Health Savings Account (HSA)

ACTION

DETAILS

Open a Fidelity HSA & consent to the group transfer

October 14 ‒ October 25, 2024

Enroll in an HSA and agree to the Terms & Conditions to open your Fidelity HSA^® and provide eConsent to transfer your Smart-Choice HSA to Fidelity within the Open Enrollment process.

Visit the MyBenefits site through the Colleague Service Center (CSC). Note that you must elect to enroll in a high deductible health plan (HDHP) to be eligible to enroll in the HSA.

Important: Your elections from 2024 will not carryover. You must actively enroll in the HSA during Open Enrollment in order to contribute and receive the Thermo Fisher company contribution. If you elect an HDHP, you are eligible for an HSA company contribution even if you choose to not make your own contributions.

If you want to take advantage of the group transfer election window to transfer your Smart-Choice HSA balance to Fidelity with no fees, you will need to provide consent for Smart-Choice to move your HSA balance to Fidelity (your HSA balance will remain at Smart-Choice until it transfers).

• If you complete the online consent to participate in the group transfer during Open Enrollment, you will not be subject to transfer, account closure or monthly administrative fees with Smart-Choice.
• If you miss the eConsent window for the group transfer, you can still elect to transfer your Smart-Choice HSA balance to a Fidelity HSA. You can begin the individual transfer process beginning in January 2025 by filling out an online transfer of assets form at Fidelity. Please note: Smart-Choice will charge a fee for an individual transfer and the process can take six to eight weeks to complete.

Moving funds between HSAs is not typically considered a taxable event and will not be reported to the IRS, though you are encouraged to review the applicable rules for your state and consult with a financial advisor.

Activate your Fidelity HSA

Beginning late November 2024

You will receive communications from Fidelity once your HSA has been opened. Go to NetBenefits^® at www.netbenefits.com and activate your Fidelity HSA. This will help ensure that you have access to all features of your Fidelity HSA.

Note: If you have an existing Fidelity HSA, this step is not required. Your existing Fidelity HSA will be linked to the Thermo Fisher HSA, and you will continue to use your current debit card.

Choose investments for your HSA

Beginning late November 2024

After you activate your Fidelity HSA, you can set up automatic investing to invest some or all of your future payroll contributions.

If you elect to participate in the group transfer and set up automatic investing before the transfer, your Smart-Choice HSA balance will be invested based on your investment elections on file with your Fidelity HSA.

You can make or change investment elections virtually any time by logging on to www.netbenefits.com. From the “Health Savings Account” section on the home page select the “Investing” tab and then select “Set up automatic investing.”

Designate your beneficiaries

Name beneficiaries for your Fidelity HSA.

Any beneficiary designations you made in your Smart-Choice HSA will not transfer to your Fidelity HSA. After your Fidelity HSA is activated, visit www.netbenefits.com. From the “Health Savings Account” section on the home page, select “Summary” then select “Update Beneficiaries.”

Liquidate investments, turn off automatic transfers and stop any ad hoc contributions

No later than 3 p.m. ET on January 10, 2025

If you select the group transfer during Open Enrollment, you must do the following at Smart-Choice no later than 3 p.m. ET on January 10, 2025:

• Liquidate HSA investments: If you have HSA investments with Smart-Choice, you must liquidate them. On the MyBenefits Smart-Choice website, go to HSA Account Detail > Investment > View/Trade. Select “Move Money” and then select “Transfer Back to Base Account.” Enter the full amount of your HSA investments and select “Submit Request.”
• Turn off automatic transfers. If you turned on the automatic transfer to investments feature, you must turn this feature off. On the MyBenefits Smart-Choice website, go to HSA Account Detail > Investment. Select “Edit Automated Investment Transfer” and then select “Turn Off Auto Transfer.”
• Stop making any ad hoc contributions. If you had set up ongoing contributions outside of payroll, these are also referred to as auto-transfers. For instance, if you had set up monthly automatic contributions from your bank, you will need to turn those off.

Important: If you do not liquidate your holdings, turn off any automatic investments and stop any ad hoc contributions, your balance will not transfer to Fidelity.

Flexible Spending Accounts (FSA)

ACTION

DETAILS

Make your FSA elections

October 14 ‒ October 25, 2024

Make your 2025 Healthcare FSA, Limited Purpose FSA and Dependent Care FSA elections during Open Enrollment on MyBenefits.

Commuter Benefits

ACTION

DETAILS

Make commuter elections for January 2025

December 1 – December 10, 2024

Your action is required to open a new commuter account at Fidelity. Beginning in December, you must make a new commuter election on NetBenefits^® at www.netbenefits.com for your January 2025 expenses.

See the How to Enroll in Commuter Benefits flyer for detailed enrollment instructions.

Your Eden Red (Smart-Choice commuter) card can be used until December 31, 2024.