Changes in Your Work Life

• You have 60 days from when your coverage with Solstice ends to enroll in COBRA. The enrollment choices that you made for the current year will determine what type of COBRA coverage you (and your dependents) will be eligible for. You pay for COBRA coverage monthly.
• You may want to consider buying coverage through the Health Insurance Marketplace. You could qualify for lower costs on your monthly premiums and lower out-of-pocket costs. You can learn more about many of these options on the Marketplace website.
• Your medical, dental, and vision insurance coverage will end at 11:59 p.m. on the last day of the month in which you terminate. After leaving, you’ll receive important information in the Solstice Benefits Center about your right to continue your health insurance through COBRA and about how to enroll.
• If you have a health savings account (HSA), you can take it with you. You may roll it into another account if you're covered by a qualified high-deductible health plan, keep your account with Bank of America, or close your account. Contact Bank of America to learn more about these options.

• You may be eligible to continue your limited purpose flexible spending account (LPFSA) benefits under COBRA through the end of the fiscal year. You can’t incur LPFSA expenses after your last day of employment unless you elect to extend this coverage through COBRA. Any funds remaining after March 31 of the subsequent plan year will be forfeited.
• Deductions for your dependent care FSA will end with your last paycheck. You can only be reimbursed for services received before you leave Solstice. However, you can request reimbursement for those expenses through the end of the plan year in which you leave. You’ll forfeit whatever remains in the account after that time.

You have 31 days from your last day of employment to convert your life insurance coverage to an individual policy or port (take with you) up to the full amount of your current term coverage. You will automatically receive conversion forms.

• If you have made an active election to participate in the 401(k) plan prior to termination, that deferral amount will apply to eligible wages paid to you within 45 days after your separation from employment.
• If you have worked at Solstice for at least three years, the Solstice matching contributions are 100% vested. Otherwise, you are not eligible to receive the Solstice matching contribution.
• You’re always 100% vested in your own contributions.
• If you leave Solstice, you can do the following with your vested money:
  • Leave it in the Solstice 401(k) plan if your balance is at least $5,000.
  • Roll it over to another employer’s 401(k) plan or other qualified plan (e.g., Traditional or Roth IRA).
  • Take a distribution (includes tax consequences and potential penalties). Please consult with your tax advisor regarding how a distribution may affect you.

Learn more on the Fidelity website. 

You have 30 days from your last day of employment to convert your legal assistance coverage to an individual policy providing coverage for the 12 months following your termination or retirement. Contact MetLife Legal for more information.