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What Happens When... Your Employment Ends
Last Modified: Jan. 4, 2010
At U.S. Bank, we value our employees, and appreciate your service with the company. Should your employment with the organization end, we want to make sure you have the information you need to help you through this transition. This guide provides information and resources to help answer questions you may have as your U.S. Bank employment ends.
IMPORTANT:
- This guide addresses voluntary and involuntary separations other than retirement or severance situations. If your employment with U.S. Bank is ending due to retirement, please see the "What Happens When ... You Retire" life event guide. (Retirement is generally after you reach age 55 and have five years of service.)
- If you are receiving severance benefits, see your manager or HR generalist. You may also want to review the Situations That Affect Your Coverage sections of applicable summary plan descriptions.
What You Need to Do
Things to Consider
Questions and Answers
What You Need to Do
Here is a list of things you may need to do when your employment ends.
Notify your manager. If you are leaving voluntarily, notify your manager as soon as possible. He/she can work with Human Resources to process this status change and make important staffing decisions. It is important to provide your resignation in writing and give a minimum of two weeks notice. Notify your HR generalist. Notify your HR generalist of what your last day of employment will be. Your HR generalist will partner with your manager during the termination process and can assist with questions you may have. Update your address and/or phone number, if necessary. It is important that we are able to contact you after you leave U.S. Bank, particularly regarding various benefits issues, your final pay and your final W-2 form. Through Employee Self Service, you can view and update your address and phone number currently on record. - Determine necessary action regarding stock options, if applicable. All stock option plans have specific guidelines and deadlines for action if you are leaving the organization. For information about stock options you have been granted, refer to your stock option agreement(s). It is your responsibility to keep track of your options and the specific dates they will expire or cancel. For more information, log on to www.BenefitAccess.com or call Morgan Stanley Smith Barney at 877-636-7495. For more general information, see the Stock Option Information page.
- Return company property to your manager on or before your last day at U.S. Bank, including:
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- Submit any outstanding travel & entertainment (T&E) expenses. Follow the normal T&E process for reimbursement. You will be reimbursed for any approved T&E expenses incurred before your last day of active employment. A check will be mailed to your home address.
- Review your employee termination package. A package will be mailed to your home address within a few weeks after your last day of work. The package contains a benefits termination summary and details about those you may be eligible to continue under COBRA after you leave.
Things to Consider
The U.S. Bank Employee Service Center
After you leave, you may continue to access the U.S. Bank Employee Service Center from anywhere in the United States, 24 hours a day. Just call 800-806-7009 to get information on various benefit plans. In addition, service center representatives are available Monday through Friday, except holidays, from 8 a.m. to 6 p.m. CT to answer your questions. You will need your U.S. Bank Employee Service Center personal identification number (PIN) which will allow you to access personal employee information for 18 months after you leave. If you forget your PIN, you will have an option to select a new one. To access 401(k), deferred compensation or pension information, you will need your U.S. Bank Retirement Program user ID and password. If your address changes after you leave, call the U.S. Bank Employee Service Center to update our records. For automated employment verification, call the U.S. Bank Employee Service Center and select the appropriate option for specific instructions.
Your Final Pay
Your final pay is processed in the same manner as regular pay - either via direct deposit or by check mailed to your home address on file.
Your Final W-2 Statement
Your final W-2 statement will be mailed to your last address on file. It will be mailed no later than Jan. 31 following the year of your termination. If your address changes after you leave the organization, be sure to call the U.S. Bank Employee Service Center to update our records.
Vacation Pay
Vacation is earned per month through the entire year. If your employment ends and you have not taken all of the vacation you have earned, you will be paid for this unused vacation (generally on your final pay) if you leave in good standing and have provided a two-week notice. Similarly, any vacation pay received, but not yet earned at the time of your termination is a debt to the company, and the company may, at its discretion deduct the overpayment from any final pay due, or may demand payment directly from you. For more information, see the Employee Handbook.
If you have purchased additional vacation, see the Situations That Affect Your Coverage section of the Purchased Vacation Summary Plan Description for specifics about how your Purchased Vacation will be affected.
U.S. Bank Benefits
- See the Situations That Affect Your Coverage sections of applicable summary plan descriptions for specifics about how benefits will be affected.
- For more information on other health and welfare benefits information, such as voluntary life insurance, refer to the U.S. Bank Employee Benefits Termination Summary, which will be sent to your home after your termination is processed on payroll.
- You may be eligible to continue certain benefits coverage through COBRA. You will receive COBRA election materials within 44 days from the date your health care coverage terminates.
