Click here to view the 10/31/2022 General Meeting #1 provided by Educators Preferred Corporation (EPC).
The plan is available to full-time Tenured/Tenure-track and Non-Tenure track faculty and unclassified employees with faculty rank who:
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.
The window period for eligible employees begins Oct. 31, 2022, and ends Dec. 16, 2022 (postmarked). Late elections will not be accepted. An eligible employee may elect to participate in the plan by signing and returning all the following forms:
If such documentation is not signed and returned to EPC within the window period, then the employee’s indication of interest shall be deemed withdrawn and the eligible employee shall not be entitled to participate in this plan. The exception is Exhibit F which can be returned at a later date no later than two months after you exit.
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.
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.
No. There is no option to elect the UFSP and receive the payout and contractual sick pay as a lump sum.
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 applicable law.
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.
University approved vendors and their contact information can be found at 403(b) Vendors and Contact Information.
Yes, you can. Please contact EPC at 1-800-747-1504 so they can coordinate this change for you.
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.
Employees who may be eligible to participate should have received a packet of information in the mail at their home address prior to Oct. 31, 2022. The packet contains important forms for participating as well as an explanation of benefits and a form that specifically addresses an employee’s years of service.
If you did not receive a packet and believe you are eligible, please contact Donna Sansonetti with Human Resources at 330-672-8333 or dsansone@kent.edu.
The window period for eligible employee elections begins Oct. 31, 2022, and ends Dec. 16, 2022 (postmarked). Late elections will not be accepted. An eligible employee may elect to participate in the plan by signing and returning all the following forms:
If such documentation is not signed and returned to EPC within the window period, then the employee’s indication of interest shall be deemed withdrawn and the eligible employee shall not be entitled to participate in this plan. The exception is Exhibit F which can be returned at a later date no later than two months after you exit.
The data provided by EPC is an estimate. The information STRS/OPERS gives you is official. In all cases, you should make decisions based on the information you receive from STRS/OPERS. You can notify EPC of the information and they can send you updated information if you would like.
You do not need to obtain this signature. If you are participating in the plan, return Exhibit B and C to EPC along with Exhibits D and F and the Beneficiary Form. EPC will secure the required university signatures following the close of the UFSP revocation period (midnight, Dec. 23, 2022).
Anyone who is over 18 years of age and is competent can be a witness and sign the forms. This includes your spouse, the EPC Counselors or anyone else over the age of 18. It does not need to be notarized.
Refer to the packet of information you received from EPC. The first page of the documents has a section with the heading “Exit Date: 6/30/2023.” In this section, you will find the amounts listed as “UFSP Total Benefit” and “UFSP Monthly Benefit.” Use these amounts to populate page 2 of Exhibit C.
No. Your enrollment will be accepted by submitting all the required forms except Exhibit F by Dec. 16, 2022. In the meantime, you can work on choosing and creating a 403(b) account to receive your monthly benefits. You must send EPC Exhibit F no later than 2 months after you exit. EPC needs to know where to send your monthly payments.
Yes. Participants must notify EPC in writing between Dec. 17 and Dec. 23, 2022 (postmarked), to revoke your decision to retire or separate from service.
However, if that decision is not revoked in writing within the seven-day revocation period, your decision to retire or to separate from service becomes final and binding.
You cannot work after your exit date. Based on operational needs and agreement by the participant, an exit date past Jun. 30, 2023, can be determined, allowing you to work beyond Jun. 30, 2023, until your extended exit date.
The Provost and the Dean of the College must approve an exit date that is later than Jun. 30, 2023. The exit date may only be extended by up to one year (June 2024).
Yes. Faculty must notify their department, dean, and the provost as soon as possible to permit adequate planning for the Spring 2023 semester. Administrators with faculty rank must notify their direct supervisor and the designated vice president as soon as possible.
For additional questions, contact Donna Sansonetti in Human Resources at 330-672-8333 or dsansone@kent.edu.
Yes. You must complete a resignation letter or submit a Notice of Separation Form to your department indicating that you are either leaving or retiring from the university under the UFSP. Your department will need to initiate additional paperwork due to your leaving and will be reminded by Human Resources and Academic Affairs later.
Yes. Per administrative policy 3342-6-11.17, vacation payouts will be made during the next payroll disbursement after separation from the university.
Employees are eligible for Kent State’s health care benefits through the end of the month that separation occurs. For specific questions related to health care benefits, contact the university benefits office at 330-672-3107.
Employees participating in a Flexible Spending Account have 30 days from their separation date to use available funds in their Flexible Spending Account. For specific questions related to Flexible Spending benefits, contact the university benefits office at 330-672-3107.
Per administrative policy 3342-6-09.1, retired full-time employees with at least ten years of continuous full-time service with the university are eligible, if they satisfy the eligibility requirements, for retirement benefits under the OPERS or the STRS defined benefit plans including employees who retired under the alternative retirement plan.
Employees who are separated for any reason other than recognized retirement must have active service of not less than 30 days within the semester of their termination of employment or reduction of hours become effective to be eligible for tuition waiver for the complete semester. Any period less than 30 days will either constitute removal from classes through university exit or the full semester tuition payment must be made to the bursar's office to continue classes.
For specific questions related to Tuition Waiver benefits, contact the university benefits office at 330-672-3107.
Employees who participate in the separation plan shall be required to waive all future employment rights, property rights, all entitlement to future wage and benefits increases and all rights to participate in any university-sponsored benefit plans (other than the right to payments under this plan and the right to purchase continuation of health care coverage as is required under applicable federal law); and also shall agree not to apply for re-employment.
If you intend to continue working after the Jun. 2023, exit date, you should talk to your Dean and/or your Academic Unit Administrator. The plan does allow employees to extend their exit date for one year beyond the June 2023 exit date described in the plan documents. In such cases, you can continue to work until your extended exit date.
The UFSP does not permit employment after your exit date, including any extended exit date (June 2024). Employment after your exit date would interrupt, and could potentially void, any future benefit payments to you.
Employees may be permitted to work part-time after their 60-month payment period has ended without impacting their payments under the plan.
A plan participant has no right to re-employment with the university.
Yes. This agreement only applies to employment with Kent State University.
General questions can be directed to Donna Sansonetti with Human Resources at 330-672-8333 or dsansone@kent.edu.
Employees may schedule an individual counseling session by contacting EPC at 1-800-747-1504 or by contacting Celestine Taylor at ctaylor@epcinternet.com.