Leaving East West Bank

You Leave East West Bank

Life brings opportunities, which may lead to a change in employment. To make the departure from East West Bank easier for you, here are some steps to take before and after you leave the Bank.

Learn the Impact on Your Benefits

• Plan ahead for your benefits to end. If you leave East West Bank, your group health benefits will remain in effect until the last day of the month.
• In most cases, you may continue your and/or your covered dependents’ health insurance coverage (medical/Rx, dental, vision, EAP, and/or Health Care FSA) through COBRA. Please see below for details.

Review Health Care Options

• Look for your COBRA continuation paperwork in the mail.
  • In most cases, you may continue your and/or your covered dependents’ current East West Bank health insurance coverage (medical/Rx, dental, vision, EAP, and/or Health Care FSA) through COBRA.
  • A COBRA packet will be mailed to your current address on file. If you choose to enroll, you must do so before the deadline on the application.
• Compare your COBRA coverage to options available through your new employer (if applicable). You’ll likely pay less for a plan through your new employer because with COBRA, you pay the full premium; there’s no employer-paid portion.
• Compare your COBRA coverage to options available on the Health Insurance Marketplace. Visit www.healthcare.gov for details on the plans available in your state.

Retirement Savings Account

• Review your 401(k) plan at Empower.
  • Log in to Empower to ensure your 401(k) plan profile and investments are accurate and aligned in light of your job change.
  • Consider your options. Contact Empower at 855.756.4738 to discuss what options you have with the funds in your East West Bank 401(k) plan. If your balance is over $7,000, you can keep your savings in the East West Bank 401(k) plan.
  • Use the online resources. Empower’s website has many free tools and webinars to help you keep up your retirement savings in your job transition.

Keep Your Address Updated

• If you move, keep your address up to date on UKG. You can access UKG via the following:
  • Mobile UKG app – Search for “UKG Pro” on the Apple App Store or Google Play Store, and download/install. Once installed, you may log in with the Access Code “eastwestbank”.
  • Website – Go to UKG. Your username is “EWB-last six digits of your EEID” (i.e., EWB012345). If you do not remember your password, try resetting your password.

Continue Voluntary Life Insurance Coverage

• If you lose coverage through East West Bank, you and/or your covered dependents may convert the group and voluntary life, AD&D, LTD coverages to individual policies.
  • Contact New York Life at 888.842.4462 for details.

File Your FSA Claims

• You have until August 31 of the year following your eligibility loss to submit Health Care and/or Dependent Care FSA claims, given the claims incurred on/before the date you lose your eligibility.
• You have access to Commuter Pay Me Back account after you lose your eligibility for 180 days after the end of the benefit month, and file claim reimbursement from the Commuter Pay Me Back account for expenses incurred prior to the date you lose your eligibility.
• You have 90 days from the date you lose your eligibility to access the remaining funds loaded to your HealthEquity Commuter Card for Transit expenses.
• Parking Commuter Card funds are immediately forfeited upon the date you lose your eligibility.
  • Contact HealthEquity at 855.692.2959 or log in to your HealthEquity FSA account for details.

Continue Your Voluntary Legal Benefit

• If you’re covered under the voluntary legal benefit plan, you may continue coverage on your own.
  • Contact LegalShield at 888.807.0407 for details.

Keep Your HSA

• You may keep the balance in your HSA.
  • Contact HealthEquity at 877.857.6810 or log in to your HealthEquity HSA account for details.

Taking a Leave of Absence

You Take a Leave of Absence

Sometimes life brings changes that require you to take extended time away from work. To make the transition easier for you, here are some steps to take before, during, and after your leave of absence.

Plan for the Impact on Your Benefits

• Determine how your leave will affect your benefits.
  • Visit our Leave of Absence Page to learn whether and how your benefits can remain in effect while you’re on a leave of absence.
• Plan ahead to make up missed benefit premium deductions.
  • Benefit premiums are deducted from all eligible earnings while you’re on your leave of absence.
  • If any portion of your leave is unpaid, you remain responsible for keeping your portion of the benefit premiums. Any remaining balance for missed benefit premiums will be caught up automatically once you return to work — East West Bank will collect any premiums owed from your subsequent paychecks.
  • Missed 401(k) contributions are not caught up — you can adjust your 401(k) contribution percentage via Empower to make up any missed contributions.