U.S. Bank 401(k) Savings Plan
- Pre-tax contributions generally end with your last pay period as an active employee. If you are eligible to receive the employer matching contribution, it will be posted to your account in January of the following year.
- If your account balance at termination does not exceed $5,000, then a lump-sum distribution will be made to you as soon as administratively practicable following your termination of employment unless you request earlier payment. If the amount of the distribution is more than $1,000 and you do not elect either to have the distribution paid directly to you or have the distribution rolled over to another retirement plan, your distribution must be rolled over to an IRA at U.S. Bancorp Investments. If your account balance is $5,000 or more, it can remain in the Plan until you reach age 70-1/2. At the time of your termination, the Plan Administrator will provide you with further information regarding your distribution rights.
- Once your termination status is processed on payroll and the 401(k) system, you can request a distribution of your 401(k) Savings Plan account online at www.yourbenefitsresources.com/usbank or via the U.S. Bank Employee Service Center at 800-806-7009.
- Generally, a loan must be repaid within 90 days from the date your employment ends. Please call the U.S. Bank Employee Service Center at 800-806-7009 and select the 401(k) Savings Plan option for more information.
You may continue to access www.yourbenefitsresources.com/usbank or call the U.S. Bank Employee Service Center for information about your account. You will need to provide your U.S. Bank Retirement Program user ID and password.
U.S. Bank Pension Plan/U.S. Bank 2010 Cash Balance Plan
You will be entitled to a pension benefit if you have attained at least five years of vesting service for benefits earned in the U.S. Bank Pension Plan or at least three years of vesting service for benefits earned in the U.S. Bank 2010 Cash Balance Plan. You may or may not be eligible to commence payments immediately due to plan specific age requirements. If you are eligible to commence all or a portion of your pension benefit immediately but you do not initiate commencement online or by calling the U.S. Bank Employee Service Center prior to your termination, information regarding your pension benefit will be mailed to your home address approximately 60 days after your employment ends. For information about your pension benefit, log on to www.yourbenefitsresources.com/usbank or call the U.S. Bank Employee Service Center at 800-806-7009 and select the pension option.
Beneficiaries
You may review and update your 401(k) and Pension Plan beneficiaries online at www.yourbenefitsresources.com/usbank or by phone via the U.S. Bank Employee Service Center at 800-806-7009 (select option 2 for retirees and terminated employees, and then *0 to speak with a service center representative).
Tuition Reimbursement
If you leave U.S. Bank within one year of receiving reimbursement of tuition, you will be required to repay U.S. Bank the amount of the reimbursement. In addition, you must repay 50% of any tuition received within two years of your termination date for courses applied to graduate degree programs. No reimbursement will be made to former employees or to employees who have given notice of resignation, even though approval of reimbursement may have previously been provided. See the Tuition Reimbursement policy for more information.
American Institute of Banking Courses (AIB)
If you are enrolled in an AIB course on the effective date of your termination, you will be required to repay the cost of tuition. See the Employee Handbook for more information.
Incentive Compensation
You may wish to ask your manager how your employment termination may affect your participation in any incentive plans or long-term compensation plans.
Questions and Answers
Q. Will my PIN work when I call the U.S. Bank Employee Service Center after my employment ends?
A. Your U.S. Bank Employee Service Center PIN will generally be valid for 18 months after your employment termination. After 18 months, you will still be able to call the U.S. Bank Employee Service Center to access 401(k) and pension information by using your U.S. Bank Retirement Program user ID and password. Refer to the Human Resources Web and Phone Services Guide for specific navigation information.
Q. If I am eligible for severance, may I post for open positions while I am receiving severance?
A. Yes. During your severance period, you are eligible to apply for employment opportunities with U.S. Bank. You may apply for one or more job openings at a time. Information about job openings can be accessed through usbank.com/careers. If you are rehired by U.S. Bank during your severance pay continuation period, your severance pay would stop effective on the date you return to U.S. Bank, and you would retain your service date. If you received a lump-sum severance payout, you may be required to return the appropriate pro-rated amount depending on your rehire date. See your Human Resources representative for details.
Q. If I receive an exit survey after I leave the company, why should I complete it?
A. Your perspective on your work experience at U.S. Bank is important to us. Exit survey feedback has proven very useful in helping U.S. Bank identify areas for improvement. The survey takes just a few minutes to complete, and you will have the option of submitting your responses anonymously. The majority of information U.S. Bank receives will be rolled into a summary format before it is shared with anyone outside of Human Resources.
If there are differences between the information contained on this site and the official plan/program documents, the official plan/program documents will govern.
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