Health And Retirement Benefits After Job Loss
Plant and business closings, downsizings, and reductions in hours affect employees in numerous adverse ways. Workers lose income, the security of a steady job and, often, the health and retirement benefits that go along with working full time. Dislocated workers may have many questions, some of them concerning health and retirement benefits. For instance, Do I have access to my retirement funds? What happens to my health benefits? Can I continue health coverage until I get another job?
Most retirement and group health plans sponsored by employers must comply with the Employee Retirement Income Security Act of 1974 (ERISA), a Federal law that sets standards to protect employee benefits. Dislocated workers may have rights to certain retirement protections and health benefits under ERISA even if they lose their job. If a company provided a group health plan, the dislocated worker may be entitled to continued health benefits for a period of time if they cannot find a job immediately. When they find a new job, they may have fewer barriers to health care coverage. And with a change in employment, dislocated workers should understand how retirement benefits are affected. Knowing their rights can help a dislocated worker protect their family until they are working full time again.
Frequently Asked Questions
- COBRA Continuation Coverage
- CHIP Model Notice [Printer Friendly Version]
- CHIP Model Notice en español [Printer Friendly Version]
- Pre-Existing Condition Insurance Plan Program
- Consumer Information on the Affordable Care Act
- Job Loss - Important Information Workers Need to Know to Protect their Health Coverage and Retirement Benefits
- Your Employer's Bankruptcy: How Will It Affect Your Employee Benefits?
- Protecting Retirement and Health Care Benefits after Job Loss [en español] [中文] [한국어] [tiếng Việt]
Frequently Asked Questions
COBRA Model Notices
- General Notice | en español
- COBRA Model Election Notice | en español | Redline Version (to show May 2013 changes) - Note: The Trade Adjustment Assistance Extension Act of 2011 made significant changes to the HCTC through January 1, 2014. For more information, call the HCTC Customer Contact Center at 1-866-628-HCTC or visit the HCTC website.
CHIP Model Notice
- CHIP Model Notice | Printer Friendly Version
- CHIP Model Notice en español | Printer Friendly Version
- An Employer's Guide to Group Health Continuation Coverage Under COBRA | en español
- Compliance Assistance Guide - Health Benefits Coverage Under Federal Law
- Meeting Your Fiduciary Responsibilities | en español
- Understanding Your Fiduciary Responsibilities Under A Group Health Plan
Job Loss Posters
- Job Loss - Important Information Workers Need to Know to Protect Their Health Coverage and Retirement Benefits [8½" x 11"]
- Job Loss - Important Information Workers Need to Know to Protect Their Health Coverage and Retirement Benefits [11" x 17"]
- ¿Pérdida de Trabajo?...Proteja Sus Derechos de Pensión y Beneficios de Salud [8½" x 11"]
- ¿Pérdida de Trabajo?...Proteja Sus Derechos de Pensión y Beneficios de Salud [11" x 17"]