On your final check, you will be paid for any hours you have worked and not yet been paid for. Depending on how you are paid, this may result in your final check being larger than your normal paycheck if your pay is annualized (paid year- round/don’t work year-round). Any applicable unused vacation (after proration) will be paid out at this time as well.
Unused personal time for teachers will be paid out as well at the sub rate of pay based upon your group contract. See your bargaining contract for specific details.
Your insurance coverage ends on the last day of the month of the last day worked or determined by collective bargaining agreement. You will be receiving COBRA continuation information in the mail to your home address from COBRAPoint. Please watch for this information if you wish to continue your benefits at your own cost. The COBRA cost includes the entire insurance premium amount plus the cost of administration. You have 60 days after your last day of employment to activate COBRA, and the coverage is retroactive back to the day you lost coverage. COBRA coverage is available for yourself and any of the dependents you were covering at the time your employment ended. All COBRA administration is handled by COBRAPoint.
Money that you have had deducted from your checks pretax and set aside in a Medical Spending Account or Daycare Spending Account will remain in your account and is administered by PlanSource. You can request reimbursement from that account for any expenses incurred up to the effective end date. Any reimbursement requests should be sent to PlanSource. Additional questions about FSA’s can be directed to PlanSource customer services at 1-888-266-1732.
The money that has been contributed to a HSA account continues to be yours to use for eligible expenses. These accounts can continue with our third-party vendor PlanSourceuntil they have a zero balance. Please note that the administration cost will now be your responsibility after your employment ends. Please contact PlanSource Customer services at 1-888-266-1732 with any questions.
PERA is the pension account generally for non-licensed staff. The money that has been deducted and contributed to the PERA pension plan will remain with PERA for your retirement. Please contact PERA at mnpera.org or 651.296.7460 for questions or to discuss a refund, rollover or other options.
The Teachers Retirement Association has been providing pension coverage to Minnesota educators for decades, with a mission to help members and their beneficiaries plan for an independent and financially secure retirement. Click Here to learn more: minnesotatra.org