What to Consider When Leaving Phillips 66
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When your employment ends, your active health benefits, including medical, dental, vision, and other resources, typically end on the last day of that month. However, you may have the option to continue your coverage through COBRA.
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If you are enrolled in a high-deductible health plan (HDHP) with an HSA, the good news is that your HSA funds—including company contributions—are yours to keep. You can use these funds for qualified medical expenses, even after employment ends.
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Your participation in Health Care and Dependent Day Care FSAs will end on the last day of the month in which your employment ends. Review your balances and consider using remaining funds before this deadline to avoid losing them.
Learn more about your Flexible Spending Plan Here.
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You may have the option to port or convert your existing life insurance coverage to an individual plan. This can help ensure your family remains financially protected.
Learn More Here.
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Understanding your options is crucial. Take the following steps:
Access your retirement checklist.
Learn about payment options.
Model your retirement benefits to determine the best financial choice for you.
Contact Phillips 66 Benefits Center for further details and to commence your retirement benefits if needed.
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To learn about your options regarding your savings account, visit Vanguard.
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Ensure your beneficiary information is up-to-date across all your accounts. This includes:
Life insurance policies.
Pension plans.
Health Savings Accounts.
401(k) or other savings plans.
This ensures that your financial wishes are honored.
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If you have unvested Restricted Stock Units (RSUs), log onto the Connect Total Rewards Compensation page to check your plan’s terms. In many cases, unvested RSUs are forfeited upon leaving your employer.
Making Informed Decisions
Leaving Phillips 66 could be a significant life event, but careful planning can help you transition smoothly. By addressing these considerations, you can take control of your financial future and minimize potential challenges.
If you’re unsure where to start, consulting with a financial advisor can help you make informed choices tailored to your unique situation.
Need Personalized Guidance?
At Falcon Wealth Planning, we specialize in helping individuals like you make confident financial decisions during career transitions.
Contact us today for a free financial assessment to discuss your goals and how we can help.