accidental death and dismemberment) coverage, however, will continue for 31 days after your termination date. LTD and Life Insurance can be continued if you convert them into individual policies. AD&D does not have a 'conversion privilege.' Information regarding conversions is available upon request. Please note, in order to convert LTD coverage you must have 12 months of service prior to termination. You must convert LTD or Life Insurance within 30 days of your termination date.
401(k) Savings Plan:
If you participate in the 401(k) Savings Plan and have a vested balance greater than $5,000 you may leave it in the Plan until you retire. Or you can rollover your balance into a qualified plan, such as another employer's 401(k) or an Individual Retirement Account (IRA). If your vested balance is less than $5,000 then it will be distributed to you either as a lump sum or a rollover to another plan or IRA.
Outstanding loans must be repaid within 90 days following your last day of employment with Biogen, or the loan balance will be treated as a withdrawal and subject to an early withdrawal penalty and tax withholding. Please contact Fidelity (our 401k administrator) at 1-800-421-3844 for your loan balance and other account information, and to initiate a distribution of your vested account balance.
Biogen Retirement Plan:
If you have two (2) or more years of service at Biogen when you terminate you will be entitled to a benefit under the Biogen Retirement Plan. Distribution forms which explain the amount of your benefit and distribution options will be mailed to your home address several weeks after termination. If your vested balance is less than $5,000 then it will be distributed to you either as a lump sum or a rollover to another plan or IRA.
Employee Stock Purchase Plan:
Participants of the ESPP may call Salomon Smith Barney. The phone number is 1-800-367-4777 (Account #097). Biogen is not involved with this account after your last day of employment.
Med-Flex and D-Flex:
The last payroll deduction to these accounts will occur with your last paycheck. If you have a balance in either account you may continue to submit claim forms with the appropriate receipts for expenses to Crosby Benefit Systems. You have until March 31 of the year following the year in which you terminate to submit claims. Only claims incurred through your last day of employment may be reimbursed. All claim forms including receipts should be mailed directly to the following address:
Crosby Benefit Systems
PO Box 929125
Needham, MA 02492
Stock Options:
Upon termination employees must still wait a year after purchase before selling any shares.
Tuition:
If you received a reimbursement for tuition within the last two months after completing the course(s) prior to your termination date, you will be required to reimburse Biogen for the cost of course, and any reimbursement pending will not be paid. Payroll will process the necessary deductions from your final pay if applicable.
Unemployment Insurance Benefits:
Separate information regarding Unemployment Insurance Benefits may be obtained at your exit interview with your Human Resources Consultant. Please review the information and contact the Commonwealth of Massachusetts Division of Employment and Training directly at 1-888-626-5553 (617-626-5553 in the Boston area) if you have questions.
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