Support for Your
Next Chapter.
Whether you are retiring or moving on to your next adventure, we want to make your transition as smooth as possible.
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Leaving Schreiber
To help with your transition, we have created this page to address common questions partners have during the offboarding process.
What Do I Need to Do?
Understand What Happens with Your Existing Schreiber Total Rewards and Consider Your Options for The Future
It is important to understand how leaving Schreiber will impact your existing Schreiber total rewards, options you may have in the future, and actions you may want to take. Please review the sections below to better plan for your last day with Schreiber and beyond.
Review the Termination of Employment Policy
Please review the Termination of Employment Policy to better understand the criteria used to determine the termination date, termination payout rules, and eligibility for certain retiree benefits related to paid time off, performance plan payouts, partner cheese sales, mobile phone, and gifts and recognition.
Notify Your Leader
Please submit a written letter of resignation to your leader. Schreiber recommends two calendar weeks for a notice period. Retirees who are planning ahead are encouraged to provide a longer notice period so a smooth transition can be planned. See the Termination of Employment Policy for additional details.
Enter Your Resignation / Termination Date into Workday
Either you or your leader should enter your resignation/termination date into Workday. Once your resignation/termination is entered into Workday and HR enters additional details, the following action items will be delivered to your Workday inbox:
- Update your home contact information
- Complete an exit survey
- Complete the termination checklist
- Review documents
See either the Workday Guide for Partners-Career & Talent or Workday Guide for Leaders-Goals, Performance, & Terminations for information on how to enter the resignation information.
Update Your Personal Contact Information in Workday
Until all your Schreiber retirement benefits have been paid, it’s important to keep Schreiber updated with any changes to your contact information. Please review and update (if needed) your personal address, email address, and phone number in Workday. A Workday inbox task will appear after your resignation/termination date is entered into Workday or see the Workday Guides for Partners – Personal Info for information on how to update your personal information.
Complete an Exit Survey
Please complete an exit survey to provide information about your experience at Schreiber. A Workday inbox task will appear after your resignation/termination date is entered into Workday or see the Workday Guide for Partners-Career & Talent for additional information on how to submit the exit survey.
Complete the Termination Checklist
Please review and complete any applicable items on the termination checklist. The termination checklist includes reminders for things such as turning in Schreiber equipment, submitting final expense reports, entering any scheduled time off into the appropriate system, cleaning out desk/locker, etc. A Workday inbox task will appear after your resignation/termination date is entered into Workday or see the Workday Guide for Partners-Career & Talent for additional information on how to complete and submit the termination checklist.
Review and Sign Documents
Please review and e-sign any required documents. Documents may include things such as a Confidential Information Release and/or Release of Liability forms. A Workday inbox task will appear after your resignation/termination date is entered into Workday or see the Workday Guide for Partners-Career & Talent for additional information on how to complete and submit any applicable documents.
Pay and Paid Time Off
When and How Will I Receive My Last Regular Paycheck?
Your last regular paycheck will be made via direct deposit and a pay advice will be mailed to your home. Payments will follow the normal payroll schedule unless required earlier by law. See the Termination of Employment Policy for additional details.
When and How Will I Receive My Last Performance Plan Payout?
In general, eligible partners must be actively employed on the performance plan payout date to receive a payout. All payments are direct deposited.
Eligible terminations, voluntarily separation from service at age 55+ with at least five years of service, will also be eligible for payouts. If an eligible partner has separated from service for more than one month prior to payout, payment will be issued via hardcopy check and mailed to the home address. If the separation from service is less than one month, payment will be made via direct deposit. See the Termination of Employment Policy for additional details.
What Happens to My Unused Vacation/Personal Days When I Leave Schreiber?
In general, any unused vacation and personal days will be paid out as a lump sum on a partner’s final regular paycheck. Eligible terminations—defined as partners who voluntarily separate from the company at age 55+ with at least five years of service—may choose to use their remaining vacation and personal days to extend their retirement date. This option can be beneficial, as it allows partners to remain on Schreiber’s health benefits for a longer period. See the Termination of Employment Policy for additional details.
Benefits
When Does Coverage End?
Benefits end on your last day of employment. If you were enrolled in the following plans prior to termination, you may have the option to elect COBRA to continue your coverage.
| Benefit | Option to Continue? |
|---|---|
| Medical, Dental, Vision, EAP | Elect COBRA within 60 days |
| Life Insurance | May convert all or a portion Must elect within 31 days |
| Voluntary Accident & Critical Illness | May convert to a personal policy Must elect within 31 days |
| HSA | Existing balance is owned by the partner. Partner will be responsible for monthly administration fee. |
| AD&D | No Option to Continue |
| STD/LTD | No Option to Continue
|
What is COBRA?