If You’ll Lose Coverage, Review Your Health Care Options

• A COBRA packet will be mailed to your current address on file if you lose coverage through East West Bank. If you choose to enroll, you must do so before the deadline on the application.
  • You may continue your and/or your covered dependents’ current East West Bank health coverage (medical/Rx, dental, vision, EAP, and/or Health Care FSA) through COBRA.
  • Contact HR – Benefits Team at HRBenefitAdministration@EastWestBank.com with any questions.
• Compare your COBRA coverage to options available on the Health Insurance Marketplace. Visit www.healthcare.gov for details on the plans available in your state.

Continue Voluntary Life Insurance Coverage

• If you lose coverage through East West Bank, you and/or your covered dependents may convert the group and voluntary life, AD&D, LTD coverages to individual policies.
  • Contact New York Life at 888.842.4462 for details.

Continue Your Voluntary Legal Benefit

• If you’re covered under the voluntary legal benefit plan, you may continue coverage on your own.
  • Contact LegalShield at 888.807.0407 for details.

Know the Rules for Filing FSA Claims

• If you’re enrolled in a Health Care FSA, you may continue to submit claims during your leave of absence.
• If you’re enrolled in a Dependent Care FSA, you may continue to submit claims incurred before and after, but not during, your leave of absence.
• You have until August 31 of the year following your leave of absence to submit FSA claims.
  • Contact HealthEquity at 855.692.2959 or log in to your HealthEquity FSA account for details.

Keep Your HSA

• The balance in your HSA is yours to keep. You may continue to submit claims during your leave of absence.
  • Contact HealthEquity at 877.857.6810 or log in to your HealthEquity HSA account for details.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial impact of taking time off by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

Losing Benefits Eligibility

Lose Eligibility for East West Bank’s Benefits

If your work schedule is reduced to less than 30 hours per week, you will lose eligibility for East West Bank benefits. To make the transition easier for you, here are some steps to take before and after you lose eligibility.

Learn the Impact on Your Benefits

• If you lose eligibility for East West Bank benefits, your group health benefits will remain in effect until the last day of the month.
• You can continue your and/or your covered dependents’ health benefits (medical/Rx, dental, vision, EAP, and/or Health Care FSA) through COBRA.

Review Your Health Care Options

• If you lose coverage through East West Bank, look for your COBRA continuation paperwork in the mail.
  • You may continue your and/or your covered dependents’ current East West Bank health coverage (medical/Rx, dental, vision, EAP, and/or Health Care FSA) through COBRA.
  • A COBRA packet will be mailed to your current address on file. If you choose to enroll, you must do so before the deadline on the application.
• Compare your COBRA coverage to options available on the Health Insurance Marketplace. Visit www.healthcare.gov for details on the plans available in your state.

Review Retirement Savings

• Review your 401(k) plan at Empower.
  • Update your savings rate. You can still make 401(k) contributions with your part-time status. Make sure you’re contributing at least 6% of your earnings to receive the full 401(k) match — that’s free money to you! The Bank matches 75% of your 401(k) contributions, up to the first 6% of your eligible compensation per payroll.
  • Review your beneficiaries. Make any necessary updates; your 401(k) plan beneficiaries are separate from your life insurance beneficiaries.
  • Use the online resources. Log in to your Empower 401(k) account and utilize the free tools and webinars to help simplify the planning process, so you can focus on reaching your financial goals.

Continue Voluntary Life Insurance Coverage

• If you lose coverage through East West Bank, you and/or your covered dependents may convert the group and voluntary life, AD&D, LTD coverages to individual policies.
  • Contact New York Life at 888.842.4462 for details.

