Leaving Synopsys

Medical, Dental, and Vision

When you leave Synopsys, your medical, dental, and vision coverage will terminate the last day of the month in which your employment ends. However, you and your dependents may be eligible to continue your health care coverage under COBRA for up to 18 months (or more, depending on the circumstances).

You’ll receive a COBRA packet approximately 14 business days after your coverage terminates. Once you’ve received your packet, go to Benefitsolver to initiate COBRA to continue your health and wellness benefits. 

Health Savings Account (HSA)

All funds in your Health Savings Account (HSA) are yours to keep. You may maintain the account and continue contributing and/or use the funds for qualified medical expenses.

Health Care Flexible Spending Account (FSA)

Your Health Care FSA coverage will terminate on your last day of employment. You may continue contributing to your FSA on an after-tax basis under COBRA.

If you continue to contribute to your FSA account, you can submit receipts or claim forms for claims incurred until you discontinue your contributions. You also may use your HealthEquity debit card and receive reimbursement for eligible expenses, up to the balances in your account.

Contact HealthEquity, the FSA plan administrator, at (877) 924-3967 if you have any questions.

Dependent Care Flexible Spending Account (FSA)

Your Dependent Care FSA coverage will terminate on your last day of employment. Although you may no longer contribute to your FSA after you leave Synopsys, you can still submit receipts or claim forms for eligible expenses, up to the balances in your account, for claims incurred before your termination date.

Contact HealthEquity, the FSA plan administrator, at (877) 924-3967 if you have any questions.

Life Insurance

Your life insurance will terminate at your last day of employment. You may be eligible to continue your and/or your dependents’ life insurance coverage under the plan’s portability or conversion options.

To find out more about your options for life insurance portability or conversion, look for an information packet from Lincoln Financial Group in your home mailbox within two weeks after you leave Synopsys.

401(k) Plan

You’ll need to decide how to handle your 401(k) Plan account balance when you leave Synopsys.

If you have a vested balance of more than $1,000, you have these options:

• Receive a single lump sum paid in cash (state and federal taxes and penalties when applicable).
• Roll over your balance into another employer’s retirement plan or an IRA.
• Elect a distribution in the form of monthly or annual installments.
• Opt to leave your savings in the Synopsys 401(k) Plan. 

If you have a vested balance of $1,000 or less, you can elect the balance to be paid to you or roll it over to another employer’s retirement plan or IRA. If you do not elect to have the balance paid to you or rolled over within 60 days of your distributable event, it will automatically be distributed to you or your beneficiary in a single lump sum paid in cash. Go to Fidelity or call (800) 835-5095 to learn more and make changes to your 401(k) account.

Employee Stock Purchase Plan (ESPP)

Your participation in the ESPP will end on your last day of employment.

Any ESPP contributions you’ve made during the current offering period will be refunded to you in your last paycheck.

Go to E*TRADE to learn more about your options.

Time Off

If you’re a nonexempt employee, your final paycheck will reflect the cash value of any accrued and unused FTO until your last day of service. Nonexempt hourly employees are those who are required to complete a timesheet.

Group Legal Plan

Your coverage through the MetLife Legal Plans will terminate the last day of the month in which your employment ends.

Call MetLife at (800) 821-6400 for your continuation options.