What You Need To Know
Synopsys understands that this is a difficult time, and there are resources to support you. Be sure to contact your manager and Synopsys Benefits for assistance. During your time of loss, we encourage you to connect with our Employee Assistance Program (EAP) for emotional support. Visit Lyra or call (844) 856-2213.
You’ll find information below about how you can use your benefits during this period. Note: The information is applicable only if you and your dependent are covered by and are valid beneficiaries of the program.
Health & Wellness Plans
| Synopsys Benefit | What You Need to Know and Do If You’re an Employee | What You Need to Know and Do If You’re a Covered Dependent or Beneficiary of a Current Employee |
|---|---|---|
| Medical, Dental, and Vision | If a covered dependent dies, you can adjust your coverage levels within 31 days of the loss. If your spouse or domestic partner dies, and you were covered under his or her plan, you’re eligible to enroll yourself and any eligible dependents in a Synopsys plan. To enroll in a new plan or adjust coverage levels, go to Benefitsolver. | You’ll continue to receive Synopsys benefits from the date of the employee’s death through the last day of the month. You may then continue your coverage through COBRA. Synopsys will provide a six-month COBRA subsidy. You’ll receive an enrollment package to continue health and wellness benefits through COBRA. You may also go to Benefitsolver to initiate the continuation of your health and wellness benefits through COBRA. |
| Health Savings Account (HSA) | Review your contributions to the HSA and make any adjustments, as your IRS contributions limits may have changed. Update your beneficiary information. To enroll in a new plan or adjust coverage levels, go to Benefitsolver. | If you’re the beneficiary or person handling the estate or trust, go to Fidelity or call (800) 835-5095 for information about and assistance with the disposition of remaining assets. |
| Flexible Spending Accounts (FSAs) | If a family member dies, you can enroll in, adjust, or end any FSA contributions. To enroll in a new plan or adjust coverage levels, go to Benefitsolver. | You can file for reimbursements for any eligible expenses that you and the employee incurred before death. To file for reimbursement, contact HealthEquity, the FSA plan administrator, by calling (877) 924-3967. |
| Life Insurance | If a covered dependent on your dependent life insurance plan dies, contact Synopsys Benefits. The Benefits team will initiate your life insurance claim with Lincoln Financial Group. A Lincoln representative will reach out to help you complete the claim. | Contact Synopsys Benefits. The Benefits team will initiate your life insurance claim with Lincoln Financial Group. A Lincoln representative will reach out to help you complete the claim. |
Financial Benefits
| Synopsys Benefit | What You Need to Know and Do If You’re an Employee | What You Need to Know and Do If You’re a Covered Dependent or Beneficiary of a Current Employee |
|---|---|---|
| 401(k) Plan | Review your beneficiary designations and make changes, if applicable. Federal law requires that you name your spouse as the sole beneficiary of your 401(k) Plan, unless you obtain their written, notarized consent. To make changes to your 401(k) Plan beneficiary designation, go to Fidelity or call (800) 835-5095. | You have four options regarding an employee’s funds in the Synopsys 401(k) Savings Plan:
You’re required to submit the following documentation if you are a: Surviving Spouse: Submit a certified copy of your marriage license and certified copy of your spouse’s death certificate. Non-Spouse Beneficiary: Submit a certified death certificate. Additional documentation may be required. |
| Employee Stock Purchase Plan (ESPP) | If a dependent dies, review your E*TRADE account beneficiary designations and make changes, if applicable. Visit E*TRADE to make changes to your beneficiary designation. | There may be ESPP shares or other Synopsys equity-related assets held at E*TRADE, which may be transferable to a beneficiary, trust, or estate. You’ll receive a letter from the Synopsys Shareholder Services team with instructions on how to work with E*TRADE. |
If you’re the beneficiary of a deceased employee, we encourage you to seek advice from an independent legal or financial firm.
Disbursements of proceeds such as stock, insurance, salary, and bank deposits can be complicated. These outside experts can help you designate a fiduciary, understand local tax laws, and deal with other complex financial matters.
Payroll
| Synopsys Benefit | What You Need to Know and Do If You’re an Employee | What You Need to Know and Do If You’re a Covered Dependent or Beneficiary of a Current Employee |
|---|---|---|
| Payroll | Make any necessary changes to your W-4 income tax withholding by submitting a Synopsys Assist ticket. | Any earned but unpaid compensation will be payable to the estate (beneficiary, trust, or family member). Payment can be made by direct depositor paper check to your loved one’s trust or estate. This payment is considered taxable income. You must complete a W-9 tax form with estate information and provide an original death certificate. |
Other Benefits
| Synopsys Benefit | What You Need to Know and Do If You’re an Employee | What You Need to Know and Do If You’re a Covered Dependent or Beneficiary of a Current Employee |
|---|---|---|
| Leaves of Absence / Time Off | Synopsys offers 10 days of paid bereavement leave following the death of an immediate family member. Talk with your manager to schedule the time you need if a family member dies. | Any accrued but unused FTO (nonexempt employees) will be paid out to the estate. A check will be made payable to your loved one’s trust or estate. You must complete a W-9 tax form with estate information and provide an original death certificate. |
| Group Legal Plan | If you’re enrolled in the MetLife Legal Plans, MetLife’s attorneys can help you update your estate plan due to a death in your family. Visit MetLife or call (800) 821-6400 (Plan/Group Number: 6090022 or GETLAW). | If the employee was enrolled in the MetLife Legal Plans, you have access to this service through the end of the month in which the death occurs. Visit MetLife or call (800) 821-6400 (Plan/Group Number: 6090022 or GETLAW). |
| Employee Assistance Program (EAP) | Losing a loved one can be emotionally devastating. You may want to consider reaching out to our EAP. Professional counselors are available 24/7 to assist you and refer you to therapists and coaches. You have access to a limited number of free counseling visits a year, per covered family member. Visit Lyra or call (844) 856-2213. | Losing a loved one can be emotionally devastating. You may want to consider reaching out to our EAP. Professional counselors are available 24/7 to assist you and refer you to therapists and coaches. You have access to a limited number of free counseling visits a year, per covered family member. Visit Lyra or call (844) 856-2213. |