You have 90 days from the date of termination to submit any claims for expenses incurred while you were an active employee. Any funds remaining in your account after that 90-day period has ended will be forfeited back to your employer.
Most plans will allow you to leave your vested balance in the plan if your vested account balance is greater than $5,000. However, the Summary Plan Description will dictate the exact vested balance that will allow you to leave your balance in the plan.
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires certain employers with group health plans to give employees the opportunity to continue their group health care coverage under the employer's plan if their coverage otherwise would cease due to termination, lay off, or other changes in employment status.
Yes a participant can contribute to both their employer’s retirement plan and a personal IRA. However, depending on your income, all or a portion of your IRA contribution may still be taxable in that year.
As each plan can choose whether to charge maintenance fees, you should contact your previous employer’s Plan Representative or you can call Pension Dynamics to obtain that information. Additionally, if you have a copy of the Summary Plan Description (SPD) and Administrative Policies from your previous plan, you can review it to find out if fees are paid by plan participants.