File Your FSA Claims

• You have until August 31 of the year following your eligibility loss to submit Health Care and/or Dependent Care FSA claims, given the claims incurred on/before the date you lose your eligibility.
• You have access to Commuter Pay Me Back account after you lose your eligibility for 180 days after the end of the benefit month, and file claim reimbursement from the Commuter Pay Me Back account for expenses incurred prior to the date you lose your eligibility.
• You have 90 days from the date you lose your eligibility to access the remaining funds loaded to your HealthEquity Commuter Card for Transit expenses.
• Parking Commuter Card funds are immediately forfeited upon the date you lose your eligibility.
  • Contact HealthEquity at 855.692.2959 or log in to your HealthEquity FSA account for details.

Keep Your HSA

• You may keep the balance in your HSA.
• Contact HealthEquity at 877.857.6810 or log in to your HealthEquity HSA account for details.

Continue Your Voluntary Legal Benefit

• If you’re covered under the voluntary legal benefit plan, you may continue coverage on your own.
  • Contact LegalShield at 888.807.0407 for details.

Take Advantage of Other Benefits

• Even you are not eligible for most of the East West Bank benefits, you and your family members still be able to enjoy the services provided by the Employee Assistance Program (EAP).
  • Receive free counseling. Change can be stressful. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial changes you may experience by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

Designating Your Beneficiaries

It is very important that you designate one or more beneficiaries when you first set up your Health Savings Account, first purchase Voluntary Life Insurance, or first enroll in your 401(k). If you do not designate a beneficiary, at the time of your death the funds may be subject to probate and be distributed based on your state’s laws.

A beneficiary is one or more persons (or sometimes a legal entity, like a trust) who are entitled to receive the balance in your HSA, your life insurance benefit, and/or your 401(k) balance at the time of your death.

There are two types of beneficiaries: a primary beneficiary and a contingent (also called a secondary) beneficiary:

• Primary beneficiary — An individual who is first in line to receive benefits.
• Contingent beneficiary — An individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.

You may designate more than one primary and more than one contingent beneficiary as well as the percentage amount of your assets to each of them, as long as the percentages add up to 100 percent.

It is highly recommended that you review and update all beneficiary designations every few years, particularly after a major life event such as a divorce or death of a loved one.

To designate or update a beneficiary, please go to the following sites:

• For HSA, please go to HealthEquity.
• For Group Term Life and Voluntary Life Insurances, please go to UKG > Myself > Manage My Benefits > Profile > My Beneficiaries.
• For 401(k), please go to Empower.

Becoming Benefits Eligible

You Become Eligible for East West Bank’s Benefits

Sometimes opportunities arise that can lead to a change in your eligibility for East West Bank’s benefits. To make sure you cover your bases, here are some steps to take after you become eligible for coverage.

Enroll in Benefits

• You must complete your benefits enrollment within 31 days of the date you become eligible for East West Bank’s benefits.
  • To elect coverage, you must go to UKG to start the process. For details, see the Enrollment Instructions.
• Benefits to review and elect:
  • Medical/Rx, dental, and vision coverage
  • Health Savings Account (HSA) contribution amount (only if you have enrolled the Blue Shield Savings Plus PPO)
  • Health Care and/or Dependent Care Flexible Spending Account (FSA) and/or Commuter Benefit
  • Voluntary Life Insurance
  • Voluntary Accidental Injury Insurance
  • Voluntary legal benefit

Review Retirement Savings

• Review your 401(k) plan at Empower.
  • Update your savings rate. Now is a great time to bump up your savings rate. Make sure you’re contributing at least 6% of your earnings to receive the full 401(k) match — that’s free money to you! The Bank matches 75% of your 401(k) contributions, up to the first 6% of your eligible compensation per payroll.
  • Review your beneficiaries. Make any necessary updates; your 401(k) plan beneficiaries are separate from your life insurance beneficiaries.
  • Use the online resources. Log in to your Empower 401(k) account and utilize the free tools and webinars to help simplify the planning process, so you can focus on reaching your financial goals.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Life can be stressful. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. This may be a good time to look at your overall financial picture. You can receive free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

Designating Your Beneficiaries

It is very important that you designate one or more beneficiaries when you first set up your Health Savings Account, first purchase Voluntary Life Insurance, or first enroll in your 401(k). If you do not designate a beneficiary, at the time of your death the funds may be subject to probate and be distributed based on your state’s laws.

