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Leaving the University

Ending your Employment with the University

Before you leave the University: 

  • Log in to Workday using your CNetID and password to update your mailing address.

  • Return your University key(s), pagers, campus card, and any other University property to your departmental administrator on your last day on the job.

  • Additional actions may be required by your department or supervisor. 

Benefits Office

The Benefits Upon Separation document found under Benefit Plan Documents assist employees who are terminating or retiring from the University. The document contains information explaining how Health and Welfare, Retirement, and Tuition benefits will be affected when a Faculty or Staff member leaves the University. 

If you have any questions about how your benefits will be impacted as a result of leaving the University, you can e-mail benefits@uchicago.edu. 

COBRA

For more information about your eligibility to continue your medical, dental, and vision coverage and/or to continue your participation in the Health Care Flexible Spending Account, visit COBRA Continuation of Coverage.

BENEFITS IF YOU LEAVE BEFORE AGE 55

There are several steps you should take to ensure you receive all the benefits to which you are entitled to if you leave the University before age 55.

Portability of Life, Long-Term Disability and Personal Accident Insurance Benefits

If you are under age 65, you may continue the life insurance coverage you had in effect when you terminated employment (subject to certain limitations), with no requirement to show evidence of insurability. The premium for this coverage is set by VOYA under a different group policy. The life insurance portability form can be obtained by contacting VOYA. You have 31 days from the date your employment terminates to make the election and send a payment to VOYA.

Conversion: You have the right to convert any group life, long-term disability coverage, and/or personal accident insurance coverage in effect when your employment ends to an individual policy. You have 31 days from the date your employment terminates to make the election and return with your payment to VOYA.

VOYA: 888.238.4840

Retirement Benefits 

If you participate in one or more of the University’s retirement plans when your employment ends, you may:

  • Leave your vested retirement accumulations with TIAA and continue to direct the investment of your retirement plan assets until the law requires you to start receiving benefits;

  • Transfer/rollover your vested accumulations to another tax-deferred account such an Individual Retirement Account (IRA) or 401(k) plan or another 403(b) sponsored by your new employer which will continue the tax-deferred status of your retirement money; or

  • Elect to receive your vested retirement plan funds and incur federal taxes, including a penalty for receiving the money before age 59 ½ , unless the money is paid due to retirement or death.

Call TIAA (800.842.2252) to request the appropriate forms. 

If you are a staff employee who is vested, you may elect to receive the present value of the defined benefit portion. To request your pension packet please contact the Benefits Office via email benefits@uchicago.edu.

BENEFITS IF YOU LEAVE AFTER AGE 55

There are several steps you should take to ensure you receive all the benefits to which you are entitled if you leave the University after age 55.

Portability of Long-Term Disability and/or Group Life Insurance

You may convert your coverage into an individual policy. If you are under age 60, you may also be able to continue your life insurance coverage under VOYA's portability option within 31 days of your last day on the job at the University.

  • Contact Sun Life to request the appropriate conversion and/or portability forms.

  • Complete and return the form along with your payment for the first quarter, directly to VOYA.

  • Your University participation in these plans end on the last day of employment/last day at work.

Personal Accident Insurance

You can convert your coverage into an individual policy within 31 days of the end of your appointment.

  • Contact VOYA for the appropriate conversion forms.

  • Complete and return the form along with your payment, directly to VOYA. 

  • Your University participation in this plan ends on the last day of employment/last day at work.

VOYA:888.238.4840

Retirement Benefits

You may choose to receive all or part of your benefit under the University's retirement plans after your employment has ended. (Please Note: If you transfer from the University to the University of Chicago Medical Center, your employment will not be considered to have ended for this purpose).

You may elect to receive your benefit under the Contributory Retirement Plan (CRP), the defined contribution portion of the Retirement Income Plan for Employees (ERIP), and the Supplemental Retirement Program (SRP) (collectively, these are the defined contribution plans) in any of the following forms:

  • Tax-deferred rollover to an IRA or another employer’s retirement plan;

  • Lump-sum distribution;

  • Installment payments; and/or

  • An annuity.

You may elect to receive your benefit under the defined benefit portion of ERIP in any of the following forms:

  • Tax-deferred rollover to an IRA or another employer’s retirement plan;

  • Lump-sum distribution; and/or

  • An annuity.

If you prefer, you may leave your retirement funds with TIAA until such time as you are ready to receive them.

You may choose to receive all or part of your benefit any time after you leave the University. There is no deadline by which you must make your decision. You are not required to take a Required Minimum Distribution (RMD) from the defined contribution and defined benefit plans while you are still employed. You are not required to take a  Required Minimum Distribution from the defined contribution and defined benefit plans until April 1 of the calendar year following the calendar year in which you attain age 72 if you were born July 1, 1949 or later or if you are no longer employed.  If you were born before July 1, 1949 and you are no longer employed, you are required to take required minimum distributions beginning April 1 of the year your turn age 70.5. You are not required to take a distribution from the defined benefit part of ERIP or SEPP until you attain age 65.

When you are ready to begin receiving payments under the defined contribution plans, you should contact TIAA 800.842.2252 directly to obtain the requisite paperwork. TIAA representatives will provide you with detailed information regarding the alternative forms of payment available to you and the tax consequences of each form.

When you are ready to begin receiving payments under the defined benefit portion of ERIP, submit an email to the Benefits Office benefits@uchicago.edu.