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Termination of Eligible Employment

If you change jobs to an employer outside your denomination, you may be able to continue certain benefits for a limited time. Here are some steps you may take:

Health Insurance

  • Be sure to check into the options available to you. If you are starting a new job, what benefits are available in your new position? If you have a spouse, can you be added to your spouse’s benefit plans? What options are available to continue coverage under your current medical and dental plans?

Retirement Plans

  • You can leave your retirement savings invested with MMBB. You will continue to be able to direct your money among the various funds and have access to monthly income, loans and partial withdrawals.
  • Be sure your MMBB beneficiary designations are up-to-date.

Flexible Spending Accounts (FSA)

  • Submit any outstanding FSA claims. If you participate in a health care and/or dependent care FSA, be sure to file eligible claims you incur before your termination date.
  • This section can help you model the effect your new situation could have on your future financial needs and how much you want to set aside for a health care and/or dependent care FSA.

Personal Affairs, Taxes, and Estate Planning

  • Review your insurance needs. You may want to begin individual life insurance and/or disability insurance policies before your coverage ends.
  • Contact your employer to provide:
    • your new address for your final paycheck and tax forms; and/or
    • your tax withholding information, if you need to change it.
  • Speak to your lawyer if you need to create or change your will or other legal documents, or to review other beneficiary designations.