A beneficiary is one or more persons (or sometimes a legal entity, like a trust) who are entitled to receive the balance in your HSA, your life insurance benefit, and/or your 401(k) balance at the time of your death.

There are two types of beneficiaries: a primary beneficiary and a contingent (also called a secondary) beneficiary:

• Primary beneficiary — An individual who is first in line to receive benefits.
• Contingent beneficiary — An individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.

You may designate more than one primary and more than one contingent beneficiary as well as the percentage amount of your assets to each of them, as long as the percentages add up to 100 percent.

It is highly recommended that you review and update all beneficiary designations every few years, particularly after a major life event such as a divorce or death of a loved one.

To designate or update a beneficiary, please go to the following sites:

• For HSA, please go to HealthEquity.
• For Group Term Life and Voluntary Life Insurances, please go to UKG > Myself > Manage My Benefits > Profile > My Beneficiaries.
• For 401(k), please go to Empower.

DEATH

You or One of Your Family Members Pass Away

Dealing with a death can be overwhelming. We will help make the transition easier for you or your surviving dependents. Here are some steps to take after you or your dependents suffer a loss.

Contact Human Resources

• Notify HR – Benefits Team at HRBenefitAdministration@EastWestBank.com. They will help walk you or your surviving dependents through the remaining steps.

Make Changes to Your Benefits

• Make changes to your East West Bank benefits.
  • If you pass away, medical, dental and vision coverage for your dependents will end on the last day of the month in which your death occurs. Please see information below on how they can continue coverage through COBRA.
  • If one of your dependents pass away and was covered under the Bank’s group insurance plan, please contact HR – Benefits Team within 31 calendar days of his or her death, and go to UKG to create a life event to remove your dependent from your benefits. For details, see the Enrollment Instructions.
• Benefits to review and/or change:
  • Medical/Rx, dental, and vision coverage (cannot change from one carrier/plan to another carrier/plan, i.e., from HMO to PPO and vice versa)
  • Health Savings Account (HSA) contribution amount (only if you have enrolled in the Blue Shield Savings Plus PPO); contribution changes can be made once a month outside of the 31-day timeframe
  • Health Care and/or Dependent Care Flexible Spending Account (FSA) and/or Commuter Benefits contribution amounts
  • Basic and/or Voluntary Life Insurance
  • Beneficiaries for your HSA, 401(k) and/or Life Insurance
  • Voluntary legal benefits

Review Health Care Options

• In the event of your death, your dependents will receive COBRA continuation paperwork in the mail.
  • Your dependents may continue their current East West Bank health coverage (medical/Rx, dental, vision, EAP, and/or Health Care FSA) for up to 36 months through COBRA, depending on various state COBRA rules.
  • A COBRA packet will be mailed to your current address on file.
• Your dependents can compare their COBRA coverage to options available on the Health Insurance Marketplace. They can visit www.healthcare.gov for details on the plans available in their state.

Continue Voluntary Legal Benefit

• If you were covered under the voluntary legal benefits plan, your dependents may continue coverage on their own.
  • Contact LegalShield at 888.807.0407 for details.

File a Life Insurance Claim

• Work with HR – Benefits Team to file a life insurance claim.
  • In the event of your death or if one of your covered dependents pass away and was covered under the Bank’s group and/or voluntary life insurance plan, contact HR – Benefits Team at HRBenefitAdministration@eastwestbank.com for assistance in filing life insurance claim.
  • A death certificate will be needed to file the claim.

