Leaving WSP
Plan your departure
Discuss departure plans with your manager.
If possible, assist in transitioning your responsibilities to colleagues.
Return all company property.
This includes laptops, mobile devices, and company credit cards.
Consider your options for continuing benefits.
Review information below and complete any necessary action steps.
Decide what to do with your retirement savings.
You have options for how to handle your 401(k) balance. Learn more below.
If you’re retiring:
Review your retiree benefit options below and make your elections.
Consider your benefit options upon leaving WSP USA
- Medical, dental, and vision plans — In most cases, you can continue your medical coverage through COBRA. You will pay the full premium cost of these plans, plus an administrative fee, without any subsidy from WSP USA.
- Flexible Spending Accounts (FSA) — If you participate in an FSA, you can continue using your FSA(s) if you elect COBRA, which allows you to continue spending any remaining balance in your account(s) at the time of your termination. You may not contribute any additional amounts to your account(s).
- Health Savings Account (HSA) — If you participate in an HSA, you will continue to own your account after you leave WSP USA. You will not forfeit any unused balance, and you do not need to enroll in COBRA to access your HSA funds. However, your payroll contributions will end with your employment. You may make post-tax contributions and then deduct them on your income tax return. You will be responsible for any account administrative fees.
- Supplemental life insurance — Contact MetLife directly if you’d like to continue your life insurance coverage as an individual policy.
Decide how to handle your retirement savings
If you participate in the WSP USA Retirement Savings Plan, you can roll over your vested account balance into another qualified plan through a new employer or into an Individual Retirement Account (IRA).
You can leave your account balance in the plan, subject to the Plan’s minimum account balance rules, although your payroll contributions and WSP USA's matching contributions will end with your employment.
Review your retiree benefit options
If you’re retiring from WSP USA, it’s important to consider your future health care needs and your benefit options — through both Medicare and WSP USA.
If you are NOT Medicare eligible:
You may continue your medical, dental and vision coverages by electing COBRA.
If you ARE Medicare eligible:
Call HTA Financial to get all you need to transition to Medicare, acquire the best secondary coverage and obtain ongoing support. HTA’s licensed counselors can explain the Medicare enrollment process and the Medicare claims systems, so you know what to expect. You can contact HTA for a free consultation, which will be followed by a detailed summary email and report outlining your specific “action plan” based on your health needs and situation. There is no cost for this service – you pay the same price for the insurance products through HTA as you would by going directly to the insurance companies. To contact Medicare Assistance Services, call 610-430-6650, Monday to Thursday 9 AM am to 5 PM or Friday 9 AM to 4 PM ET; you can also schedule a consultation via email at medicare@htafinancial.com.
Understand how to enroll in Medicare
If you are eligible for Medicare, here’s some information to help you understand your available benefits and when to enroll.
Your Medicare benefits are divided into three parts:
Part A – Covers inpatient services
In addition to inpatient hospital services, Part A covers care in a skilled nursing facility or hospice. Note that it does not cover outpatient Emergency Room visits.
You're eligible to sign up for Part A during the seven-month Initial Enrollment Period (IEP), which begins three months before you turn 65 and continues until the last day of the third month after your 65th birthday. It is essential that you sign up during the IEP or you may have to pay a late enrollment penalty. For the majority of people who sign up on time, Part A is premium free.
Part B – Covers doctor visits and preventive care
There are specific timing requirements involved in signing up for Medicare Part B. If you delay past these specific enrollment timelines, you will pay a higher monthly premium.
You can sign up for Part B within your first eligible IEP without paying higher monthly premiums. You also will have the opportunity to enroll in Part B during the eight-month Special Enrollment Period (SEP) after your WSP USA Employee health benefits end without paying a late penalty.
Part D – Covers prescription drugs
Part D covers prescription drug costs through a private insurance plan approved by Medicare. The Medicare Supplement medical plan offered to you provides coverage that can take the place of Medicare Part D.
Keep in mind: If you don't enroll in Part D during the IEP or within exactly 63 days after your employer-provided drug benefits end, you will have to pay a penalty, and drug benefits may be delayed, causing you to have to pay retail cost for expensive prescriptions.
Visit medicare.gov for more information.