Your benefits end when you leave Jabil, but you have options to continue some benefits and important financial decisions to make for others. Make sure you know what to do.

Benefit  

When coverage ends / Things to consider

Medical and Prescription Drug, Dental, Vision

  • Coverage ends on the last day of the month you leave Jabil.
  • Consider coverage through COBRA, the Health Insurance Marketplace or Medicare.

Health Savings Account (HSA)

  • Jabil HSA contributions end when you leave Jabil, but you own your account and can continue using it for eligible expenses after you leave.

Health Reimbursement Account (HRA)

  • You lose any money left in your HRA unless you continue Healthy Premier coverage through COBRA.

Flexible Spending Accounts

  • Coverage ends when you leave Jabil.
  • You lose any money in your account unless you submit claims within 60 days of leaving.
  • For Healthcare FSAs only: You can continue coverage through COBRA.

Commuter

  • Coverage ends when you leave Jabil.
  • You lose any money in your account unless you submit claims within 60 days of leaving.

Life and AD&D

  • Coverage ends on your last day at Jabil.
  • You can convert your life insurance to an individual policy.

Short-term Disability and Long-term Disability

  • Coverage ends on your last day at Jabil and cannot be converted into individual policies.

Voluntary Policies

  • Coverage ends on your last day at Jabil.
  • You can convert your voluntary policies to individual policies.

401(k)

  • You always own the full value of your account.
  • Decide what to do with your 401(k) balance.

Employee Stock Purchase Plan

  • Jabil will refund any contributions you made during the most recent Offering Period in your final paycheck, assuming your contributions have not already been used to purchase stock.

Medical and Prescription Drug, Dental, Vision

  • COBRA. Enroll for continuation of coverage for your health care benefits within 60 days from the date coverage ends or the date the written COBRA notice is sent to you — whichever is later.

    COBRA coverage begins after bswift receives your election and first payment. You must make your first payment within 45 days of your election date. You pay the full insurance premium, plus a 2% administrative fee. Make sure to keep your current ID cards until you receive new ones for your COBRA plans.

    If you elect COBRA and you’re 65 or older, consider also enrolling in Medicare. Once eligible, Medicare is the primary payer of benefits and other plans will pay benefits assuming you’re also receiving Medicare benefits, even if you are not. Also note, COBRA is not considered creditable coverage for Medicare.

  • Health Insurance Marketplace. If you lose Jabil coverage before age 65, you can buy a plan through the Health Insurance Marketplace, but this may give you a break in coverage. COBRA allows for coverage immediately.

    If you enroll in COBRA and later decide to drop COBRA coverage, there is no “qualified event” through the Marketplace, which may limit when you can elect Marketplace coverage and affect your ability to get premium tax credits or other savings.

  • Medicare. Once you reach age 65, you can enroll in Medicare Part A or Part B. If you don’t enroll when first eligible because you’re still employed, you generally have an 8-month special enrollment period to sign up.

    Call Medicare Transition Services at 833.850.1770 to learn more. A licensed insurance agent will explain the various parts of Medicare and give you an overview of your options. You can also review the Medicare & You Guidebook.

    Note: COBRA coverage is not considered creditable coverage for Medicare. This means if you enroll in COBRA instead of Medicare and later enroll in Medicare after your special enrollment period, your enrollment may be delayed and you may have to pay a late enrollment penalty for the entire time you maintain Medicare coverage.

Health Savings Account (HSA)

If you continue Healthy Plus with HSA coverage through COBRA, you can still contribute to your HSA (including catch-up contributions if you are age 55 to 65), up to IRS limits. Jabil will no longer contribute to your HSA. If you have any existing HSA balance, keep your debit card — you won’t receive a new one.

If you enroll in Medicare, you can use your existing account balance to pay for eligible expenses, but you can’t contribute.

Health Reimbursement Account (HRA)

Jabil does not make any additional contributions to your HRA after you leave the company, unless you continue coverage under COBRA.

If you continue Healthy Premier with HRA coverage through COBRA, HRA dollars will be applied to any remaining balance in the HRA as you incur medical claims until all funds are used.

Healthcare and Limited Purpose Healthcare FSAs

If you continue through COBRA, you can only participate through the end of the current year and you make contributions on an after-tax basis, not pre-tax. Note: Your FSA debit card is deactivated when you leave Jabil. It will be reactivated when you elect and begin making your FSA contributions through COBRA. You can also file a claim for reimbursement of eligible expenses.

Life and Accidental Death and Dismemberment (AD&D)

You can:

  • Convert your Basic Life & AD&D Insurance policy to an individual whole life policy through MetLife within 31 days of leaving Jabil. Your rates may be higher than the group rate Jabil pays on your behalf.
  • Continue your Supplemental Life Insurance by electing the portability option through MetLife within 31 days of leaving Jabil. Your rates may be higher than the group rate you pay now.

Voluntary Policies

Contact the policy carriers about converting to individual policies and any required deadlines. Voluntary Policies include Critical Illness Insurance, Accident Insurance, Hospital Insurance, Pet Insurance, Identity Theft Protection or Legal Services.

401(k)

The options you have for your 401(k) depend on how much you have in your account.

If $5,000 or less, you can:

  • Roll your balance into an Individual Retirement Account (IRA) or another qualified plan within 60 days to avoid paying current taxes.

    OR

  • Take the distribution and pay taxes. Distributions paid directly to you may be subject to mandatory 20% tax withholding, even if you plan to roll the balance over within 60 days. And if you’re under age 59 ½ you may be subject to a 10% early withdrawal penalty.

If more than $5,000, you can:

  • Leave it in the plan and continue to make investment choices.

    OR

  • Roll it into an IRA or another qualified plan.

    OR

  • Take the distribution and pay taxes. Distributions paid directly to you may be subject to mandatory 20% tax withholding, even if you plan to roll the balance over within 60 days. And if you’re under age 59 ½ you may be subject to a 10% early withdrawal penalty.

     

For 401(k) account information (including current loans) or to request a distribution, contact Merrill at 800.228.4015.

Employee Stock Purchase Plan (ESPP)

Your personal UBS Financial account is still yours when you leave Jabil. You may continue to sell or transfer shares at any time, but you’re responsible for paying any fees associated with your account.

Good to Know

  • Paid Time Off (PTO). Any PTO you have left will be paid out in your final paycheck. If you have questions about your final pay or PTO, contact your local HR representative.
  • Social Security. You may start receiving Social Security benefits as early as age 62 or as late as age 70. Visit Social Security to estimate your Social Security retirement benefits and learn how to apply.

Make sure your contact information in Workday — home address, personal e-mail and phone number(s) — is up to date so you can get important benefit communications, tax forms and other necessary documents.


If you have an existing 401(k) Plan loan, continue to pay it through auto debit. If you don’t make arrangements with Merrill within 30 days of leaving Jabil, you’ll default on your loan and need to pay taxes on the balance as well as the additional 10% penalty tax if you’re under age 59½.


Consult with your financial or legal advisor before making your decisions.