File FSA Claims

• In the event of your death, your family member has until August 31 of the year following your eligibility loss to submit Health Care and/or Dependent Care FSA claims, given the claims incurred on/before the date of you lose your eligibility.
• Your family member can file claim reimbursement from your Commuter Pay Me Back Account for expenses incurred prior to the date you lose your eligibility.
• Funds loaded in your HealthEquity Commuter Card and Parking Commuter Card are immediately forfeited upon the date you lose your eligibility.
  • Contact HealthEquity at 855.692.2959 or go to HealthEquity’s website for details.

Keep Your HSA

• If you enroll in the Blue Shield Savings Plus PPO Plan and make contribution to your HSA account, in the event of your death, your HSA balance will be paid to the beneficiaries you have named.
• In the event of your dependent’s death, you might consider changing your HSA contribution amount via UKG.
  • Contact HealthEquity at 877.857.6810 or log in to your HealthEquity HSA account for details.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Coping with a death is very difficult, but you don’t have to do it alone. You or your surviving dependents can get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session. In the event of your death, your covered family members are eligible to continue EAP coverage through COBRA for up to 36 months, depending on various state COBRA rules.
  • Speak with a financial professional. In the event of your dependent’s death, you might consider creating or revising your estate planning documents. Receive free, one-on-one confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

• If one of your dependents dies, you might want to create or revisit your estate planning documents. Through LegalShield, you can receive confidential assistance with creating a will and other estate planning documents. If you aren’t already enrolled, you can enroll during the next annual Open Enrollment period.

Spouse’s Insurance Changes

Spouse’s Coverage Changes

Life brings on new challenges, which may lead to a change in your spouse’s employment and/or benefits. To make the transition easier for you both, here are some steps to consider after your spouse gains or loses coverage.

Add or Remove Your Spouse and/or Children from Your Benefits

• Make changes to your East West Bank benefits. You must act within 31 calendar days of the effective date your spouse’s coverage changes — no changes occur automatically.
  • To make mid-year changes to your benefits, you must go to UKG and create a Life Event and upload supporting document to start the process. For details on UKG, see the Enrollment Instructions.
  • Benefits to review and/or change:
    • Medical/Rx, dental, and vision coverage
    • Health Savings Account (HSA) contribution amount (only if you have enrolled the Blue Shield Savings Plus PPO); contribution changes can be made once a month outside of the 31-day timeframe
    • Health Care and/or Dependent Care Flexible Spending Account (FSA) contribution amounts
    • Voluntary Dependent Life Insurance
    • Beneficiaries for your HSA and/or Life Insurance
    • Voluntary Accidental Injury Insurance
    • Voluntary legal benefit

Review Retirement Savings

• Review your 401(k) plan at Empower.
  • Update your savings rate. Now is a great time to bump up your savings rate. Make sure you’re contributing at least 6% of your earnings to receive the full 401(k) match — that’s free money to you! East West Bank matches 75% of your eligible 401(k) contributions, up to 6% of your earnings.
  • Review your beneficiaries. Make any necessary updates; your 401(k) plan beneficiaries are separate from your life insurance beneficiaries.
  • Use the online resources. Log in to your Empower 401(k) account and utilize the free tools and webinars to help simplify the planning process, so you can focus on reaching your financial goals.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Change can be stressful. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial responsibility this change brings by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

Designating Your Beneficiaries

It is very important that you designate one or more beneficiaries when you first set up your Health Savings Account, first purchase Voluntary Life Insurance, or first enroll in your 401(k). If you do not designate a beneficiary, at the time of your death the funds may be subject to probate and be distributed based on your state’s laws.

A beneficiary is one or more persons (or sometimes a legal entity, like a trust) who are entitled to receive the balance in your HSA, your life insurance benefit, and/or your 401(k) balance at the time of your death.

There are two types of beneficiaries: a primary beneficiary and a contingent (also called a secondary) beneficiary:

• Primary beneficiary — An individual who is first in line to receive benefits.
• Contingent beneficiary — An individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.

You may designate more than one primary and more than one contingent beneficiary as well as the percentage amount of your assets to each of them, as long as the percentages add up to 100 percent.

