Leaving Intel

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. 

To make changes to your personal employee data, please contact the Intel Contact Center at (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 (888) 401-7377 to update your personal information and address changes.

To update your personal data for your Stock accounts, contact E*TRADE at (800) 838-0908.

The payout of a QPB or APB bonus requires an employee to be employed on the Intel payroll through the last day of the applicable bonus period (March 31 for first quarter (Q1) QPB, June 30 for the second quarter (Q2) QPB, Sept. 30 for the third quarter (Q3) QPB, and Dec. 31 for fourth quarter (Q4) QPB and APB). No prorated bonuses will be paid if the termination effective date in Workday is before the last day of the applicable bonus period. 

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 Alight at (866) 532-5664.

• Medical and dental coverage ends at midnight on the last day of the month in which your employment ends.
• You will automatically receive a personalized packet with a COBRA Election Notice within three weeks of your termination effective date. The Election Notice includes information on the cost, deadlines, length of COBRA coverage, election form, and Notice of Continuation Rights and Responsibilities.
• If COBRA is elected within 60 days of your coverage end date or the date your notification is mailed, whichever occurs later, there will be no lapse in coverage.
• If you do not receive your packet or have questions please contact Intel Health Benefits Center at (877) GoMyBen (877-466-9236). Intel's COBRA Administrator is Aon Hewitt*.
• COBRA benefits are based on your home address. To update your personal information, contact the Intel Contact Center at (800)-238-0486 (Monday-Friday from 9:00 am to 4:00 pm Pacific Time).
• View the COBRA Medical and Dental Monthly Premiums.

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 May 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 May 31 of the following year to submit them. Any money that remains in your Health FSA or DCAP accounts after May 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).

If you were enrolled in an Intel (HDHP) and were contributing to a Fidelity HSA through payroll, you can still reach the IRS annual limit after you leave Intel as long as you elect an Intel HDHP as part of COBRA or the IRMP HDHP as your Intel retiree medical plan, then you will be eligible to make direct deposits to your HSA. Further eligibility rules may apply, so please review IRS Publication 969

Your HSA belongs entirely to you and can be used to pay for both current and future qualified medical expenses for you and your eligible dependents. For further information about qualified medical expenses, review IRS Publication 502. You can also continue growing your account on a tax-free basis by investing your savings in a wide array of investment options with Fidelity. For questions regarding your Fidelity HSA, contact Fidelity customer service at (888) 401-7377

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 (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 (888) 401-7377 to update your personal information and address changes.

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.

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:

• At time and one half of straight time pay for hours over a 40-hour balance.
• At straight time for hours below a 40-hour balance

Involuntary Separation Program Pay

You could receive anywhere from one to four checks when you leave Intel due to an involuntary separation action. Applicable taxes, deductions, and withholdings will be taken out of the regular base earnings checks. Applicable taxes are deducted from Variable Separation Pay at the supplemental rate, as required by law. The Healthcare Supplemental Payment is tax-protected. And SPP, if you are enrolled, will be paid out in a separate check within 2-4 pay periods..

• Employees outside of California and Illinois: Employees outside of California and Illinois who terminate, voluntarily or involuntarily, before becoming eligible for sabbatical, will not be paid for any time which would have counted toward sabbatical eligibility. Employees who have reached their sabbatical eligibility date at the time of their termination will be paid out for their unused sabbatical time which has not been forfeited. 
• California, Colorado and Illinois Employees: California and Illinois employees who terminate, voluntarily or involuntarily, will receive payment for unused sabbatical time. Payment upon termination for unused sabbatical time up to 11 weeks will be on a pro-rated basis, using a calculation that looks to the next sabbatical eligibility date, i.e., only the eligible service completed towards the next sabbatical eligibility date is calculated for payout at termination. If the employee has not taken the eight-week sabbatical by end of the three-year window, the employee will not be allowed to take a sabbatical until his/her next eligibility date and will not accrue additional sabbatical time for payout at termination because they will have met their 11-week cap (8 weeks for the sabbatical + 3 weeks for the 3-year eligibility window). These are prospective calculations and used only if a terminating employee opted not to take a sabbatical; they are not earned wages and are subject to adjustment and recalculation for use.
• Sabbatical Pay: Sabbatical pay will be paid at employees’ final rate of pay based on a calculation including base pay, scheduled overtime, shift differential, compressed workweek schedule premium, and geographic salary differential, as applicable.
• All Employees: A manager may extend an employee’s termination date rather than pay out sabbatical only under limited circumstances. If the exception is granted, the employee will have to schedule their sabbatical through the normal process and the manager should process the termination with a date immediately after the last day of sabbatical. Termination dates will not be extended for employees who are impacted by a people movement action, who accept a CAP buyout, or who are terminated for policy violations.

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 E*TRADE representative, call (800) 838-0908.

If you terminate employment with Intel before the end of a subscription period, you will receive a full refund of your ESPP 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 Employee Stock Purchase Plan for that period.

You can keep your E*TRADE account after leaving Intel as long as there are assets/holdings in that account. It will be subject to the same fees as prior leaving the company. If there will be changes in the future with regards to the terms and conditions of your E*TRADE account, it will  need to be managed by you and E*TRADE.