Under the provisions of the Consolidated Omnibus Budget Reconciliation Act, more commonly referred to as COBRA, individuals and their families who lose health benefits due to job loss or other specific life events have the right to continue some group health benefits for a limited period of time. Benefits eligible for continuation under COBRA are the medical, dental, vision, substance use support, and EAP benefits you had with Schreiber at the time your coverage ended.
The duration of COBRA coverage depends on the type of qualifying event. For termination of employment or reduction in hours, coverage typically lasts for a maximum of 18 months. For other qualifying events, such as death, divorce, legal separation, or loss of dependent child status, coverage can last for up to 36 months. For more information about COBRA, please refer to the COBRA Notification of Rights.
How Much is COBRA?
The cost of COBRA consists of the full monthly premium plus a 2% administration fee. These costs are subject to yearly changes.
COBRA Premiums
Monthly Medical Premium
| Monthly Premium | Surest | HDHP1 | HDHP2 |
|---|---|---|---|
| Partner Only | $633.63 | $639.80 | $561.32 |
| Partner + Spouse | $1312.76 | $1343.65 | $1178.75 |
| Partner + Child(ren) | $1004.05 | $1023.65 | $898.23 |
| Partner + Family | $1819.03 | $1868.18 | $1639.00 |
UMR HDHP1
- EE Only: $639.80
- EE + Spouse: $1,343.65
- EE + Child(ren): $1,023.65
- EE + Family: $1,868.18
UMR HDHP2
- EE Only: $561.32
- EE + Spouse: $1,178.75
- EE + Child(ren): $898.23
- EE + Family: $1,639.00
Surest
- EE Only: $633.63
- EE + Spouse: $1,312.76
- EE + Child(ren): $1,004.05
- EE + Family: $1,819.03
Monthly Dental Premium
| Monthly Premium | Delta Dental |
|---|---|
| Partner Only | $24.71 |
| Partner + Spouse | $49.37 |
| Partner + Child(ren) | $52.97 |
| Partner + Family | $94.74 |
- EE Only: $24.71
- EE + Spouse: $49.37
- EE + Child(ren): $52.97
- EE + Family: $94.74
Monthly Vision Premium
| Monthly Premium | Basic Vision | Vision Plus |
|---|---|---|
| Partner Only | $2.37 | $11.69 |
| Partner + Spouse | $3.80 | $19.01 |
| Partner + Child(ren) | $3.89 | $19.42 |
| Partner + Family | $6.26 | $31.32 |
Vision (Basic)
- EE Only: $2.37
- EE + Spouse: $3.80
- EE + Child(ren): $3.89
- EE + Family: $6.26
Vision (Plus)
- EE Only: $11.69
- EE + Spouse: $19.01
- EE + Child(ren): $19.42
- EE + Family: $31.32
Employee Assistance Program (EAP): $1.45
Substance Use Support (Pelago): $3.19
What Do I Need to Know About COBRA Enrollment?
If you elect COBRA, your coverage will be the same as if you were still actively employed (or still the spouse or dependent of an actively employed plan participant). You can continue medical, dental, vision, substance use support, and EAP benefits if you were enrolled in them at the time of termination or qualifying life event.
Participants have up to 60 days to elect continuation. Once the 60 day window has passed participants are no longer eligible. It is important to keep up to date with payments or you will lose your coverage without the ability to be reinstated.
The initial payment is due no later than 45 calendar days after you elect COBRA. This first payment must cover the cost of continuation coverage from the time coverage under the Plan would have otherwise terminated, up to the time the first payment is made.
If you have questions about your COBRA coverage, payments, or process, contact UMR Cobra Administration. UMR Cobra Administration can assist once they have received your specific information, which could be one to two weeks after your termination date.
- UMR: 800-207-1824
- Watch for a home mailing from UMR about 3 weeks after separation.
What Happens to My Life Insurance?
Under the provisions of our life insurance contract, partners may be eligible to convert or port all or a portion of their life insurance coverage. Partners will receive a packet of material in their home mail from our life insurance carrier, Lincoln Financial Group, within two or three weeks of the termination date. The information will outline options for continuing life insurance. The option to continue life insurance is time sensitive. Partners interested in continuing a portion or all of their life insurance must apply directly with Lincoln Financial Group within 31 days of loss of coverage.
Will I Get the LSA Reimbursement or Wellness Incentive?