It is highly recommended that you review and update all beneficiary designations every few years, particularly after a major life event such as a divorce or death of a loved one.

To designate or update a beneficiary, please go to the following sites:

• For HSA, please go to HealthEquity.
• For Group Term Life and Voluntary Life Insurances, please go to UKG > Myself > Manage My Benefits > Profile > My Beneficiaries.
• For 401(k), please go to Empower.

Child Turns 26

Your Child is No Longer Eligible for Benefits

Once your child reaches age 26, he or she is no longer eligible for East West Bank’s benefits. To make the transition easier for you and your child, here are some steps to take after your child turns age 26.

Review Your Updated Benefits

• Your child is automatically removed from your medical, dental and vision benefits when they reach age 26. If you have enrolled them to other benefits, like Voluntary Child Life and Voluntary Accidental Injury benefits, You must act within 31 calendar days to drop your child coverage. For details on UKG, see the Enrollment Instructions.
  • Your child’s coverage will end on the last day of the month in which his or her 26th birthday occurs.
  • If your child is mentally or physically disabled, coverage may continue beyond age 26, once you provide proof of ongoing disability. Contact HR – Benefits Team at HRBenefitAdministration@EastWestBank.com for arrangement.

Your Child Can Review Health Care Options

• Provide your child with COBRA continuation paperwork as soon as you receive it.
  • A COBRA packet will be mailed to your current address on file. Ensure your child receives the paperwork; if he or she chooses to enroll, he or she must do so before the deadline on the application.
  • Your child may continue his or her current East West Bank health coverage (medical/Rx, dental, vision, and/or EAP) for up to 36 months through COBRA depending on various state COBRA rules.
  • Contact HR – Benefits Team at HRBenefitAdministration@EastWestBank.com if you have any questions.
• Your child can compare COBRA coverage to options available on the Health Insurance Marketplace. Visit www.healthcare.gov for details on the plans available in your child’s state.

File FSA Claims for Your Child

If you’re enrolled in the Health Care Flexible Spending Account (FSA), you may submit claims you incur for your child until his or her 26th birthday.

• You have until August 31 of the year following your child losing eligibility to submit FSA claims.
• Contact HealthEquity at 855.692.2959 or log in to your HealthEquity FSA account for details.

Your Child Can Continue Voluntary Legal Benefit

• If your child is covered under the voluntary legal benefit plan, he or she may continue coverage on his or her own.
  • Contact LegalShield at 888.807.0407 for details.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial changes you and/or your child may experience following his or her 26th birthday by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

Divorce

You Get Divorced

We recognize that divorce is difficult. To make the transition easier for you, here are some steps to take after your divorce is finalized.

Remove Your Ex-Spouse and/or Former Step-Children from Your Benefits

• Make changes to your East West Bank benefits. You must act within 31 calendar days of when your divorce is finalized; no changes occur automatically. Your ex-spouse and/or former step-children’s coverage will end on the last day of the month in which your divorce is finalized.
  • Your ex-spouse and/or former step-children must be removed from your benefits. To make mid-year changes to your benefits, you must go to UKG and create a Life Event and upload supporting document to start the process. For details, see the Enrollment Instructions.
  • Benefits to review and/or change:
    1. Medical/Rx, dental, and vision coverage
    2. Health Savings Account (HSA) contribution amount (only if you have enrolled in the Blue Shield Savings Plus PPO); contribution changes can be made once a month outside of the 31-day timeframe
    3. Health Care and/or Dependent Care Flexible Spending Account (FSA) contribution amounts
    4. Voluntary Dependent Life Insurance
    5. Beneficiaries for your HSA and/or Life Insurance
    6. Voluntary Accidental Injury Insurance
    7. Voluntary legal benefit

Your Ex-Spouse and/or Former Step-Children Can Review Health Care Options

• Provide your ex-spouse and/or former step-children with the COBRA continuation paperwork as soon as you receive it.
  • A COBRA packet will be mailed to your current address on file. Please ensure that your ex-spouse and/or former step-children receive the paperwork in a timely manner.
  • The application must be completed and submitted before the deadline on the application.
  • Your ex-spouse and/or former step-children may continue their current East West Bank health coverage (medical/Rx, dental, vision, and/or Employee Assistance Program) for up to 36 months through COBRA depending on various state COBRA rules.
  • Contact HR – Benefits Team at HRBenefitAdministration@EastWestBank.com with any questions.
• Your ex-spouse and/or former step-children can compare COBRA coverage to options available on the Health Insurance Marketplace. Visit www.healthcare.gov for details on the plans available in your ex-spouse and/or former stepchildren’s state.

