As defined in Exhibit A, Paragraph 3 under the section entitled Death or Disability, within the UFSP Packet provided to participants by EPC, if an eligible employee is entitled to benefits under the plan, but dies before receiving all such benefits, the eligible employee’s beneficiary shall be entitled to a benefit in cash within 60 days of the employee’s death. For specific questions about death benefit payouts, contact EPC at 1-800-747-1504.
Yes, you can. Please contact EPC at 1-800-747-1504 so they can coordinate this change for you.
No. IRA accounts may not be used for this plan. Payments will be made to the participant’s 403(b) account, which will be administered by a provider selected from the university’s approved list. If a participant wishes to transfer amounts from that account, this should be discussed with a provider representative.
As defined in Exhibit A, Paragraph 2 under the section entitled UFSP Benefits, within the UFSP Packet provided to participants by EPC, all plan participants who retire or resign from the university by Jun. 30, 2023, will begin to receive UFSP benefit deposits into their selected 403(b) Contract Account between Oct. 15 and Oct. 30, 2023, and will be paid on or about the 15th of each month thereafter until all payments are completed. The participant can access the funds each month, within the parameters of the terms of his/her selected provider’s account agreement and
No. There is no option to elect the UFSP and receive the payout and contractual sick pay as a lump sum.
All who participate in the plan will receive their sick leave as part of their incentive plan. This means that you will receive sick leave whether you resign or retire. Sick leave will be included in your UFSP monthly payment. The amount of sick leave you are eligible for, according to policy 3342-6-11.1, is one-fourth or 25% of your balance up to a maximum of 30 working days or 240 hours.
Eligible employees electing the UFSP and exiting by Jun. 30, 2023, shall receive 100% of their base salary as of Jun. 30, 2023, not to exceed $80,000. The UFSP base benefit will be added to an amount equivalent to the employee’s contractual sick pay, the total of which is divided into 60 equal monthly payments to a 403(b) account.
The plan is not available to any other employees, including part-time, temporary or contracted employees, employees in positions supported by grant funding, those who have been laid off, terminated, or those who have formally retired or resigned from service with notification to the university and have exited service from the university, including those that have retired and have been subsequently rehired by Kent State.
