Wealth2024-05-17T19:09:19+00:00

WEALTH

Health Savings Account (HSA)

Fidelity | 1-800-835-5095 | netbenefits.com

Cyient provides you with a Health Savings Account (HSA) through Fidelity. An HSA can help you save money by paying for some healthcare expenses with tax-free dollars. An HSA allows you to use these funds to pay for certain medical expenses, such as deductibles, copayments, coinsurance and more. Your HSA can pay for eligible medical expenses for any family member who qualifies as a dependent on your tax return.

The following is a partial list of allowable expenses for an HSA, according to IRS guidelines:

  • Prescription drugs or insulin, prescribed birth control
  • Medical equipment, such as wheelchair, crutches, artificial limbs, wigs (where prescribed by a physician for mental health or due to hair loss because of disease)
  • Treatments and therapies, such as treatment for alcoholism or drug addiction, acupuncture to treat a medical condition, physical therapy, smoking cessation programs
  • Dental and Orthodontic care, such as x-rays, braces, dentures
  • Vision care expenses, including eye exams, eyeglasses and contacts
  • Hearing aids
  • Assistance for the handicapped, such as a guide dog, braille book, home or car equipment for a handicapped person’s needs
    Mental health institute treatment
  • Other fees and services, such as hospital services, home care services, laboratory fees, surgical fees, x-rays, chiropractic fees

Please consult your tax advisor should you require specific tax advice. This list is subject to change. For a complete list of eligible expenses, please visit netbenefits.com.

To open an HSA, you must meet the following eligibility criteria:

  • You must be covered by an HSA-compatible health plan, such as one of the Cyient high deductible health plans, and you cannot be covered by any other medical plan that is not an HSA-compatible health plan. This would include being enrolled in your spouse’s plan as secondary coverage, an executive medical plan, or your spouse’s Health Care Flexible Spending Account (FSA). Note: The IRS does not allow participation in an HSA if you have a Health Care FSA.
  • You must be enrolled in the HSA-compatible health plan on the first day of the month (otherwise, your eligibility to make contributions to your HSA begins the first day of the following month). You may make the maximum annual HSA contribution for the year regardless of the month you become eligible.
  • You must not be enrolled in Medicare.
  • You must not be eligible to be claimed as a dependent on another individual’s tax return.

Prior to opening your HSA, you must be enrolled in an HSA-eligible health plan. When you’re ready, opening and managing your HSA with Fidelity is fast and easy. You’ll get information on investment choices, payment options, and ongoing support to help you build and manage your savings. For convenience, you can open an Fidelity HSA online. To begin, simply log in to NetBenefits® at NetBenefits.com. From the home page, click Open next to Health Savings Account. If you do not have access to NetBenefits, contact a Fidelity Representative at 800-544-3716 or your benefits toll-free number for an application.

How do I enroll in a Fidelity HSA?

When you enroll in one of the Accent or Encore plans and elect to contribute dollars to your HSA, you will have the option to enroll in an HSA through Fidelity. During the enrollment process in Workday, you will be asked to acknowledge the terms and conditions of the Fidelity HSA. Once acknowledged, you will be issued a debit card that makes it easy for you to pay for qualified medical expenses.

Cyient employer contributions count toward the annual HSA contribution limits, so you need to carefully plan how much you’ll contribute annually to avoid excess contributions. These limits apply even for participants entering the plan mid-year.* Prior-year contributions may be made through April 15 of the following year.

To fund your HSA, you can make deposits using one of the following:
  • pre-tax payroll deductions from your pay
  • tax-deductible contributions
  • rollover funds from another HSA
  • one-time transfer from your IRA

Remember, you can change your HSA contribution at any time throughout the year. Making a contribution to a Health Savings Account is a smart investment. For 2024, Cyient is offering two opportunities for you to earn Company contributions to your HSA:

  • HSA Match—Cyient will contribute up to an annual Company maximum of $450 for single coverage and $775 for family coverage. To receive Cyient’s contribution, you must make contributions to your account. For every dollar that you contribute, Cyient will put in $0.50, up to a maximum of $450 for single coverage and $775 for family coverage.

To look at the chart to see how our new HSA Match offering impacts the annual contribution limits set forth by the IRS, click here.

Flexible Spending Accounts (FSAs)

Flores and Associates | 1-800-532-3327 | flores247.com

Flexible Spending Accounts (FSAs) allows you to set aside pre-tax dollars to pay yourself back for certain healthcare and dependent care expenses. You have two types of FSA available: a Health Care FSA and a Dependent Care FSA. Both accounts are administered for Cyient through Flores and Associates.