File FSA Claims for Your Ex-Spouse and/or Former Step-Children

If you’re enrolled in the Health Care FSA, you may submit claims you incur for your ex-spouse and/or former step-children until the end of the month of the date your divorce is final.

• You have until August 31 of the year following your divorce to submit FSA claims.
• Contact HealthEquity at 855.692.2959 or log in to your HealthEquity FSA account for details.

Continue Voluntary Legal Benefit

• If they’re covered under the voluntary legal benefit plan, he or she may continue coverage on his or her own.
  • Contact LegalShield at 888.807.0407 for details.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Divorce is stressful. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial changes you’ll experience during and following your divorce by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

• Update or create estate planning documents. Through LegalShield, you can receive confidential assistance with creating a will and other estate planning documents. If you aren’t already enrolled, you can enroll now because of this life event.

Designating Your Beneficiaries

It is very important that you designate one or more beneficiaries when you first set up your Health Savings Account, first purchase Voluntary Life Insurance, or first enroll in your 401(k). If you do not designate a beneficiary, at the time of your death the funds may be subject to probate and be distributed based on your state’s laws.

A beneficiary is one or more persons (or sometimes a legal entity, like a trust) who are entitled to receive the balance in your HSA, your life insurance benefit, and/or your 401(k) balance at the time of your death.

There are two types of beneficiaries: a primary beneficiary and a contingent (also called a secondary) beneficiary:

• Primary beneficiary — An individual who is first in line to receive benefits.
• Contingent beneficiary — An individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.

You may designate more than one primary and more than one contingent beneficiary as well as the percentage amount of your assets to each of them, as long as the percentages add up to 100 percent.

It is highly recommended that you review and update all beneficiary designations every few years, particularly after a major life event such as a divorce or death of a loved one.

To designate or update a beneficiary, please go to the following sites:

• For HSA, please go to HealthEquity.
• For Group Term Life and Voluntary Life Insurances, please go to UKG > Myself > Manage My Benefits > Profile > My Beneficiaries.
• For 401(k), please go to Empower.

MARRIAGE

You Get Married

Congratulations on your marriage! To help with the transition, here are some steps to consider after your big day.

Add Your New Spouse and/or Step-Children to Your Benefits

• Make changes to your East West Bank benefits. You must act within 31 calendar days of the date of marriage — no changes occur automatically.
  • To add your new spouse and/or step-children to your benefits, you must go to UKG and create a Life Event and upload supporting document to start the process. For details, see the Enrollment Instructions.
  • Benefits to review and/or change:
    • Medical/Rx, dental, and vision coverage
    • Health Savings Account (HSA) contribution amount (only if you have enrolled in the Blue Shield Savings Plus PPO); contribution changes can be made once a month outside of the 31-day timeframe
    • Health Care and/or Dependent Care Flexible Spending Account (FSA)
    • Voluntary Dependent Life Insurance
    • Beneficiaries for your HSA, 401(k) and/or Life Insurance
    • Voluntary Accidental Injury Insurance
    • Voluntary legal benefit

Review Retirement Savings

• Review your 401(k) plan at Empower.
  • Update your savings rate. Now is a great time to bump up your savings rate. Make sure you’re contributing at least 6% of your earnings to receive the full 401(k) match — that’s free money to you! East West Bank matches 75% of your eligible 401(k) contributions, up to 6% of your earnings.
  • Review your beneficiaries. Make any necessary updates; your 401(k) plan beneficiaries are separate from your life insurance beneficiaries.
  • Use the online resources. Log in to your Empower 401(k) account and utilize the free tools and webinars to help simplify the planning process, so you can focus on reaching your financial goals.

