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What happens to the money in my Commuter Account when I leave my employer?

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.

Can I leave my retirement plan account balance in my previous employer’s plan after I terminate my employment?

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.

What is COBRA?

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.

Can a participant contribute to an employer retirement plan and an IRA?

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.

What are Roth contributions?

Roth contributions are salary reduction contributions made to the plan that are made on an after tax basis (the income and gains that are earned on Roth contributions are not taxed).

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