![]() ![]() (Rolling a traditional 401(k) into a traditional IRA delays taxation. Your savings can continue to be invested, with similar tax advantages.Transfer your money into an individual retirement account (IRA). Youtube The logo for the YouTube video sharing service.From tax implications to investment opportunities, each option for your 401(k) has nuances to consider. Vimeo The logo for the Vimeo video sharing service. Twitter The logo for the Twitter social media service. Plus A plus symbol indicating more or the ability to add. Pencil A pencil indicating that this is editable. Menu Three horizontal lines indicating a menu. Linkedin The logo for the LinkedIn social media service. Instagram The logo for the Instagram social media service. Facebook The logo for the Facebook social media service. Arrow in Circle An arrow indicating direction. Urgent Message An exclamation mark in a speech bubble. UBC Crest The official logo of the University of British Columbia. Questions about life insuranceįor more information on rates, terms of individual life insurance policies and any general questions about converting your group life insurance coverage to an individual policy, contact Sun Life directly at 1 8 to speak with a Sun Life insurance representative. Premium rates for individual life insurance policies depend on your age, your sex, whether you smoke, and the customary premium rate charged for the type of insurance you choose. This conversion option is not available for dependent children. The maximum amount you can convert from a group life policy (basic and optional life) to an individual policy is $200,000 for you as an employee, and $200,000 for your spouse. However, if you are in good health, you may want to talk to your financial advisor or insurance provider representative to investigate which insurance policy and insurance company will best suit your needs. If you convert your current coverage to an individual policy through Sun Life, you don't need to submit a health statement as is required if you are purchasing an individual policy from another provider. You'll be responsible for arranging this coverage and paying the premiums associated with any individual policies directly to Sun Life. ![]() Conversion processĪfter your last day of work at UBC (or once you have experienced a reduction in coverage), you have 31 days to convert your life insurance plans from a group to an individual policy without having to provide a health statement to Sun Life. You can convert one or more of these plans to individual policies so that you continue to hold insurance coverage. Your basic group life insurance, optional life insurance, and accidental death and dismemberment insurance plans expire on your last day of employment. For more information, visit the Life Insurance Conversion on Retirement page. When you retire, you have the option of converting your life insurance from UBC's group plan to an individual plan. Learn more about Retirement at UBC and Visit the UBC Pensions website to learn more about your pension benefits upon retirement. As a transition in the employee life cycle, we understand how important it is that you have the tools to plan your retirement. Retirement can mean different things to different people and can bring up a variety of emotions. Please remember to update your contact information (email, phone, address) in Workday prior to departing UBC. Please talk to your manager prior to leaving UBC if you would like to request this additional access. In some instances, former employees may be able to access other UBC systems (FASMail, Library, Parking, etc.) for up to 9 months from their termination date. Former Employee Access to WorkdayĮmployees who leave UBC after November 1, 2019, can access Workday using their existing CWL and password for 18 months past their termination date to access their pay and tax slips. Note: Employees can now access their Record of Employment by visiting the Services Canada website. Ensure all UBC credit cards in your name are cancelled and outstanding balances are cleared. Ensure your address and contact information is up-to-date in Workday. For Workday resources and help visit the Integrated Service Centre.Ĩ. Return any other university property in your possession.ħ. Return your keys to the Parking and Access Control Office. ![]() Look into your options with your pension plan.Ĥ. Submit any outstanding expense claims.ĥ. Take care of any outstanding benefits claims and familiarize yourself with what happens to your benefits when you leave the university.ģ. Give adequate notice that you are leaving UBC.Ģ. ![]() When you leave UBC, there are steps you should follow to ensure that everything is wrapped up by the end of your time here.ġ. ![]()
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