GENERAL INFORMATION re: RESIGNATION
Not eligible for retirement – An employee may resign at any time with less than 10 years service and may withdraw their retirement contributions upon request to the State Board of Retirement (see Forms). An employee leaving service with the University after 10 years service is considered in retirement or deferred retirement status.
Retirement Eligibility
At age 55 years (or over) with 10 years creditable service
At any age with 20 or more creditable service
Forms
Upon written notification of your resignation from employment at the University, the office of Human Resources will provide you with a packet of information concerning entitlements. Included in the information packet is a withdrawal form for your retirement funds (if eligible). Complete Form B and return the Form to Payroll for completion of Form A. This office will forward the Form to the State Board of Retirement. Also included in the packet is information regarding a 10% pealty if funds are not rolled over another qualified retirement account.
Insurance (if eligible)
Health insurance coverage ends the end of the month following the month you end your employment with the University, provided that your premium for that month is paid.
Optional Life Insurance (employee paid) will end upon resignation. Long term Disability (employee paid) will end upon resignation.
Pay-out for Sick Leave and Vacation (if eligible)
An eligible employee may receive pay for all unused accrued vacation days. Sick days and Personal days (if eligible) are forfeited upon resignation from employment.
Pay-out for Employees who “separate from service”
University of Massachusetts Dartmouth employees who “separate from service” prior to the end of the academic year may be paid in a lump sum at the time of separation for any remaining salary owed to them as of the date of their “separation from service.” “Separation from service” is defined, in accordance with Section 409A of the Internal Revenue Service Code, as when the employee dies, retires, or otherwise has a termination of employment with the University.
Social Security
If resigning/retiring before age 65 an employee does not need to contact the Social Security Administration. If an active employee is turning 65, the employee must contact the Social Security Office for Medicare coverage Part A (no cost) at least three months before turning 65. An employee age 65 or over must apply for Medicare coverage, Part B (Part B is mandatory for retirees).
If an employee is hired by the State after receiving Social Security benefits, the new employee may receive state health insurance and continue with Medicare. If Medicare is dropped there may be a penalty for re-signing or the employee may not be allowed to re-sign for Medicare. Please contact the Social Security Administration for more detailed information.
IMPORTANT PHONE NUMBERS
The Commonwealth of Massachusetts Office of Human Resources
The Group Insurance Commission Room 202, AdministrationBuilding
P.O.Box 8747 University of MassachusettsDartmouth
Boston, MA02114 North Dartmouth, MA02747- 2300
Telephone (617)727-2310 Telephone (508) 999-8060
State Board of Retirement
One Ashburton Place
Boston, MA02108
(617) 367-7770 or 1-800-392-6014