You will only receive the Lifestyle Spending Account (LSA) reimbursement or wellness incentive if you are actively employed at the time of payout. For LSA, eligible purchases must be made and submitted in Forma between January 1 and November 30 of the plan year. Reimbursements are processed via bi-weekly payroll, and if you are no longer employed when the payout is scheduled, you will not receive it. Similarly, wellness incentives are only paid if you are enrolled in the applicable health plan and actively employed when the funding occurs.
What Happens to My Health Savings Account (HSA)?
As an active partner enrolled in the HSA, the monthly service fee charged by Optum Bank is paid by Schreiber. However, once your employment ends or you no longer participate in a Schreiber sponsored high deductible health plan, you are responsible for the monthly service fee on your health savings account. As part of their banking services, Optum Bank will continue to send you necessary tax information related to your HSA.
What if I Have More Questions?
For additional offboarding information, view the FAQ here. If you have questions after reviewing the FAQ, please contact
local HR or benefits@schreiberfoods.com.
Retirement
ESOP
When and How Can I Take a Distribution from My ESOP Account (If Applicable)?
ESOP distributions only occur one time per year. All partners that leave Schreiber during the fiscal year (10/1 through 9/30), will have their ESOP accounts updated during the 9/30 year-end allocation process for any applicable additional contributions and the new 9/30 year-end stock price. These partners will then be allowed to elect a distribution in the January following the fiscal year-end in which they left Schreiber. If a distribution is elected during the January election window, payment will typically occur near the end of February. Distribution election information will be mailed to these partners’ home addresses at the end of December. Please see the ESOP FAQs – Distribution After Termination Retirement document for additional details about your options.
Some partners will plan ahead and use the annual ESOP Diversification option while they are still actively employed by Schreiber as a way to access their ESOP funds more quickly after they leave Schreiber. Please see the ESOP FAQs – Diversification for Active Partners document to review the eligibility, timing, and process details.
401(k)
When and How Can I Take a Distribution from My 401(k) Account?
What Happens to My 401(k) Contributions and/or Loan Payments After I Leave Schreiber?
401(k) contributions and loan payments will end automatically with your last regular paycheck. If you have an outstanding loan balance when you leave Schreiber, you may contact Principal if you wish to continue payments via ACH or payoff the balance. If you choose to do nothing, the outstanding loan balance will become a deemed distribution, and you may be subject to taxes and penalties.
Pension
When and How Can I Start Receiving My Pension Benefits?
If you have a pension, please contact retirement@schreiberfoods.com to request pension information. (Schreiber’s pension plan has been closed for 20+ years. Pension participants are mailed a pension annual funding notice each January).
Retirement Contacts
Principal 401(k) & ESOP Account(s)
Schreiber Retirement Team
Email: retirement@schreiberfoods.com
Phone: 1-800-344-0333
Retirement (Beyond Schreiber)
In addition to understanding how all the Schreiber benefits work when you leave, those nearing retirement may want to consider these other important aspects and/or find these tools helpful in your preparation.
How Much Should You Save for Retirement?
From your Principal 401(k) account, check out your personalized Retirement Wellness Score to see if are you currently on track or if there are any savings gaps you may need to address. Then, use the interactive Retirement Wellness Planner so see how your retirement account is projected to grow and how much will be available to you during retirement. Customize your inputs/assumptions to see how the projections change.
Understand Your Insurance Options
If you plan to enroll in Medicare or purchase insurance off the market, it’s important to understand your options and have a plan before you retire. The United Health Care and the Medicare.gov websites provide good information on Medicare, while the Healthcare.gov website provides good information on the health insurance marketplace.
Understanding Social Security
Prepare by checking your eligibility for benefits, getting a benefits estimate, and reviewing the plan for retirement
materials found on the SSA.gov website.
Monthly Webinars
Short, easy to follow, and interactive webinars on a variety of topics that can help you prepare for retirement such as healthcare costs in retirement, navigating social security, estate planning, and understanding Medicare. Register for upcoming webinars or replay past webinars here.
Article Library
Build your knowledge about a variety of financial related topics including “Nearing Retirement” considerations such as creating a retirement budget, selecting your retirement age, and thinking about how you will spend your time and money in retirement. Information here.
Will and Legal Support
Proper documents can help ensure you and your family are prepared in case something happens. Create free, state specific legal documents such as will, healthcare power of attorney, HIPPA authorization, durable power of attorney, etc. From your Principal 401(k) account, navigate to Planning Resources, Principal Milestones, Visit ARAG.
Money Management Resources
Courses, videos, calculators, and more span a broad variety of financial wellness topics such as estate planning, creating a budget, navigating health benefits, etc. From your Principal 401(k) account, navigate to Planning Resources, Principal Milestones, Explore Enrich.
