Life Insurance and Flexible Spending Accounts for Retirees
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Life Insurance for Penn Retirees
Penn-Provided Life Insurance for Penn Retirees
If you meet the eligibility requirements for retirement, the University provides (at no cost to you) a life insurance benefit of $10,000.
Converting Basic, Supplemental, and Dependent Life Insurance for Penn Retirees
In addition, within 31 days of your retirement date, you may convert your basic, supplemental and/or dependent life insurance coverage (but not your AD&D coverage) to an individual policy that is equal to or less than the amount of your coverage prior to retirement. This coverage is currently provided through Metlife. Your converted policy as a retiree combined with the University-provided coverage of $10,000 cannot exceed the amount of your coverage prior to retirement.
You must apply for conversion to an individual policy within 31 days of your retirement date. You can receive a conversion application by contacting the Benefits Solution Center at 866-799-2329.
Life Insurance Beneficiaries
It is suggested that you review your beneficiary information for life insurance. If you would like to make a change, log into Workday or contact the Benefits Solution Center at 866-799-2329.
Funeral Planning Services
You also have access to funeral planning services through the University's life insurance benefit. MetLife has partnered with Dignity Memorial Funeral Planning and Concierge Service to offer pre-planning and at-need services for you, your spouse, and your dependent children—at no additional cost to you.
These services include online planning tools as well as 24-hour assistance throughout the funeral process. You may also access services for your parents, in-laws or other relatives through Dignity Memorial Funeral Planning and Concierge Service at a fee. For more information, or to create
an online profile and use their planning tools, visit metlife.thedignityplanner.com or call 866-853-0954.
Flexible Spending Account
Your participation in the Flexible Spending Account (FSA) ends when you retire. Your contributions end with your final paycheck. Eligible expenses incurred prior to your retirement date may be submitted for reimbursement no later than September 30 following your retirement date. IRS regulations require that any money remaining in the FSA after September 30 following your retirement date be forfeited to the FSA Plan.
For additional information, contact the Benefits Solution Center at 866-799-2329.