Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
You have the option to continue benefit coverage when your employment ends. You must make a decision to continue medical, dental, vision and life insurance within 60 days of leaving your position.
Learn more about continuing coverage.
Your medical, dental and vision coverage will cease at the end of the pay period in which you terminated (i.e. the 15th or end of the month). Your other benefit coverage(s) end on your termination date.
You may continue group medical, dental, and/or vision coverage at full cost for up to 18 months after termination. If you elect to continue coverage, you must continue under the same plan you are currently enrolled in. You may elect to change your coverage type by deleting a family member but you cannot add a family member.
Learn more about continuing coverage.
View 2021 Continuation Price Sheet
If you elect to continue your medical coverage under the Consumer Choice Plan, please note the following regarding your HSA account:
Payroll deductions for your HSA will end on your termination date and your account will transition to a retail account.
You can continue to make contributions into your HSA by sending payments directly to PayFlex; taxes will be adjusted on an “above-the-line” basis when you file your income tax.
Details regarding HSA guidelines, contributions, taxability and eligible expenses are available at
www.irs.gov (publications 502 and 969).
You have the option to continue your Basic and/or Optional Basic Employee Term Life insurance and Basic and/or Optional Basic AD&D coverage directly with Securian Financial. You will receive information from Securian Financial approximately six weeks following your termination date with continuation details. You may call Securian Financial at 1-800-843-8358 if you have questions or do not receive your continuation information within the six-week time frame.
Child(ren) Term Life insurance can be continued only if you continue your Basic/Optional Basic Term Life. Securian Financial will contact you within six weeks after it is notified of your termination regarding payment information. You may also call Securian Financial at 1-800-843-8358 if you have questions or do not receive your continuation information within the six-week time frame.
Employee GUL and/or Spouse GUL end on your termination date. You may continue life insurance coverage directly with Securian Financial. You will receive information from Securian Financial approximately six weeks following your termination date with continuation details. You may call Securian Financial at 1-800-843-8358 if you have questions or do not receive your continuation information within the six-week time frame.
Health Care Flexible Spending Account (FSA)
Limited Purpose Health FSA
When your employment ends, you may elect to continue to make payments to your Health Care Flexible Spending Account until the end of the calendar year. If you continue payments, you are eligible to receive reimbursement for expenses incurred before and after the date your coverage ends. If you do not elect to contribute to your Health Care Flexible Spending Account after termination, you are eligible to receive reimbursement for expenses incurred up to your termination date. Claims must be submitted within 90 days. Claims submitted 90 days after termination will not be eligible for reimbursement.
Voluntary AD&D ends on your last day of active employment. No conversion option is available.
If you were a participant in the 401(k) Employer Contribution Plan, you are vested 100% for the amount you contribute to your 401(k) account. For the employer match and fixed contribution portion of your 401(k) account, you are vested at a rate of 25% each year of employment, and fully vested after four years.
After your separation of employment, you will receive a letter from John Hancock Retirement Services within two to three weeks after your last day regarding your 401(k) account.
If your account balance is less than $1,000, you will be required to take a cash distribution or rollover. If your account balance is more than $1,000, your options are to:
Keep your money in your account.
Elect to receive a cash distribution.
Elect a direct rollover / transfer.
Transfer the money to a John Hancock Investment Management IRA.
There are many great reasons to leave your 401(k) balance right where it is.
Learn more ...
Do You Have Any Outstanding 401(k) Loans?
If you have an outstanding 401(k) loans, contact John Hancock Retirement Services at 1-800-294-3575 or go to
myplan.johnhancock.com to get a loan payoff form. You also have the option of continuing to make your loan payment(s) to John Hancock Retirement Services, which will send you invoices on a monthly basis. You will be able to access, add or change your beneficiary information through
Your accrual of credited service under the retirement plan will end when your employment terminates. If you have any questions regarding your Defined Benefit Retirement Plan, contact John Hancock Retirement Services at 1-800-294-3575.