Are you moving to a different area? Are you retiring after years of faithful service? Did you accept another job with a different organization? If for any reason you are leaving employment with NOVA, please follow these detailed steps to ensure a smooth transition and to provide for the continuation of any benefits you may need. Please note that everyone, whether they have benefits or not, must follow the steps below that apply to them. If you plan to formally retire from NOVA, please look for special retirement benefit messages: 

Step 1:
Letter of Resignation

You must submit a letter of resignation to formally vacate the position held. Please print and complete this form (NOVA Form 105-21). A minimum of two weeks notice is requested.

Your day of resignation is generally the last day you have worked or the last day of your paid leave. Holidays, school closings and illness may call for an alternative date.

Step 2:
Direct Deposit

If you are currently using direct deposit, it will continue through your last salaried pay unless you notify Human Resources. Leave balance payments are not generally direct deposited. These checks are mailed to the home of forwarding address unless you indicate on the letter or resignation form that you wish to pick them up.

Note: Lag pay will frequently permit salaried pay on a pay date following your resignation date.

Retirees
If you are retiring as a VRS member, you will be asked to fill out VRS-57 as part of your retirement packet. This form authorizes direct deposit payments into your account from your VRS member disbursements.

Step 3:
Payment of Leave

If you plan to use leave within the two week period prior to resignation date, please inform the respective HR team to avoid an adjustment of your final paycheck. Leave balance payments are disbursed in separate checks, generally in the pay period immediately following the resignation date or receipt of last salaried pay.

Choose the link that corresponds to your situation:

• Non-VSDP Participants
• VSDP Participants Who Enrolled During Election Period and Converted Sick Leave Balance to Disability Credit
• VSDP Participants Who Enrolled During Election Period and Converted Sick Leave Balance to VRS Service Credit
• VSDP Participants as of January 10, 2003
• And Those Hired After January 1, 1999

Disability Credits
Employees participating in the VSDP Program who converted a sick leave balance to disability credits or defaulted to a disbility credit default (1/10/2003) will have to state their desire to either be paid for the balance or convert to additional VRS Credits. Complete VRS 5A and return to Human Resources prior to departure.

Step 4:
Change of Address

You must notify Human Resources in writing of a change in address at the time of your departure and the effective date of the change. If you would like your leave payments, continuation of benefits information, and W-2 sent to a different address, you must notify the human resource office in writing of this change. W-2s are sent by January 31 to your home address. Please notify NOVA Human Resources Department of any change in address to avoid a delay in receipt of your tax statement.

Step 5
Life Insurance

Salaried employees who meet the age and service requirements at the time they leave employment will have employer paid life insurance continued at no cost to them. The retained coverage will begin to reduce at a rate of 25% of the original coverage amount on January 1 of the first full year following the date you separate from service and annually thereafter until it reaches 25% of original value. Call Minnesota Life for further details at 800.441.2258.

If the age and service requirement is not met at the time of separation, a conversion option exists. You must apply for the continuation of coverage within 31 days of your loss of coverage (true for both VRS or ORP employees leaving employment).

Retirees

Employer Paid Life: If you retire with the appropriate age and years of service, you will continue to be eligible for employer paid life insurance at a reduced rate without cost to you. The amount of retained coverage will begin to reduce at a rate of 25 percent of the original value at retirement on January 1 of the first full year following the date you are separated from service, and annually thereafter, until it reaches 25 percent of its original value. You can use VRS-2 form to change your beneificary when necessary.

Optional Life: If you wish to continue optional life under the group plan, your election is limited to Option 1 or 2, with a maximum of $200,000 (if eligible for being covered for 5 consecutive years). Coverage will begin to reduce 25% at age 65, with subsequent 25% reductions every five years thereafter. All insurance ends at age 80. You must make this election within 31 days of your retirement. The insurance amounts may never increase. NOTE: You still have the option of converting your insurance into an individual policy as well.

Check Minnesota Life for further details.

Step 6
Deferred Compensation Plans

Click here if you participate in an Tax Deferred Annuity 403(b) plan.
Click here for 457 Participation.

403(b) Participant

Participants in a 403(b) should contact their vendor if a change of address is needed. There is no requirement to disgorge the funds in a 403(b) upon separation. Separation from employment, however, is a triggering event that permits access to your money. You may want to consider a rollover to an IRA or arrange for your funds to be sent to your new employer's vendor. Contact the vendor directly for additional information. Click here for a list of phone numbers of the vendors.

