Everything You Need to Know About Your Benefits
Flexible Spending Accounts
- Flexible Spending Accounts have a use it or lose it policy. Termination of FSA benefits occurs on the last day of the month in which employment is terminated.
- Once you are no longer an employee of Montclair State University a termination will be placed on your FSA account. If there are funds remaining in the account that you had contributed towards you can only submit claims for the time you were an active employee.
- Example: Employment termination date is March 31st. You can only submit claims dated from January 1st – March 31st.
- If the contributions paid to date are more than the claims paid out you may have the option of enrolling in COBRA.
- Please note that you are not eligible for COBRA if your account is overspent (the contributions paid to date are less than the claims paid out) or enrolled in a Dependent Care FSA.
- Please view the NJ Tax$ave Resource Guide for additional information.
Continuation Life Insurance Coverage
- Life insurance coverage continues for 31 days after termination of employment date
- Conversion without medical exam is available and the application for conversion must be submitted within 31 days of termination of employment.
- Please see Termination of Employment through Resignation, Dismissal, or Layoff fact sheet or contact the Prudential Group Life Conversion department at 1-877-889-2070 for more information on this process . You can also use the online Prudential Life Insurance calculator at: http://www.state.nj.us/treasury/pensions/conversion-calc.shtml
- You have the option of withdrawing your pension contributions and ending pension membership.
- By withdrawing your monies, you will be forfeiting your NJ State pension credited service. If you return to work for any New Jersey State Agency, your prior years of service will not count.
- For information on how to withdraw your monies, please log on to your Member Benefits Online System Account (MBOS) via the NJ State website: https://www.state.nj.us/treasury/pensions/
Mandatory 401A Plans
- If you are vested, you are not required to withdraw funds until you are age 70-1/2.
- If you are vested and choose to withdraw funds, you are considered retired and may not be permitted to participate in a New Jersey State pension plan upon re-employment.
- If you have participated in ABP for less than twelve months, you will receive only your own contributions and earnings, but will not receive MSU contributions.
If you choose to complete the withdrawal process after your termination please direct paperwork to the Division of Pensions and Benefits. MSU will no longer have access to provide authorization.
Supplemental 403b Plans
- You have the option to withdraw funds immediately upon termination.
- Contact investment carrier for guidance on the withdrawal process.
Please contact your investment carrier for more information:
- TIAA: Zaki Saoud, 201-498- 8345, firstname.lastname@example.org
- Massmutual: Ira Goldberg, 848-248-4353, email@example.com
- MetLife: David Sharpe, 201-207-6694, firstname.lastname@example.org
- Prudential: Alicia Smith, 732-428-2314, email@example.com
- AXA: David Lynch, 732-585-2451, firstname.lastname@example.org
- VOYA: Frank Booth, 860-573-5673, email@example.com
- VALIC: Richard Grofsick, 973-902-8488, firstname.lastname@example.org