  • Deductions are divided equally between pay periods and are automatically deducted from each paycheck and placed into your account.
  • As you incur expenses, you simply use your Benny Card to pay for eligible expenses at the time of service. The Benny Card is a pre-paid benefits card that you can use to pay for eligible expenses that can be reimbursed from your health Flexible Spending Account (FSA). However, If you pay out-of-pocket for the eligible expense, you can submit a claim for reimbursement through the mobile app or log on to flores247.com. The reimbursement you receive is tax-free and is deducted from your FSA account.
  • Eligible expenses must be incurred during the plan year (January 1 through December 31) and while you are making contributions to the plan.
  • The annual contribution amount you elect cannot be changed throughout the year unless you have a qualified change-in-status event.

Reminder: In order to participate in the Health Care FSA or Dependent Care FSA you must enroll or re-enroll each plan year during Open Enrollment.

  • You may set aside up to $3,200 annually in pre-tax dollars.
  • You may use your Health Care FSA to pay for qualified health expenses that are not covered by your medical, dental or vision plans, such as deductibles, copays, dental expenses, glasses, and chiropractic treatments.
  • Funds can be used for yourself, your spouse and your dependent children.
  • Your annual contribution amount is deposited into your account and is available to you at the beginning of the plan year.

  • You may set aside up to $5,000 annually in pre-tax dollars or $2,500 if you are married and file taxes separately from your spouse. This dollar amount is further limited by salaries of plan participants and subject to annual non- discrimination testing. Despite the IRS limit, it is possible if the Plan fails to meet non-discrimination requirements, a portion of your contribution will be returned and subject to applicable taxes.
  • Contributing to a Dependent Care FSA allows you to pay dependent care expenses so that you and your spouse can work or attend school full-time.
  • Eligible expenses include care at a licensed daycare, before/after school care, summer day camp and elder care.
  • When submitting a claim, you can only be reimbursed up to the amount you have contributed to date, less any previous reimbursements.

Life and AD&D Coverage

New York Life | 1-800-362-4462 | newyorklife.com

Life insurance helps protect your family against financial risk and loss of income if you should die. AD&D insurance provides additional benefits if you lose your life, sight, hearing, speech, or one or more limbs in an accident. Cyient provides basic life insurance in the amount of $50,000 from New York Life, including some AD&D protection, at no cost to you.

  • Ages 65 to 69: Benefit decrease to 35% of original benefit.
  • Ages 70-74: Benefits will reduce an additional 25% of the original amount
  • Ages 75+: Benefits will reduce an additional 15% of the original amount
  • Benefits will terminate when you retire.

Age reduction: The group term basic life and AD&D insurance coverage are subject to a reduction in benefit amount as you age.

Portability and conversion: Portability and conversion are available if your employment with Cyient ends. Portability allows you to continue your term life coverage, while the conversion option allows you to convert your term life policy into an individual whole life policy.

Life and AD&D Resources2024-02-23T17:19:33+00:00

Voluntary Life and AD&D

New York Life | 1-800-362-4462 | newyorklife.com

You may purchase additional life insurance and AD&D coverage for yourself, your spouse and your dependent children. Voluntary life and voluntary AD&D are two separate options, and you don’t have to choose one to get the other.

For a look at your benefits and amounts, click here.

Too look at the employee rates, click here.

  • If you do not elect Employee or Spousal Supplemental Life Insurance when you are first eligible, any amount elected later will be subject to Evidence of Insurability (EOI). For new hires, EOI will be required if you elect an amount over $150,000 for yourself or $25,000 for your spouse. EOI is not required for child Life coverage. Voluntary AD&D does not require EOI approval.
Voluntary Life and AD&D Resources2024-02-23T17:24:58+00:00

Disability Insurance

New York Life | 1-800-362-4462 | newyorklife.com

What would happen if you became injured or sick – and were unable to work? Don’t worry, Cyient has you covered. That’s because the company provides disability insurance at no cost to you. This helps to protect your income in case you are unable to work because of an illness or injury. This benefit is provided through New York Life.

Once you have been disabled for seven days, the STD plan pays you 60% of your weekly base salary up to a maximum benefit amount of $2,000 for up to 26 weeks while you are unable to work because of to a non-work-related illness (no waiting period for injury). Once your claim is approved, you will receive the benefit payment through your normal payroll, with normal deductions and taxes withheld.

If you live in a state that provides paid leave, you must first file with the state and Cyient would pay any balance owed.

Short-term disability
eligibility — full-time employees		100% paid by the
employer
Weekly benefit amount60%
Weekly benefit maximum$2,000
Benefits duration26 weeks

The LTD plan provides income protection in the event of an extended illness or injury. The plan pays 50% of your monthly base salary up to a maximum benefit amount of $5,000 for each month you are unable to work because of a disabling condition. Benefits begin after 180 days of disability and may be reduced by income you receive from other sources, such as workers’ compensation, Social Security and other disability coverage. LTD benefits will continue for two years if you are unable to perform the duties of your own occupation. If after two years, you are disabled from performing any and all occupations, benefits will be paid while you are totally and permanently disabled up to age 65, or according to ADEA rules.

