Summary of Benefits Upon Separation
Medical / Dental / Vision Coverage
Medical, dental and vision coverage will continue through the end of the month in which separation occurs. You have the right to continue these benefits through COBRA. COBRA coverage details will be mailed to your home address within 30 days of separation by WMC’s third party administrator, UMR. Please ensure that we have your correct address on file.
Note: HSA funds can be used to pay for monthly COBRA premiums.
Health Insurance Marketplace
For more information about health insurance options available through the Health Insurance Marketplace, visit www.healthcare.gov. In the Marketplace, you could be eligible for a tax credit that lowers your monthly premiums right away, and you can see what your premium, deductibles and out-of-pocket costs will be before you decide to enroll. Being offered COBRA continuation coverage won’t limit your eligibility for coverage or for a tax credit through the Marketplace. Refer to your COBRA Election Notice for further information.
Health Savings Account (HSA)
Your Health Savings Account is currently an individual account through UMB. UMB will send out new cards to you. To avoid a monthly statement fee, contact UMR directly to receive paperless statements.
Flexible Spending Account (FSA)
If you have a balance in your FSA as of your separation date, you can submit a claim to be reimbursed for eligible medical, dental or vision expenses that were incurred on or before your last day of employment. You can utilize UMR’s online portal to request reimbursement just like you did as an active employee. All claims for reimbursement must be submitted no later than 90 days following separation.
The FSA can be continued through the end of the plan year on an after-tax basis under the provisions of COBRA. If you are enrolled in the FSA at the time of separation, details regarding this option will be included with the COBRA coverage details that will be mailed to your home.
Dependent Care Flexible Spending Account (DCA)
If you have a balance in your DCA as of your separation date, you can submit a claim to be reimbursed for the eligible dependent care expenses that we incurred on or before your last day of employment. You will have access to the UMR portal following your separation date and should follow the same process as an active employee to request reimbursement. All claims for reimbursement must be submitted no later than 90 days following your separation.
Voluntary Term Life Coverage
Voluntary life insurance coverage ends on the date of separation. You have the option to port this voluntary life insurance policy to an individual policy within 31 days from the date of separation. You must apply in writing and pay the first premium to The Standard within 31 days. If you are interest in this portability or conversion options of this plan, please contact The Standards Continued Benefits department at 800.378.4668.
Short Term Disability Coverage
Your STD policy ends on the date of termination. There is no portability to continue on this on an individual basis.
Long Term Disability Coverage
Your LTD policy ends on the date of termination. There is no portability to continue on this on an individual basis.
Group Accident Coverage & Group Critical Illness Coverage
Group Accident and Group Critical Illness coverage ends on the date of separation. You will work directly with The Standard. Once The Standard receives notification of your termination they will send you a Port Letter. This Flyer explains the process. http://www.standard.com/eforms/19747.pdf
You will receive a benefits eligibility letter from Transamerica outlining your options regarding your 401(k) account.
Unused earned and accrued PTO will be paid upon termination of employment to those employees whose termination is voluntary and who provide at least two (2) weeks’ notice of termination, as allowed by law. Unused PTO will not be paid at the termination of employment if two (2) weeks’ notice are not provided, as allowed by law.
If WMC “advances” PTO to you (meaning that the Company allows you to take PTO before it is earned and accrued) and your employment is terminated by you or WMC for any reason prior to your earning any “advanced” PTO, such time will be considered a debt due and owing to WMC, and may be deducted from your final wages, as permitted by applicable law.
You can expect to be paid your regular base pay for the total number of hours worked within a pay period with the next scheduled pay date (or at the time of separation if and as required by applicable law).
Pay Statements & Form W-2
Pay Statements are accessible through UltiPro at https://EW24.UltiPro.com. To log in, you will need your Waterstone Mortgage email address and default password (DOB – no dashes MMDDYYYY format). If you need your password reset, please contact HR at HR@waterstonemortgage.com. Please keep us informed if your address changes to ensure that your Form W-2 reaches you in a timely manner.
For any questions on the items mentioned above, please contact firstname.lastname@example.org.
Benefit Provider Contact Information
|Health Insurance/Flexible Spending Account||UMR||www.umr.com
|Dental Insurance||Delta Dental||www.deltadentalwi.com
|Life & AD&D, CI, Acc
|Employee Checking Account||WaterStone Bank||414.761.1000|
Disclaimer: This Summary has been designed to provide you with general information about your benefits upon separation from employment. The described benefits are not guaranteed, and all benefits provided shall be subject to the terms of the applicable plan documents and summary plan descriptions.