Benefits at Departure

  1. Read the Employee Departure Summary for detailed information related to your termination
  2. Read the “Leaving the Company” policy located in the Employee Handbook.

Medical/RX, Dental, and Vision

Coverage End Date – Health care insurance coverage will end on the last day of the month in which you terminate.

Continuing Coverage

  • COBRA – You have the option to continue medical, dental and/or vision insurance plans on a month-to-month basis as a COBRA participant.
  • Heath Insurance Marketplace –There may be other coverage options available to you and your family through the Health. Insurance Marketplace, Medicaid, or other group health plan coverage options (such as a spouse’s plan). Some of these options may cost less than COBRA continuation coverage. You can learn more about these options at HealthCare.gov.

COBRA

  • Election Period – You will have 60 days from the last day of your departure month to choose to continue coverage under EAB plans through COBRA.
  • Coverage – If you elect to continue coverage for one or more plans, your coverage will be reinstated
  • Duration – In most cases you can participate for up to 18 months following your departure.
  • Enrollment –  If you would like to enroll in COBRA, registration materials will be sent to you in the mail by HR Simplified.

HSA

The HSA account and the funds in the account belong to you.

  • Access – You can continue accessing it and making contributions on a post-tax basis.
  • Account Management – You must adhere to the IRS limits for annual deposits and you may complete IRS form 8889 to report any post-tax contributions with your annual tax filing. You can manage your account by calling Inspira to access your Payflex HSA Bank Account.

Flexible Spending Account (FSA)

Coverage End Date – Your health care and dependent care Flexible Spending Accounts (FSAs) will end on the last day of employment. Unused funds left in the account cannot be refunded to you per IRS guidelines.

Claims – You may continue to submit claims for qualified expenses incurred prior to you termination.

  • For the dependent care FSA account, you may send in claims incurred on or before your departure date for qualified expenses in order to exhaust the funds in your account.

COBRA – Health care FSAs can continue to be accessed on a post-tax basis if you elect to continue through COBRA.

Commuter

Coverage End Date – Your coverage will be cancelled as of the last day of the month in which you terminate.

Transit and Parking Funds – You will want to ensure you’ve used up all available funds before your last day. As a reminder, there is a monthly maximum of $340 in Transit and $340 in Parking for the 2026 plan year. Any funds not used by the last day of the month in which you terminate, are forfeited per IRS regulation.

Voluntary Plans

Prudential Accidental Injury, Critical Illness and Hospital Care Insurance

Coverage End Date – Your coverage will be cancelled as of your last working day.
Coverage Portability – You may be eligible to port your Prudential Accidental Injury, Critical Illness and Hospital Care plans into individual policies.
Portability Deadline – You must complete an application and apply for these options within 31 days of your coverage termination. Prudential will mail you a port notice directly, but you can also reach out to Prudential at 844-455-1002.

Life Insurance

Coverage End Date – Your coverage will be cancelled as of your last working day.
Coverage Portability/Conversion – You may be eligible to convert your basic Life and AD&D into an individual whole life insurance policy.  Or you may port your Basic and Voluntary Life only.

Fidelity 401(k)

You can continue to access your 401(k) information online at netbenefits.com or by calling Fidelity at 1-800-835-5097. If you are a current participant, Fidelity will send you a departure guide describing your options.

Keep Funds with Fidelity – You can keep your funds in our plan. This is the default option. You will not be able to contribute after your last day, and you will be assessed a $7/quarter fee once you are no longer an employee.

  • Balance under $1,000 – If your balance is under $1,000, you are required to move your money out of the plan.
  • Balance over $1,000 –  Your funds remain in our plan until you contact Fidelity.

Cash Out – You can cash out your 401(k) plan. Please keep in mind there are tax implications and potentially an early withdrawal penalty by the IRS if you are under age 59.5.

Roll Over

  • You can roll your current 401(k) into your new employer’s 401(k) plan.
  • You can roll your 401(k) into a personal IRA.
  • Download the rollover form or reach out to Fidelity to initiate this process.

Match – You must be employed as of the last day of the contribution period (12/31) to be eligible for any matching contributions that may be made for that Plan year.

Bloom EAP

You can continue to access the Bloom EAP 24/7 by heading to their website at bit.ly/BloomEAB.