Long-term disability
eligibility — full-time employees		Claims are processed and paid through New York Life Group Benefit Solution
Monthly benefit amount50%
Monthly benefit maximum$5,000
Benefits begin180 days
Benefits durationup to Social Security Normal Retirement Age

Under the Family and Medical Leave Act (FMLA), you are entitled to unpaid, job-protected leave when on an approved FMLA leave of absence. Visit the FAQs to learn more about unpaid, job-protected leave, including who is eligible and protections you can expect to receive if you qualify for FMLA leave.

Your benefit may be reduced if you receive disability benefits from retirement, Social Security, workers’ compensation, state disability insurance, no-fault benefits or return-to-work earnings.

Disability Resources2024-03-01T18:46:21+00:00

401(k) Retirement Plan

Fidelity | 1-800-835-5097 | 401k.com

There are many great benefits to being a participant in the Cyient, Inc. 401(k) Retirement Plan, which is managed by Fidelity. One benefit is making an outstanding investment in yourself. Another benefit is exceptional customer service – whether online or by phone. You can count on Cyient and Fidelity to help support you every step of the way.

For more information, take a look at the Retirement FAQ here.

  • The impact of an early start. Your decision to start today could give you quite a bit more at retirement than starting five years from now.
  • Contribute as much as you can. That amount can take you a long way toward reaching your financial goals.
  • Do what you can afford. Start at a number that feels comfortable to you. You can always change it later. The important thing is to invest what you can afford and start right away.
  • Invest more in your plan, pay less in taxes. Your pretax contributions come out of your pay before income taxes are taken out. You can actually lower your current taxes by investing in the plan today.

If you haven’t already, enrolling in your plan is the right step towards a more secure retirement.

It’s easy to join your plan and make that next great investment in yourself.

Here’s how:

First, go to Fidelity NetBenefits® at 401k.com.

Next, set up your password. If you’re already a Fidelity customer, you can use your existing password.
Please note, you will be prompted to enter your email address.
Finally, click on the link to enroll.

If you have questions or need help before getting started, visit 401k.com or call Fidelity at 1-800-835-5097.

Your plan has an automatic enrollment feature. If the automatic enrollment feature applies to you and you do not take action, you will be automatically enrolled. You will receive a separate notification explaining when the automatic enrollment will occur.

Please Note: 401k eligibility is limited to associates that are a citizen of the United States or have received their permanent residency in the United States. Associates working on a visa are not eligible for the 401k but may enroll in the National Pension Scheme (NPS). Additional details regarding NPS can be found on the MyCyient > HR > Benefits Hub.

Retirement Resources2024-05-17T13:59:15+00:00

Long Term Care (LTC)

Trustmark | 1-855-425-7670 | cyient.yourcare360.com

Long-term care, such as a nursing home, adult day care or assisted living, can be very expensive. But Cyient offers you an opportunity to prepare for these potential costs. Universal life insurance from Trustmark combines the benefits of life insurance with living benefits which can be used for long-term care.

  • Set Rates – streamlined application; rates do not increase due to age
  • Portable – coverage will continue even if you move to a different state or change jobs.

Long-Term Care services can be expensive. For example, a home health aide can cost over $4,000 a month. Enroll with Trustmark and be better prepared for costs like these. Plus, you get life insurance benefits as well. Access to Trustmark Universal Life is brought to you via the YourCare360 program.

Access to Trustmark Universal Life is brought to you via the YourCare360 program

Identity Theft Protection

Norton LifeLock | 1-800-607-9174 | my.norton.com

No one intends to be unsafe online. But mistakes do happen – and they can be costly. That’s why Norton LifeLock Benefit plans were created. They help members feel protected and confident in today’s highly connected world.

The Norton LifeLock plans provide members with the tools to help protect their devices, connection, and identity. Each plan offers credit alerts, social security number alerts, dark web monitoring, social media monitoring, and much more!

Take a look at the rates here.

ID Theft Resources2024-02-14T16:57:35+00:00

National Pension Scheme

Cyient | nam.benefits@cyient.com

All expats located in the US are eligible for the National Pension Scheme Program (NPS) introduced by the government of India at Cyient, Inc.

All Expats from India who are transferred to Cyient Inc or a Cyient Inc subsidiary and working in the United States for more than 6 months as part of long-term assignment are eligible to participate and contribute towards the NPS Program. All associates of Indian origin holding Green Card or Permanent Resident Card are excluded from the program.

National pension system (NPS) is a unique scheme launched by Govt. of India in 2004. NPS allows citizens of India to effectively plan for their retirement through safe and reasonable market based returns. NPS is regulated by PFRDA an independent government institution. An associate can contribute regularly in a pension account during their working life, withdraw a part of the corpus in a lump sum and use the remaining corpus to buy annuity for a secured future.

NPS Resources2024-02-23T15:27:10+00:00

Other Benefits

Want to stay up to date with your Cyient benefits? Text “CYIENT” to 443-748-1858

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