You are eligible to participate in U.S. Synopsys benefits if you are:
- On the U.S. payroll
- A regular full-time employee scheduled to work at least 30 hours a week and living in the U.S.
- A regular part-time employee scheduled to work 20–29 hours a week and living in the U.S.
The following dependents are also eligible to participate in Synopsys benefits:
- Your legal spouse or qualified domestic partner* who lives in the U.S.
- Your children—up to age 26—who live in the U.S., including:
- Unmarried and married natural or adopted children
- Children of a qualified domestic partner
- Children for whom you or your spouse are a legal guardian and claim as tax dependents
- Foster children
- Children placed with you for adoption
* Employees who cover domestic partners are taxed on imputed income.
Your eligibility for Synopsys benefits will end at the end of the month under the following circumstances:
- When you leave Synopsys employment. 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).
- When your children turn age 26. In some instances, children of any age may continue coverage if they are dependent on you for support due to a physical or mental disability.
- After 60 days from the start of a Personal Leave of Absence. See the Leave Summary Chart for details.
If you’re in one of the HS Plans, your Health Savings Account stays with you, and the funds in the account are yours to keep. You do not need to take any action.
Your participation in the Employee Stock Purchase Plan (ESPP) will end. Of course, any shares of Synopsys ESPP stock you own are yours to keep.
In terms of your Flexible Spending Accounts:
- You may continue contributing to your Health Care FSA on an after-tax basis under COBRA. If COBRA is not elected, you can submit claims for eligible medical expenses incurred through your termination date.
- You may no longer contribute to your Dependent Day Care FSA after you leave Synopsys, however, you can still submit receipts/claim forms for eligible expenses, up to the balances in your account for claims incurred prior to your termination date.
- You may be eligible to continue your employee supplemental life and/or dependent life insurance coverage under the plans’ portability or conversion options.
Lastly, you forfeit all other benefits when you leave Synopsys.