Under IRS rules, you may make changes to your benefits during the plan year only if you experience a qualified life event change and the changes are consistent with the qualifying event, such as marriage or a new baby.
Note: If you are eligible to make changes to your Synopsys benefits, you must make the changes within 31 calendar days from the qualified event date or wait until the next Open Enrollment period.
For example, if you get married on August 1, you can enroll your new spouse through midnight of August 31. If you miss that deadline, you must wait until Open Enrollment for benefits to start January 1 of the following year.
If you have a qualified life event change, log into Benefitsolver, click Change Benefits and select Life Event and your event from the drop down menu. The status change event date will always be the benefits effective date. For example, if you have a baby the benefits effective date is the day the baby was born. Once you have declared your event you will be able to move forward to making your changes.
Note: All changes will require documentation (e.g., birth certificates, marriage documents, or offer letters). Please attach your document to “Personal Documents” on your homepage. You must provide documentation within 45 days of submitting the qualified life event change, or the change will not be processed.
Changes that affect your payroll deductions generally start within 1 to 2 pay periods after you record the change. Synopsys does not take retroactive deductions, nor reimburse you for deductions taken between the period you submit the change and when it becomes part of your payroll records.
Note: If your status change event occurs on or after December 1 of the current plan year, you will not be allowed to alter your annual FSA election amount for the remainder of the current plan year.