Financial Benefits

• Full-time employees age 21 and older are immediately eligible upon hire.
• Part-time employees and interns age 21 and older are eligible after completion of 1,000 hours of service.
• Starting January 1, 2023, Okta will provide dollar-for-dollar matching contributions, up to a quarterly maximum of $1,250 with an annual match cap of $5,000 per calendar year. 
• Four percent (4%) of your base pay is automatically deducted as pretax savings and deposited into the 401(k) plan on your behalf, unless you decide otherwise within 30 days of joining.
• Opt out, enroll, and change your contribution elections at any time through Fidelity’s website.
• You have the flexibility to make separate contribution elections for regular pay and bonus/commission pay.
• Manage your contribution elections and investments through Fidelity’s website. 
• Okta’s Plan offers an Automated Roth In-Plan Conversion or after-tax contributions. Contact Fidelity directly for more information.

IRS and plan annual limits

* Contribution limits include the combined total of pre-tax and Roth contributions. After-tax limit includes the combined total of pre-tax, Roth, and employer matching contributions.

** Earnings are pre-tax upon withdrawal if you own the Roth 401(k) account for at least five years and have reached age 59½.

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You have three ways to save for your future: through pretax, Roth, and after-tax contributions. Take a look at how the different options compare:

Pretax 401(k) contributions

Okta deducts your contributions from your paycheck on a pretax basis. That means your taxable income is lower, so you pay lower federal and state taxes now.

Your 401(k) savings and investment earnings accumulate on a tax-deferred basis.

You’ll pay tax when you withdraw money from your account at retirement (or, in other cases, for example, if you leave Okta and withdraw your money from your account).

A rollover to another employer’s plan or an IRA is generally not taxable.

This option may be best if you want to reduce your current taxable income or if you think you’ll be in a lower tax bracket when you get to retirement.

Roth 401(k) contributions

Your contributions go into your account after-tax, meaning you pay federal and state taxes on the amount contributed.

Your investment earnings accumulate on a tax-free basis. You won’t pay taxes on your earnings when you withdraw money from your account in retirement, which generally means 5 years after the initial contribution and attaining age 59 ½.

A rollover to another employer’s plan or to a Roth IRA is generally not taxable.

This option may be preferable if you believe tax rates may be higher in the future and you have a longer time horizon until retirement to accumulate tax-free investment earnings.

After-tax contributions

• If you max out your pretax and/or Roth 401(k) contributions to the combined IRS limit, you can set aside even more money for your future through an after-tax (non-Roth) account.
• You can withdraw your contributions tax-free at any time.
• Investment earnings are tax-deferred until withdrawn; however, you can convert your after-tax contributions to your Roth account (called an “in-plan conversion”), and after the conversion, future earnings are tax-free. You will need to call Fidelity at 800-294-4015 to request a conversion. You can set up an automatic conversion of all your future after-tax contributions.
• You might consider this option when you want to save more than the IRS limits for pretax and Roth contributions.

New hires should look for an email during their first two weeks on setting up their 401(k) savings plan. There will be an automatic enrollment of 4%. You must log in to your account to change this percentage. Additionally, you can contribute up to 85% of your salary, up to IRS contribution limits. If you contributed to a 401(k) or 403(b) plan prior to joining Okta during this calendar year, complete the Prior Contribution task in the People Portal, accessible on the Okta Dashboard, to ensure your Okta contributions do not put you over the annual IRS limits.

As a reminder, you can make changes to your contribution amount, fund choices and beneficiaries at any time. It can take 1-2 pay cycles for contribution changes to take effect.

The 401(k) features many investment options, plus access to planning tools and calculators, education, and guidance—all from industry leader Fidelity.

Fidelity’s eLearning tools help you set financial goals to make the right plan for you. Register on Fidelity’s website, and after you log in, select “Tools” from the menu.

And that’s not all: Fidelity Investor Centers are located nationwide and available free of charge to all Fidelity account holders. You can meet with a financial advisor who will work with you to review and analyze your 401(k) account and answer your questions. You also have access to the following resources:

• Welcome overview
• Welcome video
• 401(k) fact sheet
• 401(k) plan summary
• 401(k) Summary Annual Report (SAR)
• Frequently asked questions

Have questions? Contact Fidelity directly at 800-294-4015 or visit the Fidelity website. You can also visit the Fidelity Investor Centers website.

Okta contributes money to your HSA on the first paycheck of every month, and you can contribute your own money, too, through convenient payroll deductions. For 2023, Okta will contribute:

• $66.67 per month up to $800 for employee-only medical coverage
• $133.33 per month, up to $1,600 for family coverage

Okta’s contributions are tax-free on the federal level and most state levels (except in California and New Jersey). Together, you and Okta’s contribution cannot exceed the IRS limits:

• $3,850 employee-only coverage
• $7,750 family coverage

Note: If you age 55 or older, you can make a $1,000 catch-up contribution.

