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Impact on
Benefits

Here is a high-level summary of changes to your benefits if you leave Oxy for any reason.

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Costs

For information on medical, dental, vision, and employee assistance program costs, review COBRA Rates.

Health Care

  Benefit Changes

Plan

 

Medical, Dental, Vision

  • Coverage ends on the last day of the month in which your employment ends.
  • You and your eligible dependents may continue coverage through COBRA for up to 18 months after active coverage ends. A COBRA election packet will be mailed to your address of record within 31 days from your termination date.

Health Savings Account (HSA)

You own your HSA. You will continue to have access to your account through Inspira Financial. For more information, log on to Inspira Financial.

Supplemental Health Care

  • Accident Insurance
  • Critical Illness Insurance
  • Hospital Indemnity Insurance
Your coverage is portable. To continue your coverage, call MetLife at 800-438-6388 to set up direct billing.

Lyra Health EAP

  • Coverage ends on the last day of the month in which your employment ends.
  • You and your eligible dependents may continue coverage through COBRA for up to 18 months after active coverage ends. A COBRA election packet will be mailed to your address of record within 31 days from your termination date.

Spending Accounts

  Benefit Changes

Plan

 

Flexible Spending Accounts

  • Health Care FSA
  • Dependent Care FSA
  • Participation ends on your last day of employment.
  • You have until March 31 of the year following your termination to submit claims for reimbursement to Inspira Financial.
  • Health Care FSA only: You may elect COBRA to continue participation through the end of the year. If you don't elect COBRA, you will be reimbursed for eligible health care services and prescriptions obtained from January 1 of the current plan year through your termination date, up to the contribution amount you elected for the plan year.

 

Income Protection

  Benefit Changes

Plan

 

Basic Life

  • Coverage ends on your last day of employment.
  • You may convert your life insurance to an individual policy with MetLife within 31 days of the date your Oxy group policy coverage ends. MetLife will mail you conversion information regarding your Basic Life.

Accidental Death & Dismemberment (AD&D)

  • Basic AD&D
  • Voluntary AD&D
  • Occupational AD&D (OAD&D)
  • Coverage ends on your last day of employment.
  • You may convert your Basic AD&D and Voluntary AD&D to an individual policy with Zurich Insurance within 31 days of the date your coverage under the group policy ends. Review Zurich AD&D Conversion Process.
  • No conversion of coverage option is available for OAD&D.

Group Universal Life (GUL)

  • Group coverage ends the last day of the month in which your employment ends.
  • You may continue individual GUL coverage if you complete portable enrollment. Call MetLife at 800-756-0124 to set up direct billing and make changes to your coverage.

Disability

  • Short-Term Disability
  • Long-Term Disability
Coverage ends on your last day of employment.

Retirement & Savings

  Benefit Changes

Plan

 

401(k) Savings Plan

  • Participation ends on your last day of employment.
  • Distributions: You may request a distribution of your account balance. Generally, account balances of less than $5,000 will automatically be distributed, unless you have an outstanding loan. Based on federal tax law, required minimum distributions begin at age 72.
  • Loans: You can continue to repay your loan unless the loan period has exceeded the maximum loan term.
  • To request a distribution or get information about your loan, call the Oxy Retirement Service Center at
    844-OXY-401K.
  • Review the Leaving Oxy Guide and the 401(k) Plan Highlights on Voya for information about loan repayment and distribution options.

Retirement Plan

  • Participation ends on your last day of employment.
  • Distributions: You may request a distribution of your vested Retirement Plan account balance. Account balances of less than $5,000 will automatically be distributed. Based on federal tax law, required minimum distributions begin at age 72.
  • To request a distribution, call the Oxy Retirement Service Center at 844-OXY-401K .
  • Review the Leaving Oxy Guide and the 401(k) Plan Highlights on Voya for information about distribution options.

Supplemental Retirement Plan (SRP)

  • Your account balance will be distributed according to your election on file, if any, or paid as a lump sum. Distribution will be made in the first quarter of the year after your separation from service.
  • Log on to Voya to review your account balance and learn about your distribution options.
  • Other plan rules may impact the timing of your distribution. Call the Oxy Retirement Service Center at 844-OXY-401K for more information.

Defined Benefit Pension Plan

Non-Qualified Deferred Compensation Plan

 

  • Your account balance will be distributed according to your election on file, if any, or paid as lump sum in the first quarter of the year after your separation from service.
  • Log on to Voya to review your account balance and learn about your distribution options.
  • Other plan rules may impact the timing of your distribution. Call the Oxy Retirement Service Center at 844-OXY-401K for more information.

Group Legal/Identity Protection

  Benefit Changes

Plan

 

Group Legal Insurance

  • Group coverage ends on the last day of the month in which your employment ends.
  • You may continue individual coverage if you complete portable enrollment within 30 days of your last day of employment.

Identity Protection

  • Group coverage ends on the last day of the month.
  • You may continue individual identity protection coverage if you complete portable enrollment, as long as you still reside in the U.S. Call 800-789-2720 for pricing.