After leaving Intel, it is critical to ensure you have a current mailing address, telephone, and/or email address on record with Intel for at least 18 months so that you receive tax and benefit information in a timely manner.
NOTE: To receive your W2 in a timely manner, your change of address must be received by the end of the first week of December of that year.
If you are experiencing problems with completing or submitting the personal data form, call the Intel Contact Center at 1-800-238-0486 (Monday-Friday from 9:00 am to 4:00 pm Pacific Time).
To continue receiving important information regarding your 401(k) and/or Profit Sharing Accounts, you must contact Fidelity directly at 1-888-401-7377 to update your personal information and address changes.
Pay Check Delivery
Standard Final Paycheck Delivery is typically direct deposited on the next regular pay cycle.
Exempt Base Pay Calculation
Final base paycheck is calculated using the following formula: Annual pay X days worked divided by 24, divided by days in a pay period.
Exempt Paid Time Off
Unused vacation time will be paid out at termination for California and Massachusetts employees only.
Non-Exempt Paid Time Off
If your employment with Intel ends, you will receive payment, at your final rate of pay, for any vacation you have earned but not taken. Earned, unused floating holiday(s) will be paid out upon termination for California employees only.
Non-Exempt Personal Absence (PA)
If your employment with Intel ends, any unused PA will be paid out. PA time is converted to cash as follows:
Employees who terminate voluntarily or involuntarily before taking sabbatical or who do not take their full sabbatical will forfeit their sabbatical. Intel does not make cash payments in lieu of sabbatical time.
The payout of a Quarterly Profit Bonus (QPB) or Annual Performance Bonus (APB) requires an employee to be employed on the Intel payroll through the last day of the applicable bonus period (June 30 for first half (1H) QPB and Dec. 31 for second half (2H) QPB and APB). No prorated bonuses will be paid if termination occurs before the last day of the applicable bonus period.
In other words, the effective termination date for the employee must be July 1 or later for the employee to be eligible for 1H QPB and Jan. 1 or later in order to be eligible for 2H QPB and APB. As an example, if the employee's effective termination date was Dec. 31, the employee would not be eligible for either 2H QPB or APB.
You could receive as many as four checks when you leave Intel due to a redeployment action. For instance, if you select the immediate separation option, the payout may include salary buy-out payment, COBRA benefits, separation benefits and regular base earnings. If you select the redeployment option, payout may include salary buy-out payment, separation benefits, and regular base earnings.
The following deductions may be taken out of each check:
Stock Grants and Stock Purchase Plan (SPP) — UBS
It is your responsibility to understand the impact terminating your employment has on your stock benefits, including the expiration rules and associated dates for each of your grants. To review the details of your stock account with a UBS representative, call 1-866-785-4682.
If you terminate employment with Intel before the end of a subscription period, you will receive a full refund of your SPP contributions for that period within 2-4 pay periods after your termination. Stock will not be purchased for you, and you will not receive interest on the money you contributed to the Stock Purchase Plan for that period.
You must contact UBS Financial Services Inc. with instructions for handling any assets remaining in your employee account within 18 months of your termination date. You may want to set up a personal retail account at UBS or transfer your assets to another broker. Note that country restrictions may apply, and fees associated with a retail account will become your responsibility.
Intel 401(k) Savings Plan and Profit Sharing — Fidelity
Within 30 days of leaving Intel you will receive a distribution packet from Fidelity that explains each of the options available to you for your Intel 401(k) Savings Plan accounts — 401(k) and Profit Sharing balances.
NOTE: There is a 30 day hold from termination dates on all Fidelity distributions.
To initiate a distribution from your 401(k) and/or Profit Sharing Accounts, contact the Fidelity Service Center at 1-888-401-7377, Monday-Friday (excluding New York Stock Exchange holidays). Representatives are available between 5:30 a.m. and 9 p.m. (Pacific). Access to your Intel 401(k) Savings Plan account does not cease upon leaving Intel — you can still log in from anywhere, 24 hours a day at www.netbenefits.com/intel.
If you have an outstanding loan at the time of termination or retirement, you will receive a coupon book which can be used to continue to make your loan repayments.
Contact Fidelity directly at 1-888-401-7377 to update your personal information and address changes.
Intel Health Benefits Center
MetLife Customer Service
Minnesota Life Customer Service
Fidelity Service Center
Flexible Spending Account (Health FSA) and Dependent Care Assistance Program (DCAP)
Health FSA and DCAP contributions end with your last paycheck. If you have funds remaining in your Health FSA, you can submit claims for expenses incurred between January 1 of the current year and your termination date. You have until March 31 of the following year to submit them. For DCAP, you can submit claims for expenses incurred between January 1 and December 31 of the current year. You have until March 31 of the following year to submit them. Any money that remains in your Health FSA or DCAP accounts after March 31 of the following calendar year is forfeited, as required by IRS regulation.
Health FSA only: You may be eligible to elect the Health FSA through COBRA continuation. Since there are no tax savings on contributions made to the Health FSA through COBRA (contributions are made on an after-tax basis), you are encouraged to consult with your tax advisor to determine if electing Health FSA COBRA will be beneficial.
Information and claim forms are available on the My Health Benefits website or contact an Intel Health Benefits Center Representative at (877) GoMyBen (877-466-9236).
Life insurance coverage ends at midnight on the last day of the month in which your employment ends.
You may have the option to purchase coverage directly from the insurance provider. Once MetLife receives your termination information (after your term date) they will mail a conversion/portability packet to you. You must elect coverage within 30 days of the mail date on the packet sent to you.
Contact a MetLife Customer Service representative at (877) 770-4638 for an application to purchase Group Life and Accidental Death and Dismemberment (AD&D) insurance.
Short Term (STD) and Long Term Disability (LTD)
Intel STD and LTD insurance end at midnight on your last day of employment. Find more information at the My Health Benefits web site or contact an Intel Health Benefits Center Representative at (877) GoMyBen (877-466-9236).
Disability claims established prior to termination will be paid if they continue to meet plan provisions.
If your decision to leave Intel is due to a permanent disability, you will need to understand the differences in benefits that may be available to you. To find more information contact Reed Group at (866) 532-5664.
If you believe you are eligible to retire from Intel, please schedule a personal counseling appointment with an Intel Retirement Services Customer Service Representative.
This representative will review each of the benefits available to you as a retiree of Intel. You may contact the representative directly by sending an email to: firstname.lastname@example.org.