Former Employee
If you have left or are leaving employment with Eaton, your benefits will be impacted. Review the chart below to see how your termination affects your Eaton benefits.
| BENEFIT | WHAT HAPPENS? |
|---|---|
| In general, coverage ends at the end of the month in which you terminate employment.* *Certain terminated employees may be entitled to extended benefits coverage post-termination. |
| Health Savings Account (HSA) | This account is yours to keep. Payroll deductions end once you’ve left Eaton, but you can continue to use funds for qualified medical expenses. |
| Health Reimbursement Account | Coverage ends at the end of the month in which you terminate employment. Any services you receive after that date are not eligible for reimbursement, unless you enroll in COBRA or are eligible for retiree health and insurance benefits. |
| In general, coverage ends at the end of the month in which you terminate employment. |
| Coverage ends at the end of the month in which you terminate employment. Any services you receive after that date are not eligible for reimbursement unless you enroll in COBRA. However, you are not eligible for COBRA for these accounts if your employment terminates on December 31. All reimbursements made while enrolled in COBRA must be for services incurred in the same calendar year as your termination. |
| Dependent Care Reimbursement Account (DCRA) | Coverage ends at the end of the year in which you terminate employment. Please note that you have the ability to file claims for expenses covered through the end of the year of your termination. |
| 401(k) Plan | When you leave the company, your entire vested 401(k) plan account balance is generally available to you. Upon termination of employment, account balances may be withdrawn or the taxable portion may be rolled over into another employer’s retirement plan or an IRA. If the value of your vested account is greater than $7,000, you may be able to leave your money in the plan after you retire or leave the company (subject to IRS minimum required distribution rules) and continue to take advantage of the investment options available through the plan. Refer to your Summary Plan Description on NetBenefits to determine whether you can leave your money in the plan. Periodic or regularly scheduled withdrawals are also available to participants who have left the company. |
*Certain terminated employees may be entitled to extended benefits coverage post-termination.
Continuing Benefits Coverage
Should you want to continue participating in benefits coverage, you can enroll for continued coverage through the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and pay the full cost of coverage. You will receive a separate mailing regarding your right to continue medical, dental, vision, EAP, Dental/Vision Reimbursement Account and Health Reimbursement Account coverages under COBRA.
In addition, you may be eligible to continue coverage for several other benefits offered by Eaton:
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You may be able to enroll in a non-group, individually paid dental plan or discount program offered by Delta Dental. You may enroll in this coverage instead of continuing coverage under COBRA, or you may continue coverage under COBRA and enroll in the non-group, individually paid coverage after COBRA ends. For more information, call 800-971-4108 or go to www.mysmilecoverage.com and select “Eaton Corporation 55 and Over” if you are age 55 or older, or select “Eaton Corporation 54 and Under” if you are under age 55.
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You can apply for continuation of Critical Illness, Accident, Hospital Indemnity and/or Legal Insurance with MetLife within 31 days of your termination of coverage. Call MetLife at 800-GET-MET 8 (800-438-6388) for more information.
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You can apply for continuation of Employee/Spouse/Domestic Partner/Child Life Insurance and/or Accidental Death & Dismemberment (AD&D) Insurance with Securian Life Insurance Company, without having to provide evidence of good health, within 31 days of your termination of coverage. Call Securian at 866-365-2374 for more information.
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You may be eligible to make contributions directly to your Fidelity HSA®. However, IRS regulations limit the maximum you and Eaton can contribute to an HSA if you are not enrolled in a High Deductible Health Plan for the entire year. For more information about HSAs, consult your tax advisor or call 800-829-3676.
If you have any questions about your Eaton benefits, please call the Eaton Service Center at Fidelity at 866-EATON01 (866-328-6601) business days (excluding most New York Stock Exchange holidays) between 8:30 a.m. and midnight Eastern time and speak to a service representative. For questions about Medicare enrollment, please contact SSDC at 800-374-9950 ext.390, Monday through Friday 9:00 a.m. – 5:00 p.m. EST.