IQVIA Benefits Handbook
IF YOU RETIRE
Remember to notify IQVIA at least two months before you plan to retire. COBRA will be offered at retirement for medical, dental and vision coverage.
The following table outlines what happens to your benefits coverage when you retire.
Benefit Plans
How Coverage Is Affected
Things to Consider
Health Care Plans (including medical, dental, vision and prescription drug coverage)
  • Coverage ends on the last day of the month in which you retire.*
  • You can continue coverage through COBRA. You will be required to pay the full cost of coverage plus a 2% administrative fee.
  • You can apply for Medicare if you are age 65 or older.
 
Flexible Spending Accounts
  • Participation ends on the day you leave IQVIA.*
  • You can elect to continue participation in the Health Care FSA through the end of the year on an after-tax basis through COBRA. You will be required to pay the full cost of coverage plus a 2% administrative fee.
  • You may not continue your Dependent Care FSA when you retire.
  • Remember to submit health care expenses incurred prior to your retirement date within 90 days of your last day of work.
  • You may submit dependent care expenses incurred through the remainder of the calendar year.
Life and Accident Plans
  • Coverage ends on the last day of your employment with IQVIA*.
  • You can elect to continue coverage by converting to an individual policy. You must purchase coverage within 30 days after coverage ends.
 
401(k) Plan
  • If your 401(k) account balance is less than $1,000, it will be paid out as a lump sum. You may roll it over to an Individual Retirement Account (IRA) or another tax-qualified employer plan without taxes being withheld. If you do not roll it over, there may be tax liabilities for which you will be responsible.
  • If your account balance is greater than $1,000, you may choose to receive the full value of your account balance in a lump sum, or you may keep your account in the Plan until age 65.
  • Outstanding loans must be paid back after you retire from IQVIA, unless you set-up ACH repayments directly with Fidelity within 30 days of termination in order to continue loan payments. If payments are not continued, the loan will automatically be defaulted and become taxable income in the year of default.
  • You may roll your balance over to an Individual Retirement Account (IRA) or another tax-qualified employer plan without taxes being withheld. If you do not roll it over, there may be tax liabilities for which you will be responsible.
  • You will not be able to make any further contributions, but you may continue to change investment funds within the Plan.
  • Review your beneficiary designation. If you are married, your spouse is always your beneficiary. If you want to choose another beneficiary, your spouse will be required to provide notarized written consent. Call Fidelity at 800-835-5097 for beneficiary forms or log on to their website at http://www.401k.com.
  • If you are "Early Retirement" eligible, i.e., at least age 55 with 5 or more years of service, you may keep your account in the Plan until age 70-1/2.
  • If you are "Early Retirement" eligible, i.e., at least age 55 with 5 or more years of service, you may elect installment payments directly from the Plan to be paid over a specific time period or over your lifetime or joint lifetimes with your spouse, if married.
This is provided you have terminated employment with IQVIA.
Other Benefits
  • All other benefits will end on your last day of work.
  • Consider accessing the Employee Assistance Program (EAP) to help you prepare for retirement.
  • Remember to submit any Commuter Benefits expenses you incurred before your last day of work (180 day limit).
* If you receive a severance package upon termination, the date your benefits end may differ depending on the terms of your separation.