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Annual Leave Payout
Jan 2, 2024, 4:12 PM By MOSERSI plan on retiring in two years and will have annual leave to be paid out. Will it be paid out on my final paycheck, or will I have to wait for it?The amount of your unused annual leave/vacation has no impact on your MOSERS pension benefits. Each agency may have different policies related to annual leave final payouts. We recommend that you inquire with your agency’s human resources office about their employee policies and guidelines for annual leave payouts before retirement.
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Annual Leave Payout for Health Insurance Premiums
Jan 27, 2022, 10:13 AM By MOSERSWhen you retire can you turn in your Annual Leave to pay for your health insurance to cover the rest of the year you retire?
Yes, there is an option to pre-pay health insurance premiums in retirement with a payout for unused annual leave. However, this is outside of the scope of benefits that MOSERS administers.
Please contact your HR office, MCHCP, and ASI Flex for details on the forms you will need to complete and the associated deadlines. Additionally, we encourage you to check with your human resources office about policies on annual and sick leave accrual and usage before retirement.
Please note that the amount of your unused annual leave has no impact on your MOSERS retirement benefits.
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Pre-Pay Insurance Premiums with Annual Leave
Aug 11, 2021, 3:51 PM By MOSERSI have been told that you are able to use unused vacation time to purchase health insurance through the end of the year of the year you retire. For example, you retire September first you may use unused AL time to pay for health insurance for October, November and December. My last day worked is December 31 with a retirement date of January 1. Since my retirement date is January 1 am I able to purchase health insurance through December?There is an option to pre-pay health insurance premiums in retirement with a payout of unused annual leave. However, this is outside of the scope of benefits that MOSERS administers. You can find the following information on MCHCP’s website:
- “Employees whose premiums are collected pre-tax through the cafeteria plan have the opportunity to pre-pay premiums pre-tax as a retiree. Prepaid premiums may only be paid within the same calendar year*. To prepay, retirees must submit their enrollment request at least 31 days prior to their retirement date. The first month’s premium for retiree coverage will be divided between the last two active paychecks. Additional prepaid premiums may be collected from the retiree’s last two active paychecks and/or lump sum vacation/compensatory time payroll. Verify this payroll amount with the HR/Payroll personnel to determine how many months of retiree premiums can be prepaid.
- If a retiring employee transfers coverage under a retired spouse, the prepaid premium will include the premium for both the retiree and spouse. MCHCP suspends deductions from the spouse’s retirement benefit during the prepaid months.
- Retirees who cancel or fail to elect coverage may not enroll at a later date. Retirees who return to state employment and become eligible for benefits through MCHCP will be treated as a new employee.
- *Employees with a retirement date of Dec. 1 cannot prepay premiums, since future premiums would be for a different plan year. Employees with a retirement date of Jan. 1 can only prepay premiums using funds from their final active payroll (usually Jan. 15) and/or their vacation and compensatory time payroll.” Source: Enrollment (mchcp.org)
Please note that the amount of your unused annual leave has no impact on your MOSERS retirement benefits.
Please contact your HR office, MCHCP, and ASI Flex for details on the forms you need to complete and associated deadlines. Additionally, we encourage you to check with your human resources office about policies on annual and sick leave accrual and usage before retirement.
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Disclaimer
We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security & Legal Notices for more information.