TERMINATION PROCESSING  

Fortunately or unfortunately, the employer’s relationship with its employees does not end when the employee leaves.  Most organizations want to handle this situation in an honorable way that will enhance internal and external relationships, while avoiding potential law suits.  The HRSB will help the organization administer the process making sure all elements of termination are handled properly.  The HRSB will also provide administration for former employees so the organization can concentrate on finding and managing new employees to meet its goals.  Former employee administration and planning includes:

Termination Process - When an employee is terminated the Manager will enter the appropriate termination status, reason and date.  This will terminate benefits according to each benefit's rules (first of the following month.)  A checklist will appear that presents the organization's steps for monitoring termination such as:

            1.  Pay final pay including accumulated vacation time

            2.  Collect company property and keys

            3.  Obtain signature of confidentiality or severance agreement if applicable

            4.  Change passwords and computer access

            5.  Change org charts and listings

            6.  Notify Key staff by e-mail of employee's departure

            6.  Initiate Cobra Process

            7.  Initiate 401(k)/403(b) process

            8.  Initiate  retirement process

            9.  Collect feedback

COBRA - Terminated employees along with divorced spouses and former dependents have rights to receive health benefits including dental and drug at the employer’s rates plus an administration charge.  If the organization wishes, the HRSB will automatically start the COBRA process by sending the required letters at the required timeframes.  If a former employee decides to choose COBRA, the HRSB will bill the employee and manage the process.

Retirement Planning - As America ages, there will be an increased emphasis upon retirement planning.   If the organization desires to do so, the HRSB can add retirement planning to the employee portal.  The employee will see the effects of 401(k)/403(b), pension, profit sharing, social security and savings upon their accumulated retirement income.  They will be able to graphically see how each component contributes to an annual target retirement amount based on assumptions they make.  They can change assumptions such as retirement age, savings percent, 401(k) contribution, 401(k) return and see the results.  Such a process reduces the demand for costly benefit calculations performed internally or by actuaries (up to $300 per estimate.)

Pension Administration - For organizations that have pension plans, the HRSB can perform Pension Administration (future enhancement)

Employment Verification - Prospective employers may call the organization for employment references.  The organization may choose to refer these to the HRSB, where the required employment dates are given.  Supplying this minimal data, reduces the possibility of negative legal impact.

The Termination Process is part of the Base Product.  Other processes may be ordered separately. 

For more information, a brochure or a demonstration please contact us at the HRSB.