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Employee Offboarding Information

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Fund for the City of New York Employee Offboarding Information

This page provides everything you need to navigate employee transitions, including guidance on healthcare coverage, transit accounts, pension plans, payroll, and vacation balance payout.

Benefits and cobra

The information below outlines how benefits end when an employee leave employment with the Fund.

A COBRA information packet will be provided to the employee via email. This packet will provide the employee with information on continuing their benefits under COBRA including how to sign up, rates, and an overview of their rights regarding COBRA.

Healthcare Coverage

If employees are eligible for benefits and enrolled in a health and/or dental plan, they automatically receive 30 days of coverage after their last day of employment. After that 30 day period, an employee will have another 30 days to elect Cobra to continue insurance.

Healthcare & Dependent Care Flexible Spending Accounts

Employees have 60 days to submit reimbursements for expenses incurred on or prior to their last day of employment. Any expenses occurred after the last day of employment will not be eligible to be reimbursed. Any unused funds are forfeited.

Transit Account

Employees have until the last benefit month to which they contributed. This is generally the month following the their termination date. For example, if an employee’s last day is 6/25, the last day to use funds would be 7/31.

401(k) and 403(b) Accounts

Former staff have various options for handling their pension contributions upon termination from the Fund. They may choose to roll the funds over to another retirement account, keep their funds with TIAA, or other options. These options can be discussed and processed directly through TIAA.

The Fund's matching 401(k) contributions requires two years of employee to be considered vested. If employment ends prior to two years of service, any fund contributed as an employer match will be forfeited. Any contributions an employee has made to FCNY's 401(k) and 403(b) program remain theirs to keep, regardless of their length of employment.

For example: an employee contributed 5% of their eligible pay to the 401(k) and FCNY matched it with a 10% contribution. The employee ends their employment after 18 months. They would retain their 5% contributions but would forfeit the Fund's 10% matching contributions.

Former employees should continue to communicate with TIAA for account management after their employment has terminated.

Payroll and vacation balance payout

Final Paycheck

Employees who are paid on a salaried basis are paid concurrent with the pay period. They will receive their final pay in the pay cycle in which their employment ends. For example, if a salaried employee's employment ends on June 25th, they would receive their final paycheck on June 30th.

Employees who are paid on an hourly basis are paid on a one pay cycle delay. They will receive their final pay in the pay cycle following the pay cycle in which their employment ends. For example, if an hourly employee's employment ends on June 25th, they would receive their final paycheck on July 15th. They would receive pay for any hours worked from June 1-30 on June 30th.

Vacation Accrual
Any unused vacation time will be paid out after an employee's departure. It is generally paid in the payroll after an employees final paycheck for wages. For example, if an employee's last day is June 25th, they can expect the payout on July 15th.

Please note, we do need an employees final timesheet to process the payment. Delays in completing the timesheet can cause delays in the vacation payout.

Floating Holidays and Sick Time
Unused floating holidays and sick time are not eligible for payout.

If you have questions, please reach out to the HR team at hrfcny@fcny.org.

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