Eligibility & Making Plan Changes During the Year
Making Enrollment Changes
In most cases, your benefit elections remain in effect until the next open enrollment period. The Annual Benefit plan year is January 1 through December 31. HR must be notified within 31 days of any Qualifying Life Event with a request to change.
Who is Eligible for Coverage?
Employees
You will be eligible to enroll the 1st of the month following your date of hire. This will apply to Medical, Dental, Vision, FSA, HSA, Life/AD&D and Disability. You are eligible for benefits if you are a full-time employee, or a variable employee working at least 30 hours per week. All employees are eligible to participate in the Victory Capital Management, Inc. 401(k) plan upon their date of hire.
Dependents
An eligible dependent may be:
- Your legal spouse
- Your dependent children under age 26
- Includes biological children, step-children, legally adopted children, a child placed for adoption, or any child for whom you have been court appointed as legal guardian or legal custodian
- Your dependent children 26 years or older who are incapable of self-sustaining employment by reason of mental illness or physical handicap
- Children are eligible for coverage from birth to the end of the month in which the child attains age 26
Resources
To Make Changes Outside of Open Enrollment
You must incur an IRS approved family status change & must notify Human Resources within 31 days of the event to make a change.
Those changes include:
- Birth, Adoption
- Marriage, Divorce
- Death of spouse or other dependent
- Spouse’s employment begins or ends
- Dependent’s eligibility status changes due to age, student status, marital status or employment
- Change or loss of spouse’s medical coverage or cost
- Child Medical Support Orders
- Loss of eligibility under another health plan
