We greatly appreciate your dedicated service and loyalty to our company. You might not know this, but we are aware of all your efforts and hard work, and we cannot thank you enough. We value all your sacrifices in helping us grow to where we are today. We have outlined several areas where we can assist you with your employment transition.
Employment Termination Types
There are several termination types. Please review the types below and click on the link that applies to your situation.
I have been employed | I have been employed | I have been employed | |
Employee Status | 1-5 Years | 6-9 Years | 10+ Years |
I am an Active Employee contributing to Pension | Refund or Rollover of Pension Contributions | Refund or Rollover of Pension Contributions | Option for Retirement or Refund/Rollover |
I am an Active Employee contributing to Social Security | Refund of Pension Supplemental -457B | Refund of Pension Supplemental -457B | Option for Retirement or Refund/Rollover |
I am a Part-Time Employee | No Action is Needed | No Action is Needed | No Action is Needed |
How Should I Start?
Determine the date that you are resigning or retiring
Notify your management
Give at least a two weeks’ notice (if possible)
Write a formal letter of resignation & confirm that it has been received
Notify your HR Liaison & inquire on how many final hours of pay to expect from unused vacation, bonus, or sick time. Unused time is typically paid out as a lump sum.
Request an exit interview
Turn in all City of Memphis equipment (Failure to turn in all City of Memphis equipment can result in the withholding of your final paycheck or legal actions)
How Do I Find Out If I Have Any Benefits Left?
Contact the Total Rewards Benefits Service Center at (901)636-6800 or schedule an appointment with a member of the team to discuss your eligibility of post-employment benefits and to determine if you are eligible for any refunds of your pension or pension supplemental contributions
As a Pension Employee- You can receive your pension contributions in a lump sum/rollover or as an annuity if you have contributed 10+ years into the pension plans
As a Social Security Employee– You will receive any unused pension supplemental benefits that you have contributed (457 plan) and/or has been contributed on your behalf by the City of Memphis(COM)
Please note that if you have contributed to the Deferred Compensation Plan(457), you can roll it over to your new employer’s 401(k) or an IRA that you own. You can also cash it out, but that has steep tax consequences. You may also be able to continue life insurance. The City of Memphis voluntary life plans have a portability clause, meaning that you can take it with you and continue to pay after employment ceases with the COM. Make sure to ask your Total Rewards team member about your options.
I have been employed | I have been employed | I have been employed | |
Employee Status | 1-5 Years | 6-9 Years | 10+ Years |
I was Involuntarily Terminated | Refund or Rollover of Pension Contributions | Refund or Rollover of Pension Contributions | Option for Retirement or Refund/Rollover*Retirement options are based on the reason you were involuntarily terminated |
What are examples of Involuntary Termination?
There are 2 types of involuntary terminations.
With cause
Without cause
Involuntary Terminations without cause can include:
Abolished Position with no other work placement option
Layoffs and Downsizing
Firing
End of Contract or Appointment
Involuntary Terminations with cause can include:
Failure to perform work duties
Violation of a COM policy (Immediate termination is necessary if the policy violation is severe)
Disruptive or Unethical Behavior
Any host of infractions
What you should do for your Division
Notify your HR Liaison of your termination & inquire on how many final hours of pay to expect. Unused time is typically paid out as a lump sum.
Turn in all City of Memphis equipment (Failure to turn in all City of Memphis equipment can result in the withholding of your final paycheck or legal actions)
What are your next steps?
Contact the Total Rewards Benefits Service Center at (901)636-6800 or schedule an appointment with a member of the team via the scheduling portal on the Total Rewards website to discuss your eligibility of post-employment benefits and to determine if you are eligible for any refunds of your pension or pension supplemental contributions
As a Pension Employee- You can receive your pension contributions in a lump sum/rollover or as an annuity if you have contributed 10+ years into the pension plans
As a Social Security Employee- You can receive any unused pension supplemental benefits that you have contributed (457 plan) and/or has been contributed on your behalf by the City of Memphis(COM)
*Workers who are unemployed through no fault of their own (as determined under state law), and meet other eligibility requirements, may be eligible to receive unemployment benefits.
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