What You Need To Know
Welcome back to the team! As a rehire, you’ll generally need to make new benefits elections, but important benefits provisions may apply. Here are some of the actions you’ll want to take.
Health & Wellness Plans
Medical, Dental, and Vision
If you re-enroll in the same plan year (January–December):
- Your deductible balance will be reinstated.
- Synopsys won’t contribute any additional funding if you’ve already received funding for your tier level. For example, if you were in the HS Standard plan with family coverage and received $1,000, you won’t receive an additional $1,000 if you’re rehired the same year.
Visit Benefitsolver to enroll in your medical, dental, and vision benefits.
Flexible Spending Accounts (FSAs)
If you’re rehired less than 30 days after you left, in the same plan year, you must keep the same elections for your FSA(s). If you’re rehired more than 30 days after you left, you can make new elections.
Either way, review calendar-year contributions to your FSA to ensure that they don’t exceed the IRS-allowable maximum. Contact HealthEquity, the FSA plan administrator, at (877) 924-3967 if you have questions about your previous contributions.
Visit Benefitsolver to enroll in or change your Health Care FSA or Dependent Care FSA contributions.
Financial Benefits
401(k) Plan
You can enroll in the Synopsys 401(k) Plan, administered by Fidelity, the Friday after your hire date. If you were hired on a Thursday or Friday, you’ll have to wait until the following Friday. Just log in to Fidelity or call (800) 835-5095 to enroll, or to confirm or change your 401(k) Plan contributions or investment allocation.
Important: If you contributed to another employer’s 401(k) plan, be sure to monitor your contributions to ensure that you don’t exceed the annual IRS limit.
Employee Stock Purchase Plan (ESPP)
You can enroll in the ESPP as a new participant during the next available offering period.
FICA & SDI Taxes
If you’re rehired within the same tax year, any FICA and SDI contributions you’ve previously made for the tax year will be applied toward the annual limits.
Visit Benefitsolver to set up your W-4 tax withholdings and set up direct deposit.
Other Benefits
Reimbursement Accounts
If you leave Synopsys and are rehired as a regular employee within the same calendar year, you’re limited to the annual allotment under all reimbursement programs, including tuition reimbursement, adoption reimbursement, and surrogacy reimbursement. For example, if you used your full annual tuition reimbursement amount before leaving Synopsys, you won’t have access to an additional amount until the next year.
Survivor Benefits
If you’re rehired, you’re eligible to make new elections for yourself and your dependents. Log on to Benefitsolver to make your elections.
If you opted to continue your employee or dependent life insurance coverage through the Synopsys portability provision when you left the company, you must cancel this policy to be able to re-enroll with the Synopsys survival benefits as a rehire.
Time Off
If you’re a nonexempt employee, you’ll begin to accrue time off on your first paycheck. Your accrual rate is based on credit for all time worked.
If you’re an exempt employee, you don’t accrue time off based on service, so service credit is not applicable. However, if you return within a year, your prior accrued sick time balance will be reinstated.