Annually you will be given an opportunity to review your coverage. There are also different times you may change coverage throughout the year: as a new hire, as a transferred employee, or if you experience a qualifying status change. Each period has different deadlines and rules. Please take time to review the type of enrollment period that most applies to you.
New Hire Enrollment
You have 60 days from your hire date to enroll in benefits. The elections you make as a new hire become effective on your hire date and remain in effect through the end of that year. They can't be changed unless you experience a qualifying status change during the year.
If you don't enroll within 60 days:
- You will have Medical (Employee Only coverage), Dental (Employee Only coverage), Basic Life Insurance, Basic Accidental Death & Dismemberment (AD&D) Insurance, Short-Term Disability, and Long-Term Disability.
- You will not have any Voluntary Life Insurance or Voluntary AD&D Insurance.
- After 60 days, you will be automatically enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will automatically increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%.
Transferring Employee Enrollment
You have 60 days from your transfer date (the date in which you change your home address) to enroll in benefits. A transfer is defined as a change that affects your employee status and/or causes you to lose coverage due to a move.
The elections you make at enrollment will be effective on your transfer date and remain in effect through the end of that year. They cannot be changed unless you experience a qualifying status change during the year.
If you don't enroll within 60 days:
- AND you had Transocean coverage before you transferred, you will be enrolled for Medical, Dental, Vision, Voluntary Life Insurance, and Voluntary Accidental Death & Dismemberment (AD&D) Insurance at the same coverage level that you had before you transferred.
- AND you did not have Transocean coverage before you transferred; you will be enrolled for Medical, Dental, Vision, Voluntary Life Insurance, and Voluntary AD&D Insurance at the Employee Only coverage level.
- You will have Basic Life Insurance, Basic AD&D Insurance, Short-Term Disability and Long-Term Disability.
- After 60 days, you will be automatically enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will automatically increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%. You can make changes to your account at any time.
Annual Enrollment
Around the 4th quarter of each year you will be given an opportunity to change your coverage, to be effective the first of the coming year. Coverage cannot be changed outside of this time period, unless you experience a qualifying status change during the year (e.g. marriage, divorce, birth or adoption of a child, change in spouse's eligibility for medical coverage, etc.) If you did not enroll, you will default into your most recently elected coverage, except for HSA and FSA, which have to be elected every year.