What You Need To Know
Welcome to the team — and to your Synopsys benefits! To make the most of all the plans and programs available to you, be sure to review these key milestones.
During Your First Week
Make sure you’re prepared to enroll in your new benefits! Just answer a few questions to receive your personalized enrollment checklist.
Within 30 Days
Enroll in your health and insurance benefits. Keep in mind that you must enroll in your core benefits, like medical, dental, and vision, within your first 30 days. If you already have benefits coverage through your spouse’s or domestic partner’s employer or another source, you have 30 days to waive coverage through Synopsys. Once you enroll, coverage is effective back to your first active day of employment.
If you don’t enroll or waive coverage within 30 days of your start date, Synopsys will automatically enroll you in employee-only coverage for basic medical, dental, vision, life, and accidental death and dismemberment (AD&D) insurance.
Outside of the new hire period and Open Enrollment, you can only make changes to your benefits if you experience a qualified life event, such as getting married or having a baby.
Don’t Forget Your 401(k)!
Start saving for your future as soon as possible by participating in the Synopsys 401(k) Plan. You can enroll in the plan starting on the first Friday after your hire date. If you don’t enroll within 60 days of your hire date, you’ll be auto-enrolled at a 10% pretax savings rate and invested in an age-appropriate target date fund. If you contributed to another employer’s 401(k) plan, be sure to monitor your contributions to ensure you don’t exceed the annual IRS limit.
Within 60 to 90 Days
Now’s a great time to start thinking about your other benefits — especially those that can help you reach your long-term financial goals.
Consider enrolling in the Employee Stock Purchase Plan (ESPP). There are two enrollment periods each year — in February and August.
No matter where you are in life, you have several benefits to help you with your health, finances, family matters, and personal issues. No advance enrollment is required, but it’s great to do some research now, so you can take full advantage of them whenever you need them.