As a recruiter, clients ask me about what they should know about their benefits. With everything going on in the market and the current health crisis those questions have become more and more frequent. Luckily for ConocoPhillips (COP) employees, COP has an impressive benefits package. So before jumping ship on ConocoPhillips reconsider AFTER reading about your benefits.
Lets discuss some important concepts you need to know about your benefits and how to enroll.
COP Benefits Annual Enrollment
As stated in your COP SPD (1), Annual enrollment for your COP benefits usually occurs each fall (Ex. Oct. 24 – Nov. 15, 2019.). Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. You’ll find enrollment instructions and information about your benefits options and contribution amounts. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. You can choose to enroll in eBenefits and receive this information via email instead.
Next Step:
- Watch for your annual enrollment information in the September/November time frame
- Review your benefits information and utilize the tools and resources available on the COP Benefits Center website
- Enroll in eBenefits
Things to keep in mind :
- 47% of Americans cite health care as their greatest economic concern.(2)
- Medical bills are the No. 1 cause of bankruptcy in the United States. (3)
- For older Americans, healthcare costs represent the second-largest expense, behind housing.(4)
Short-Term & Long-Term Disability
Short-Term: Depending on your plan, you may have access to short-term disability (STD) benefits.
Long-Term: Your plan’s long-term disability (LTD) benefits are designed to provide you with income if you are absent from work for six consecutive months or longer due to an eligible illness or injury.
What Happens If Your Employment Ends
Your life insurance coverage and any optional coverage you purchase for your spouse/domestic partner and/or children ends on the date your employment ends, unless your employment ends due to disability. If you die within 31 days of your termination date, benefits are paid to your beneficiary for your basic life insurance, as well as any optional life insurance coverage you elected.
Note:
- You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage
- If you stop paying supplementary contributions, your coverage will end
- If you are at least 65 and you pay for supplemental life insurance, you should receive information in the mail from the insurance company that explains your options
- Make sure to update your beneficiaries. See the SPD(1) for more details.
COP Beneficiary Designations
As part of your retirement and estate planning, it’s important to name someone to receive
the proceeds of your benefits programs in the event of your death. That’s how COP will know whom to send your final compensation and benefits. This can include life insurance payouts and any pension or savings balances you may have.
Curious about your COP Social Security and Medicare? Visit: https://techstaffer.blog/2020/03/26/conocophillips-social-security-and-medicare/
Want to read about the different stages of retirement? Visit: https://techstaffer.blog/2020/03/23/conocophillips-stages-of-retirement/
Wondering how a divorce could impact your COP benfits? Visit: https://techstaffer.blog/2020/03/25/how-a-divorce-can-impact-your-conocophillips-benefits/
Should you work in retirement? Visit: https://techstaffer.blog/2020/03/30/life-after-cop-should-i-work-in-retirement/
Sources:
The Retirement Group or www.theretirementgroup.com
“Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
“Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
COP Summary Plan Description, 2017
