Leaving Pandora

Your entire 401(k) account balance, including your contributions and Pandora’s matching contributions with Banco Popular, is still yours when you leave the company, but there are a few important things to know as you decide what comes next.

You won’t be able to make new contributions after your termination date, but you may be able to keep your account with Banco Popular, depending on your balance.

Your options at a glance

• If your account balance is $1,000 or less, your account will be cashed out, and a check will be sent to you. This will be a taxable event.
• If your account balance is more than $1,000 but less than $7,000, the account balance will be rolled over to an IRA in your name.
• If your account balance is more than $7,000, you can choose to:
  • Leave your money in the plan with Banco Popular
  • Roll it over directly to an IRA
  • Roll it to another employer’s plan
  • Take a distribution (This may be subject to income tax and possible penalties; consult a tax professional prior to a distribution.)

Note: If you choose a payout, the distribution is taxable in the year you receive it unless you roll the funds into an IRA or another qualified plan within 60 days. Please consult a tax professional for all the details.

Timing and loans to know about

If you have an outstanding 401(k) loan upon termination, you can contact Banco Popular to either:

• Continue repayments directly or
• Pay off the loan within 90 days of your termination

Banco Popular will send you instructions outlining your options. For help along the way, contact Banco Popular. Because retirement decisions can have tax implications, it’s a good idea to consult your tax advisor before making a final choice.

This is an important financial milestone. Review your options carefully and choose the path that best supports your future.

Sick Paid Time Off is forfeited upon termination.

As you move into your next chapter, it’s important to make sure you continue receiving key information from your benefit providers.

If you used your Pandora email address to set up any online accounts, be sure to update your profile with a personal email address, so you don’t miss important updates.

Any time your mailing address, email, or phone number changes, update your information directly with each provider—especially those that send tax-related documents. You can find websites and phone numbers for these and other Pandora partners under Contacts.

Unemployment benefits

If you think you may qualify for unemployment insurance, your best next step is to visit your local employment development department. It can provide details on eligibility, how to apply, and what benefits may be available to you.