When you leave Pandora, your benefits will change. While this can feel sudden, you have options to help maintain coverage.
Your health benefits
Hooray Health does not offer continuation of healthcare benefits. Your benefits will end at the end of the month of your termination.
Dental and vision are through MetLife. Once terminated, MetLife will send a notice regarding COBRA coverage for these benefits.
Other coverage options (ACA Marketplace)
If your employer coverage is ending, you may be able to sign up for an individual plan through the Health Insurance Marketplace (ACA) using a Special Enrollment Period. In many cases, you have 60 days after your coverage ends to enroll (and sometimes you can enroll in the 60 days before it ends). Learn more about your options at healthcare.gov.
What happens with your other benefits
When you leave Pandora, some benefits end, but others stay with you. Here’s what to expect as you plan your next steps.
Time away
Time away
Sick Paid Time Off is forfeited upon termination.
401(k) Savings Plan
401(k) Savings Plan
Your entire 401(k) account balance, including your contributions and Pandora’s matching contributions with Lincoln Financial, 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 Lincoln Financial, 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 and 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 Lincoln Financial
- Roll it over directly to an IRA
- Roll it to another employer’s plan
- Take a distribution (which 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 Lincoln Financial to:
- Continue repayments directly, or
- Pay off the loan within 90 days of your termination
Lincoln Financial will send you instructions outlining your options. For help along the way, contact Lincoln Financial at (800) 234-3500 or visit LincolnFinancial.com/retirement. 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.
Health Care Flexible Spending Account (FSA)
Health Care Flexible Spending Account (FSA)
If you have a Health Care FSA, you’ll have a few important timing details to keep in mind after you leave.
You have 90 days from your termination date to submit reimbursement requests for eligible expenses incurred up through your last day of employment. This gives you time to gather receipts and take care of claims at your own pace.
If you choose to enroll in COBRA, you can continue your Health Care FSA through the end of the calendar year. Without COBRA, expenses incurred after your last day at Pandora won’t be eligible for reimbursement. Review your FSA options and make sure you’re getting the full value of the benefits you’ve already earned.
Update your address
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.
You have up to 30 days after your termination to access paystubs and W-2s through UKG. After 30 days, if you need any such documents, email HRDataNAM@pandora.net.
If you need documentation for an unemployment claim or need verification of employment, email HRDataNAM@pandora.net.
Government programs
During times of transition, government programs may be able to offer added financial or health coverage support. Here are a couple of options you may want to look into.
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.
Health Insurance Premium Payment (HIPP) Program
The Health Insurance Premium Payment (HIPP) program is a Medicaid program that may allow eligible individuals to receive private health insurance paid entirely by their state’s Medicaid program.
If this applies to you, details about HIPP will be included in your COBRA packet, making it easy to review alongside your other coverage options.
Every situation is different. Explore these programs and see whether they can help support you during your next chapter.