The HSA has many perks. For example, you can invest your HSA in one of the many investment options through our provider, Forma. Your investment earnings grow tax-free, making the HSA a triple tax advantage for you. The money in your HSA is also yours to keep. The HSA has no “use it or lose it” rule like the flexible spending account. Your HSA balance rolls over each year and can keep growing as an additional savings vehicle. These accounts are completely portable, so you can take it with you if you leave Okta or change medical plans.
 

During your Benefits enrollment process in Workday, confirm your eligibility for an HSA and elect an HDHP + HSA option and determine whether or not you want to contribute pre-tax funds to your HSA in addition to receiving the Okta employer contribution. Your information is then sent to Forma to open an HSA on your behalf. 

Accounts are opened the first of the month following your enrollment date as long as there are no delays as a result of Forma’s CIP process which would require an employee to take additional action to get their account opened. The CIP process includes Forma confirming the employee’s full name, residential mailing address, birth date, social security number and phone number. Learn more about the CIP program.

You can make changes or stop your election at any time to the amount you are contributing to your HSA in Workday, but you are not able to reduce your annual election below what you have already contributed year to date. This means, if you wish to decrease your HSA election, you cannot select an amount less than what you have contributed year to date. To stop these deductions going forward, please enter your annual election as your year to date contribution. Changes can take 1-2 pay periods to take effect.  

You can find more information through the Workday how-to guide titled Change Your Benefit Elections.

When you go to the doctor, have physical therapy, fill a prescription or incur any other qualified medical expense, you can use your HSA funds to pay it. 

Note that the IRS determines what type of expenses qualify as eligible. You can get a full life of qualified expenses through Forma. 

You’ll receive one Forma debit card that will be used for all pre-tax benefits. Swipe your Forma debit card at your doctor’s office, pharmacy, hospital, or any other healthcare facility and the funds will be deducted directly from your account. 

You can access your account anywhere, anytime through Forma’s website and their App (accessible on Okta’s dashboard). Use it to pay bills, reimburse yourself, upload receipts, check your account balance, and manage your investments. 

If you have questions, check out Forma’s HSA FAQs.

Use the money to pay for eligible healthcare expenses such as prescriptions, copays, and dental and vision care that you and your eligible dependents incur during the year. 

Expenses for you, your spouse, and tax dependents are eligible for reimbursement. In most cases, your dependents don’t need to be covered by your Okta benefits in order to use your FSA funds. 

Your full annual election is available to you for reimbursement once you enroll, and payroll deductions will continue to be taken each pay period for the duration of the calendar year. 

Learn more about the HCFSA with this overview.

It’s important to know that if you enroll in an HDHP + HSA medical plan, IRS rules do not allow you or a spouse you file joint taxes with to enroll in the healthcare FSA. 

But, you can enroll in the limited purpose healthcare FSA and contribute up to the annual IRS maximum to pay for eligible dental and vision care expenses only. 

Learn more about the LPFSA with this overview.

You can use your account to pay for eligible dependent care expenses for your children up to age 13 or for older children and family members who need help caring for themselves. 

Eligible expenses may include before-school and after-school programs, day care, day camps, nanny care, preschool tuition, and elder care expenses. 

Unlike the HCFSA, once you submit for reimbursement, you will only be reimbursed up to the amount that you have contributed via payroll deduction. Funds are made available for reimbursement as money is added to the account. 

Learn more about the DCFSA with this overview.

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You’ll access and manage your pre-tax spending account(s) through the Forma app on your Okta Dashboard, via the iOS or Android phone app, or the Forma website. Use your Okta email to complete your account registration.

• Pay with the Forma debit card. You’ll receive one Forma debit card that will be used for all pre-tax benefits. When using your Forma debit card, funds will be pulled from your accounts in the following order (if applicable) - 1. Healthcare FSA 2. Limited Purpose FSA 3. HSA 4. Dependent Care FSA 5. Commuter Transit 6. Commuter Parking.
• Submit claims online or via the App. Just upload your claim, enter the required information, and a reimbursement will be on its way. Make sure you set up direct deposit to your bank account to avoid delays with your reimbursement.
• Use it or lose it applies. Be sure to use the money you set aside for your flexible spending accounts:
  • HCFSA and LPFSA: You have until March 31 to submit eligible expenses for reimbursement, and you can roll over a minimum balance of $25, up to the IRS carryover maximum, of unused healthcare FSA funds into the next plan year. However, any remaining amount in excess of the carryover limit will be forfeited.
  • DCFSA: You can continue to incur new expenses for a 2 ½ month grace period following the end of the plan year. As an example, since the plan year ends on December 31, 2023, you have until March 15, 2024 to incur and submit eligible expenses for reimbursement up until March 31, 2024. Any of your remaining DCFSA balance from the previous plan year will be forfeited after March 31.
     

The amount you contribute to your commuter benefits cannot exceed the pre-tax monthly amount of $300 for qualified expenses. Qualified expenses include costs for:

• Public transportation, such as bus, light rail, regional rail, streetcar, trolley, subway, ferry, and commercial vanpool.
• Parking at or near work.
• Parking at or near public transportation for your commute.

Note: If you decide to contribute more than the pre-tax monthly amount, you can do so on an after-tax basis, up to $200 for each parking and transit. 
 

