You will be offered continued access to medical, dental, vision, prescription benefits, and potentially flexible spending accounts through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
COBRA NOTICE — PLEASE NOTE:
Due to the COVID-19 National Emergency, timelines used by group health plans for continuation of health care coverage (COBRA) have been extended from March 1, 2020, until sixty (60) days after the end of the COVID-19 National Emergency (the “Outbreak Period”).
- This means that your 60-day election period is extended until 60-days following the end of the Outbreak Period. You can elect coverage and enroll anytime during the Outbreak Period and must do this if you want active coverage.
- If you elect coverage, your coverage will be in effect during the Outbreak Period, even if you don’t make a payment. Your coverage will be with your Employer’s group health plan.
- You will receive a statement for your premiums due each month. However, a grace period is in effect, so you aren’t required to make a payment until 30-days after the end of the Outbreak Period (date TBD). You may still make your monthly payments each month during the Outbreak Period.
- Payment in full for each month of coverage during the Outbreak period will be due 30 days after the end of the Outbreak Period (Date TBD). If payment is not made, your coverage will end as of the last date your premium was paid in full. You may be responsible for claims paid during the time period that your COBRA premium was not paid in full.
If you are enrolled in voluntary insurance benefits, you will have the opportunity to convert your policies to individual policies within 31 days. You pay the premiums for this individual coverage.
If you are enrolled in the Health Savings Plan, you have a health savings account (HSA) through Optum Bank. Like any other savings account, your HSA is your personal account. It’s yours to manage and keep, even after you leave Sandia.
Health Reimbursement Account and Healthcare and Dependent Care FSAs
If you are enrolled in Sandia’s flexible spending accounts (healthcare or dependent care), you may submit claims for up to 90 days following your last day worked. All dates of service must fall between the beginning of the plan year and your last day worked at Sandia. All balances remaining in the account will be forfeited after that. Continuation under COBRA may be an option. Contact your FSA carrier(s) for details and instructions.
If you are enrolled in Sandia’s health reimbursement account (HRA) you may submit claims for up to 90 days following your last day of coverage on the medical plan. All dates of service must fall between the beginning of the plan year and your last day of medical coverage. All balances remaining in the account will be forfeited after that. Continuation under COBRA may be an option. Contact your HRA carrier(s) for details and instructions.
Transportation Spending Account
If you are enrolled in the transportation spending account, access to your account will end on your termination date. You will lose any remaining funds.
If you participate in the pension plan:
If you are not yet eligible to begin receiving your pension benefits, you may be eligible for a deferred vested pension, payable in the future.
If you participate in the 401(k) plan:
Your own contributions to the plan are always vested; Sandia’s contributions to your account vest over a three-year period.
Your vested 401(k) balance is portable. You can decide to keep your money saved and invested in your current Fidelity account (with a balance over $5,000).
Or, you can roll over your balance to another employer’s plan or to a qualified retirement account (e.g., an IRA). There are no tax consequences for this rollover.
Your accrued, unused vacation time will be paid to you, according a schedule based on years of service and if you worked full-time or part-time.
If you terminate your employment before the payout in May, your eligibility for the vacation sell program will end and all the hours collected to that point will be returned and combined with your regular accrued vacation hours. The total will be paid to you in your final paycheck, subject to the standard accrual cap rules.