We wish you well in your future endeavors. Here’s what you need to know regarding your Barnes benefits.
You will be offered the opportunity to continue your medical, dental and Flexible Spending Account coverage through COBRA, provided you were enrolled in these benefits as of your date of termination. Additionally, you will be offered the opportunity to convert your life insurance policy to individual coverage.
Be sure to contact Barnes in the future if you have a name or address change which may affect the delivery of future payroll (W2) and important benefit information.
You have 60 days from when your coverage ends to enroll in COBRA. The enrollment choices you made for the current calendar year will determine what type of COBRA coverage that you (and your dependents) can get.
- Your coverage with Barnes will end at 11:59 p.m. on the last day of the month after your separation from employment or severance end date.
- You will receive a COBRA enrollment package about 10-15 business days after your separation from Barnes (or the end of any severance period that may apply).
- Carefully review the package and determine whether you will require continuation of coverage under COBRA for medical, dental or both insurances.
- The cost of COBRA will be equal to the full premium cost plus a 2% administrative surcharge.
- You must return your COBRA election form and premium payment(s) within 60 days of your date of coverage loss; otherwise you will forfeit your right to continue coverage under COBRA.
- If you are enrolled in one of the Health Savings Account Plans, you can take your account with you - HSA Rollover Form. Contact HSA Bank for more details on your HSA options.
- Additional COBRA information can be found here.
- You can submit any Health Care (including Limited Purpose) and/or Dependent Care FSA claims incurred on or prior to your date of separation from Barnes to MMA East. Fax paper claim form to 1-800-595-4642, or submit electronically at https://benefits.plansource.com/logon/barnes.
- You must submit claims within 90 days after your date of separation. Any unclaimed FSA dollars remaining after 90 days will be subject to forfeiture in accordance with IRS requirements.
- Participants enrolled in a Health Care or Limited Purpose Flexible Spending Account may elect to continue their plan on a post-tax basis for the remainder of the calendar year. Enrollment details will be included in your COBRA enrollment package.
- Terminated employees enrolled in Basic Life insurance are provided a one-time opportunity to convert their group term policy into an individual whole life policy through Guardian or port their coverage into another group term life policy.
- Those enrolled in supplemental life insurance coverage will have only the option to convert that coverage.
- For more information about conversion, portability and applicable policy rates, contact your HR Representative, or Guardian at 1-800-525-4542 as soon as possible after your date of separation.
- To continue your policy under either conversion or portability, Guardian must receive your completed application and first month’s payment within 31 days after your date of separation from Barnes.
- You will receive Portability and Conversion paperwork 10 days following your separation from Barnes.
- If you leave Barnes before two years of employment (when you’re 100 percent vested in Barnes’ matching contribution), you lose any unvested portion. You’re always 100 percent vested in your own contributions. Please note the Company’s Profit Sharing and 4% Defined Contribution component of the 401(k) Plan are subject to a separate five year vesting requirement.
- You have the following options related to any vested portion of your 401(k) account:
- Leave it in the Barnes 401(k) plan if your balance is at least $5,000.
- Roll it over to another employer's 401(k) plan or other qualified plan.
- Roll it over into a Traditional or Roth IRA.
- Take an immediate distribution (includes applicable tax consequences).
Visit the Fidelity Website for more information.