• First time users, register through the Forma app on your Okta Dashboard or online using your Okta email address or on the Forma website.
  • Navigate to the Parking and Transit account options on the account page and select the “Get started” link and follow the prompts to place your order for the coming month(s).
  • Once you enroll, your transit order will be loaded onto your Forma debit card before the first of the order month.
• The deadline for completing your transit order is the 10th of each month for the following month.
• If you would like to make a one-time commuter contribution, after you make your initial election you will need to make a second election the following month to bring your contribution amount down to $0.
• Future orders will be loaded onto the same debit card.
• Unused funds may be used in subsequent months.
• If you leave Okta, you’ll forfeit any unused funds in your Forma commuter account.

With Gradifi—offered through E*TRADE—full-time, benefits-eligible employees have access to actionable resources for taking charge of planning and paying for college. This includes a library of financial education resources, and access to Gradifi’s student loan refinancing marketplace.

1. Visit the Gradifi app on your Okta dashboard.
2. Create an account to access your participant portal and benefits.
3. If you have loans, enter your loan information to customize your dashboard.
4. Explore Gradifi’s resources and tools — see how your actions can improve your financial wellness and help you become debt free.

Refer to the Gradifi participant registration guide for detailed instructions.

To get instant access to exclusive discounts and live and on-demand classes for both adults and kids, register for Perks at Work on your Okta Dashboard. 

More information can be found on the Perks at Work page on The Landing.

A little something extra! Okta reimburses full-time employees up to $200 per month for your personal cell phone and internet service. 

Learn more on The Landing.

If you’re sick or injured and unable to work for an extended period, Okta provides a company-paid short-term disability (STD) benefit.

Here’s how the coverage works:

• The benefit provides up to 60% of your pre-disability base salary and incentives.
• The benefit provides 100% of your base salary for the first 30 days, then 60% of weekly earnings ($2,500 maximum per week) for up to 13 weeks. After this period, you would typically become eligible for the long-term disability benefit.
• Your STD benefit may be offset by other benefits received, such as state disability and Okta leave policies, as applicable.

Okta provides a company-paid long-term disability (LTD) benefit to help replace a portion of your income if you become fully disabled because of sickness or injury.

Here’s how the coverage works:

• The LTD benefit replaces 60% of your monthly pre-disability salary.
• The maximum benefit is $12,000 per month.
• The LTD plan is offset by other benefits received, such as state disability and Okta leave policies.

If you’re sick or need to be out to care for a family member, Okta’s leave of absence policies can help you.

Learn more about leaves of absence

Okta automatically provides basic life insurance for you at no cost. This plan offers coverage equal to two times your base annual salary, up to a maximum of $500,000. You are automatically enrolled and it is at no cost to you. However, any benefit amount in excess of $50k is subject to taxation via imputed income and you will see this additional taxable amount reported on your paystubs.

In addition to basic life insurance, Okta also provides AD&D insurance equal to two times your annual salary, up to $500,000.

For both types of coverages, your designated beneficiaries will receive a lump-sum payment if you die or lose a limb while employed by Okta.

Keep your beneficiaries up to date!

You can name anyone as your beneficiary to receive your life and AD&D insurance benefits in case of your death. And you can change your beneficiaries as often as you wish.

Go to the Workday app on your Okta Dashboard to review and make changes to your life insurance beneficiary information.

You can also purchase additional voluntary life coverage for:

• Yourself
• Your spouse or domestic partner
• Your children

This coverage is paid by you through post-tax payroll deductions which means it’s taken from your paycheck after taxes have already been deducted but then won’t be taxed when benefits are used in the future.

As a new hire, coverage for yourself up to $500,000 and coverage for your spouse up to $25,000 is “guaranteed issue.” This means that no health questionnaire, medical documentation or health exam (also known as evidence of insurability or EOI) is required up to the guaranteed issue amount. It also means you don’t have to complete a medical questionnaire or health exam.

However, there are situations when you’ll have to provide EOI. For example, if you elect coverage greater than the guaranteed issue amounts, or if you elect or increase your voluntary life insurance outside your new hire election window (e.g., during Open Enrollment).

You can purchase additional voluntary life coverage in the following amounts:

• For yourself, in $10,000 increments, up to a maximum of $1,000,000.
• For your spouse or domestic partner in $5,000 increments, up to a maximum of $250,000.
• For your children in a flat amount of $10,000 each. 
   

Your safety and security is very important to us, especially while you are traveling on company business. With that in mind, we are pleased to provide you with business travel accident (BTA) insurance from an AIG member company. With this coverage, you have access to AIG’s business travel insurance plan in the event you experience any travel inconveniences, security issues or medical emergencies while traveling anywhere in the world.

As part of this coverage, you are also provided with travel assistance services from AIG. Services available to you include:

• Travel security assistance
• Travel medical assistance
• Identity theft assistance
• Concierge services

To get started with your BTA insurance, please take the time to review this information:

• Guide to reporting claims
• Assistance services ID card
• Videos to help you get started with the AIG travel assistance app and website

In any emergency will traveling on business, please reach out to: GSOC@okta.com, travel@okta.com, and your manager.