| GROUP PLANS: | |
| Medical Insurance (BCBS)
Dental Insurance (Companion Life) Vision Insurance/VSP (Companion Life) |
Coverage ends at midnight on the last day of the month in which you separate from EDENS. The employee portion of the premium through the end of the month will be deducted from your final paycheck. Coverage under our group policy may be continued under the COBRA insurance continuation plan for up to 18 months. (see COBRA PROCEDURE below) |
| Health Savings Account (HSA) | You can keep your Health Savings Account (HSA) open and all the funds still belong to you. HSAs are individually owned so it isn’t tied to EDENS. You can still use the funds in your HSA just as you did in the past to pay for medical expenses – and all your withdrawals for qualified expenses will still be tax-free. However, you can’t contribute to your account again until you are enrolled in a HDHP. |
| Flexible Spending Accounts (FSA); Medical and Dependent Care (iSolved Benefit Services, formerly Infinisource) | You will be required to turn in your flexible spending debit card at time of separation. You must submit claims for reimbursement, on services rendered PRIOR to your date of termination, within 30 days of your termination date.
If you wish to submit a claim for reimbursement for services rendered AFTER your date of termination (until the end of the current calendar year) you must continue funding the FSA through COBRA insurance continuation until the end of the calendar year of your termination. This will be funded with your after-tax dollars. COBRA information will be sent to your home address from iSolved Benefit Services (formerly Infinisource, Inc.) |
| DC Transportation Plan (iSolved Benefit Services) | You will be required to turn in your Transportation debit card at time of separation. You must submit claims for reimbursement, on services rendered PRIOR to your date of termination, within 90 days of your termination date. |
| COBRA PROCEDURE: iSolved Benefit Services COBRA Compliance Systems Inc. | Within two weeks of your separation date, you should receive information regarding continuing your group coverage from iSolved Benefit Services Your Medical, Dental, and Vision insurance will be cancelled as of the last day of the month of your separation. Your Flexible Spending Account, and Employee Assistance Plan is cancelled the day of your separation. From those dates you have 60 days to elect to continue coverage. From your election date you have 45 days to remit payment.
IMPORTANT: during your 60-day election and 45-day payment periods you will remain cancelled from coverage until your first payment is received. Any health care you receive in that time should be paid out of pocket and reimbursed retroactively by the insurance carrier. Inform your physician that you are in your “COBRA election period” and save your receipts. Initial payment made back to the date coverage was lost and all subsequent monthly payments should be remitted to iSolved Benefit Services. iSolved Benefit Services will send more detailed information/election forms to your home address regarding this procedure, and customer service may be contacted at 1-800-300-3838. |
| Group Life Insurance / AD&D /Dependent Life Insurance (Companion Life) | Coverage ends at midnight on the day you separate from EDENS. You may convert your group policy to an individual policy by contacting Companion Life at 877-676-5789, group# 907-14-S7074. |
| Long Term Disability (Guardian) | Coverage ends at midnight on the day that you separate employment at EDENS. |
| INDIVIDUAL PLANS: Voluntary Term Life & Voluntary AD&D (Companion Life)
Voluntary Personal Accident & Critical Illness (Guardian) |
These are all individual “portable” policies that you can continue after your separation from EDENS. Coverage ends at midnight on the day you separate from EDENS. Your premium through your separation day will be deducted from your final paycheck. Forms & information are included with your separation packet if you wish to continue coverage of these “portable” policies. |
| Employee Assistance Plan (Work Life Matters) | Coverage ends at midnight on the day that you separate employment at EDENS. |
| 401(k) Plan and 401(k) Loans (Principal) | Upon termination of employment, Principal will mail you a benefits option letter notifying you that your 401(k) account will be affected in the following ways: (a) if you have less than $1,000 in your account, Principal will mail you a check for the balance, (b) if you have $1,000 or greater, but less than $5,000 in your account, Principal will send the funds to a Principal IRA or (c) if your account balance is $5,000 or greater (including any rollovers), your funds will remain in the plan. The benefit options letter will specify the time frame in which to notify Principal should you wish your account to be handled differently.
If you have an outstanding loan from the plan, your plan benefits may be offset by the amount of the loan, typically when your employment ends. The loan offset amount is treated as a distribution to you at the time of the offset and will be taxed (including the 10% additional income tax on early distributions, unless an exception applies) unless you do a 60-day rollover in the amount of the loan offset to an IRA or employer plan. If, however, a loan offset occurs due to your termination of employment or plan termination, you have until the due date of your Federal individual income tax return (including extensions) for the year in which the plan offsets the loan to complete a rollover as long as it is also allowed by the plan receiving the rollover. |
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