If presently enrolled in Medical, Dental and/or Vision with the Company, your coverage will end the last day of the month in which you separate from Endeavor. My Benefits Service Center (800-580-6854) will send COBRA continuation information to your home address on file within approximately 2-3 weeks of your termination date. The monthly premiums for COBRA benefit continuation will be in the information provided. Any other benefits you are enrolled in will end on your actual term date.
- If you are enrolled in an FSA that account will term on your term date and you have 90 days following your term date to file claims with a date of service prior to your term date.
- If enrolled in an HSA that account is yours to continue to use on medical expenses until the account is empty.
If you participate in the 401k, information about your options will be available on www.401k.com or (866) 956-3451.
- Access to your Endeavor 401(k) after termination – Once your status and termination date are updated in your Fidelity account, you will be eligible to request a rollover to another qualified plan or take a distribution of their vested account balance.
- Participants with balances greater than $1,000 may leave it in the account until they are ready to make such a request. Participants with balances less than $1,000 will be distributed within one year unless the participant requests a rollover prior to the forced distribution. Information about your options are available online by logging into your account at www.401k.com or by calling (866) 956-3461.
- Annual 401(k) Contribution Limits in multiple plans – When contributing to multiple retirement plans with different employers within the same tax year, please ensure that you do not exceed the IRS limits for that tax year. For 2024, employees under age 50 may contribute $23,000 and employees age 50 and over may contribute $30,500. The maximum TOTAL contributions (employee + employer match) is $69,000. Since your new employer will not have record of your contributions with Endeavor, it is your responsibility to ensure you do not exceed these limits.
- Loans – If at the time of your departure you have an outstanding 401k loan and do not receive a distribution or request rollover of your Endeavor account you may continue to make loan payments by setting up a monthly ACH payment through Fidelity directly from their bank account.
- Participants who request a rollover prior to paying off a loan or who cease making payments on their 401(k) loans will default, resulting in a tax liability and potential penalty on the outstanding loan balance.
- Maintaining Endeavor 401(k) Plan – Participants who wish to leave their balance within the Endeavor 401(k) plan are encouraged to periodically check/update beneficiaries and/or mailing addresses by logging in to their account at www.401k.com or contacting Fidelity at (866) 956-3451.