Page 3 - 2022 SoFi - August Open Enrollment
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What is Open Enrollment
SoFi is committed to providing high-quality benefits to serve the diverse and changing needs of our employees.
Each year, you are given the opportunity to choose the benefits that work best for you and your family. Open Enrollment
is a time to consider your needs, review your benefit coverages and to reenroll for certain benefits. This year,
SoFi will give you two opportunities to elect or change your benefits elections:
August 8 – August 19: for the short-plan year October 1, 2022 – December 31, 2022
October 17 – October 28: for the new plan year January 1, 2023 – December 31, 2023
For the August Open Enrollment period, all benefit elections will rollover, with the exception of the Flexible Spending
Accounts (FSAs). Eligible employees need to log into Workday to review benefit options and submit elections changes
for the short plan year by August 19, 2022.
This Open Enrollment benefits guide can help to familiarize you with SoFi benefit options including useful tips,
tools and resources to help you think through your options and make wise decisions. It is important to carefully
review your options as the plan elections you make will remain in effect until the end of the plan year on
December 31, 2022, unless you experience an IRS qualifying life event.
As you prepare to enroll:
Consider your benefit coverage needs for the upcoming year
Consider other available coverage and compare plan coverage and costs. Understand the out-of-pocket cost,
not just the premiums and deductibles
Gather information you’ll need. If you are covering dependents, you will need their dates of birth and Social
Security numbers.
Getting the most value from your benefits depends on how well you understand your plans and how you choose
to use them. This Guide explains the highlights of each benefit. However, you are encouraged to review the carrier
materials for more details, which may be found in the Workday Benefits Mall. When you are ready to enroll, log into
Workday to complete your October 1, 2022 elections by August 19, 2022.
Special Note: If electing the High Deductible Health Plan (HDHP) with Health Savings Account (HSA) medical plan,
the elections you make for your Health Savings Account will continue through the end of the year, December 31, 2022.
IMPORTANT THINGS TO KEEP IN MIND FOR THE SHORT PLAN YEAR
SoFi is aligning our benefits plan year to the We are keeping the same insurance partners for
calendar year, starting January 1, 2023. medical, dental, vision and other benefits through
Healthcare FSA maximum election for the December 31, 2022.
short plan year is $712.50 and $1250 for the All benefit elections, except Flexible Spending
Dependent care FSA. Please see page 30 Accounts (FSAs), will automatically roll-over on
for more information on FSAs. October 1, 2022.
SoFi continues to pay 100% of the monthly If you would like to enroll in an FSA for the short
premiums for dental, vision, life, disability and the plan year, you must make an election. A $150 plan
Cigna HDHP with HSA medical plan. year election is required to be eligible to receive
All employee contributions remain the same until any rollover funds. Current FSA elections will
December 31, 2022. NOT rollover.
All plan coverage, such as deductibles, co-insurance If you do not want to change your current benefit
and out-of-pocket maximums remain the same for elections and do not want to participate in an
the short plan year. FSA, there is nothing you need to do during this
Open Enrollment period as your current elections
will roll over.
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