Take Advantage of Other Benefits

• Use the Employee Assistance Program (EAP) to:
  • Receive free counseling. Getting married is exciting, but it also brings new stress. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial responsibility of new dependent(s) by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

• Create estate planning documents. Through LegalShield, you can receive confidential assistance with creating a will and other estate planning documents. If you aren’t already enrolled, you can enroll now because of this life event.

Designating Your Beneficiaries

It is very important that you designate one or more beneficiaries when you first set up your Health Savings Account, first purchase Voluntary Life Insurance, or first enroll in your 401(k). If you do not designate a beneficiary, at the time of your death the funds may be subject to probate and be distributed based on your state’s laws.

A beneficiary is one or more persons (or sometimes a legal entity, like a trust) who are entitled to receive the balance in your HSA, your life insurance benefit, and/or your 401(k) balance at the time of your death.

There are two types of beneficiaries: a primary beneficiary and a contingent (also called a secondary) beneficiary:

• Primary beneficiary — An individual who is first in line to receive benefits.
• Contingent beneficiary — An individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.

You may designate more than one primary and more than one contingent beneficiary as well as the percentage amount of your assets to each of them, as long as the percentages add up to 100 percent.

It is highly recommended that you review and update all beneficiary designations every few years, particularly after a major life event such as a divorce or death of a loved one.

To designate or update a beneficiary, please go to the following sites:

• For HSA, please go to HealthEquity.
• For Group Term Life and Voluntary Life Insurances, please go to UKG > Myself > Manage My Benefits > Profile > My Beneficiaries.
• For 401(k), please go to Empower.

BIRTH OR ADOPTION

You Gain a Dependent through Birth or Adoption

Congratulations on your new addition! To make the transition easier for you, here are some steps to take before, during, and after your new child arrives.

Add Your New Child to Your Benefits

• Make changes to your East West Bank benefits. You must act within 31 calendar days of the birth, adoption, or placement — no changes occur automatically.
  • To add your new child to your benefits, you must go to UKG and create a Life Event Request and upload supporting document to start the process. For details, see the Enrollment Instructions.
  • Benefits to review and/or change:
    • Medical/Rx, dental, and vision coverage
    • Health Savings Account (HSA) contribution amount (only if you have enrolled in the Blue Shield Savings Plus PPO); contribution changes can be made once a month outside of the 31-day timeframe
    • Health Care and/or Dependent Care Flexible Spending Account (FSA)
    • Voluntary Dependent Life Insurance
    • Beneficiaries for your HSA, 401(k) and/or Life Insurance
    • Voluntary Accidental Injury Insurance
    • Voluntary legal benefit

Take Advantage of Other Benefits

• Enrolled in a Blue Shield medical plan? Register for Maven Maternity Program through blueshieldca.com/maven to get 24/7 access to virtual mental health, clinical and other social support for pregnancy, postpartum, and returning to work after parental leave.
• Enrolled in a Kaiser Permanente medical plan? Talk to your doctor about maternity supports or visit kp.org/maternity for more information.
• Use the Employee Assistance Program (EAP) to:

• • Receive free counseling. Having a baby is exciting, but it also brings new stress. Get support by calling Optum, our EAP vendor. Receive up to three free confidential counseling sessions in person, plus one telephonic session.
  • Speak with a financial professional. Prepare for the financial responsibility of a new child by receiving free, one-on-one, confidential counseling with an experienced financial professional. Learn how to increase your savings, lower your debt, improve your credit, and decrease your financial stress.

Learn more or get started by visiting Optum with the access code: eastwest or contacting them at 866-248-4096 (available 24/7)

• Create estate planning documents. Through LegalShield, you can receive confidential assistance with creating a will and other estate planning documents. If you aren’t already enrolled, you can enroll now because of this life event.