Best Practices for Navigating Employee Benefits After Termination
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Learn what to do with employee benefits after an employee is terminated.
While many of us are familiar with the benefits that our employer can offer us during employment, many people are less aware of how these benefits will change or become relevant after employment terminates. In this topic, we will cover a broad overview of the different arrangements available after employment terminates related both to retirement and health. This includes COBRA, life and disability insurance, and various retirement plan arrangements.
AuthorsGabrielle (Gabby) A. Hansen, Barran Liebman, LLP
Health and Wellness
- What: Health Insurance
- Who: Employee, Dependents
- Why: Might Be Less Expensive Than Individual Market, Bridging the Gap Between Termination of Employment and Medicare
- When: Qualifying Event
- Employer Responsibilities: Initial Notice; Responsibilities to Ongoing COBRA Participants
- Issues for Retirees and COBRA: Medicare and COBRA
• Retiree Health Insurance vs. Individual Marketplace
- Issues With Tax Credits and Savings
- Eligibility vs. Enrolled
- Consequences of Dropping Coverage If Enrolled
- Differences Between Retiree Coverage and Coverage During Employment
• Retiree HRA
- Employer Funded Account to Permit Pretax Dollars to Be Used to Pay for Eligible Medical Expenses
- Pros and Cons
- Interaction With Other Health Insurance Arrangements
• Life Insurance
- Term Life
- Permanent Life
- What Are the Considerations for Choosing Between Them?
- How Do Policies Offered During Employment Differ From Those for Post-Retirement?
• Disability Insurance: Explanation of Each Type and Pros and Cons
- Long Term Disability
- Short Term Disability
- Accidental Death and Dismemberment
• State Sponsored Retirement Plans for Private Employers
- Current Variations:
- What Does This Current Trend Mean?
• IRC 401(k)
- Money Is Invested
- Limits on Deferrals
- When Can You Start Receiving Money From the Plan?
• IRC 403(b) (Tax Sheltered Annuity Plans)
- Employees of Public Schools, Tax Exempt Employers, Ministers
- Similar to 401(k) Plans
• IRC 457
- State and Local Government Entities
- Nongovernmental Entities That Are Tax Exempt
• IRC 409
- Nonqualified Deferred Compensation
- When Are These Arrangements Beneficial?
- Timing Restrictions on Distribution
- Substantial Risk of Forfeiture
- Pros and Cons / Comparison Between Nonqualified Arrangements and Qualified Arrangements