Annually you will be given an opportunity to review your coverage. There are also different times you may change coverage throughout the year: as a new hire, as a transferred employee, or if you experience a qualifying status change. Each period has different deadlines and rules. Please take time to review the type of enrollment period that most applies to you.
New Hire Enrollment
You have 60 days from your hire date to enroll in benefits. The elections you make as a new hire become effective on your hire date and remain in effect through the end of that year. They can’t be changed unless you experience a qualifying status change during the year.
If you don't enroll within 60 days:
- You won't have Medical, Dental, Vision, Voluntary Life, Voluntary Accidental Death & Dismemberment (AD&D) or Flexible Spending Account coverage through Transocean.
You will have basic, company-paid Life Insurance, AD&D Insurance, Short-Term Disability and Long-Term Disability. - After 60 days, you will be automatically enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will automatically increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%.
Transferring Employee Enrollment
You have 60 days from your transfer date (the date in which you change to a US employment class and change to a US home address) to enroll in benefits. A transfer is defined as a change that affects your employee status and/or causes you to lose coverage due to a move.
The elections you make at enrollment will be effective on your transfer date and remain in effect through the end of that year. They cannot be changed unless you experience a qualifying status change during the year.
If you don't enroll:
- You will either be automatically enrolled in the default medical plan (PPO plan) or you will default to waived coverage and you will not be enrolled in benefits, depending on where you are transferring from:
- Those transferring from Expat status, will be auto-enrolled for Medical, Dental and Voluntary AD&D Insurance at the same coverage level in which you were previously enrolled. The PPO Plan is the default Medical plan.
- Those transferring from a local payroll (non-U.S. dollar) status, will default to waived coverage and you will not be enrolled in benefits.
- You will not have Vision, Voluntary Life Insurance, Voluntary Spouse Life Insurance, or Flexible Spending Accounts.
- You will have basic Company-paid Life Insurance and AD&D Insurance, Short-Term Disability, and Long-Term Disability.
- You will be auto-enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%.
Automatic enrollment only occurs if you transfer from Expat status. If you transfer from a local payroll (non-US) classification and do not enroll, you will default to waived coverage and you will not be enrolled in benefits.
Annual Enrollment
Around the 4th quarter of each year you will be given an opportunity to change your coverage, to be effective the first of the coming year. Coverage cannot be changed outside of this time period, unless you experience a qualifying status change during the year (e.g. marriage, divorce, birth or adoption of a child, change in spouse's eligibility for medical coverage, etc.) If you did not enroll, you will default into your most recently elected coverage, except for HSA and FSA, which have to be elected every year.