Step 7
Medical Insurance

Health coverage for classified full-time and part-time salaried employees and 12 month faculty terminates the last day of the month of employment. Teaching faculty terminating the end of the academic year have coverage through August 31 of that calendar year if premiums are paid accordingly. With few exceptions, employees are available for COBRA (continuation of benefits beyond employment); however, the employee must pay the full premium and a 2% administrative fee. COBRA can be maintained for 18 months for reason of termination. You must enroll in COBRA within 60 days of your separation of employment or receipt of your COBRA letter, whichever is later.

Retirees
If you are a retiree from VRS or ORP, you may participate in the State Retiree Health Benefits Plan. You must enroll within 31 days of separation of active employement. As a retiree, you may also be eligible for a health credit. You can obtain an enrollment form and additional information here. The DHRM website also offers detailed information about your health benefits at retirement.The fact sheets are a great source of information.

If you waive the state retiree coverage during the transitional election period, you will not be able to enroll at a later time unless your coverage was under a spouse state employee record who is retiring, or you come back to full time state employment (true for ORP and VRS).

Click here to request a health care application from Human Resources to extend your health coverage. If you are not interested in health coverage or if you need more time to decide, click here to continue to the next step.

Step 8
UNUM Disability Coverage

Coverage in the NOVA Group Long-Term Disability Plan ceases the end of the month in which the termination occurs.Your eligibility to continue the coverage on a non-group basis for 12 months without any evidence of insurability depends on whether you have been enrolled for 12 continuous months under the NOVA group plan. If you are interested in applying to keep UNUM coverage as a personal plan, click here to request a written application from Human Resources. Please include your mailing address and a daytime phone number.

Click here to continue to next step.

Step 9
Flexible Spending Accounts

If you are currently enrolled in a flexible spending account (Section 125), please call 703.426.4143 or click here to email the benefits department for your options upon termination.

Step 10
Saving Bond Refunds

Any balance in a bond account that is not sufficient to purchase a bond demonination will be refunded. This may be sent to you in a separate check mailed to your home address. This is true for both Series "I" and "EE" Bonds, or as a credit in a subsequent check which may be a leave check.

All employees must complete the Check-out sheet. The NOVA 105-22 form will be given to you by your supervisor for completion prior to or on your last day of work. If you are unable to fill out the Check-out sheet, please contact your supervisor so s/he can take the appropriate steps.

Step 12
Tuition Assistance

Upon termination, the employee is responsible for tuition payment for course work not completed. Please refer to NOVA 105-43/VCCS-16 for further information.

Step 13
Long Term Care Insurance

Upon termination of employment, you will be responsible for any employer-paid premium, if you desire for your coverage to continue. For more information, contact AETNA for more information at 877.894.2470 or visit their web site.

Step 14
VRS Funds

Upon termination of employment, full-time and part-time salaried employees who wish to receive a refund of member contributions plus interest from their VRS individual retirement account will need to complete the VRS-3 form and have notarized. You may leave the money in the VRS account, draw a 4% interest, retain all service credit, and, when vested and age-eligible, draw a monthly pension annuity. If you return to full-time employment with the Commonwelath to a VRS covered position, service credit is resumed. It is not necessary to make this decision at the time of resignation. If you wish to delay your decision, complete the section of the VRS 3-A form, entitled "Address Declaration for Inactive Members." This form must be returned to Human Resources by your departure date.

Your VRS account value is the accumulated sum of your after-tax retirement deductions of 5% prior to 10/83 and/or employer-paid contributions of 5% of your salary credited to your individual account plus interest. This sum is reflected annually on your Member Benefit Statement from VRS. Processing the refund check requires 60-90 days.

A lump-sum distribution of the taxable portion of a refund is subject to federal withholding rules unless a direct rollover is requested. A refund taken before age 59 1/2 may additionally have a 10% IRS penalty unless a rollover is made. Because of the complexity of this matter, contact should be made with the Benefits personnel in Human Resources or VRS (1.888.827.3847).

Retirees
If you are retiring from service and are eligible for a VRS Service Retirement, go the Guidelines to Retirement link and learn additional information.

Step 15
ORP Funds
You have several options regarding your pension funds in your ORP account subject to some important provisions and/or tax consequences. First, you may leave the funds in your ORP account upon leaving the college. Second, you may roll the funds over to another suitable account. You should contact your ORP carrier for further instructions regarding this option. Third, you may take a distribution on the available funds. However, you should investigate the tax ramifications of this dipersal as there is likely to be a penalty for doing so. With any of these options, you should contact your ORP vendor to find out additional information.

ORP Refund Request Form (VRS 65D)

Conclusion
You have completed the steps needed to prepare your separation from NOVA. There are some things, however, that cannot be done until the last day of employment. If you are unsure about any of these steps or need further clarification, please call the benefits team at 703.426.4143 or click here to send us an email.