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Unlocking Financial Aid Opportunities: A Guide for Genuine Parts Employees on the FAFSA Process for 2023-2024

October is the kickoff month for financial aid. If you are a Genuine Parts employee enrolled in college, it is important to consider how that's when incoming and returning college students can start filing the Free Application for Federal Student Aid (FAFSA) for the next academic year. The FAFSA is a prerequisite for federal student loans, grants, and work-study, and may be required by colleges before they distribute their own institutional aid to students. If you are a Genuine Parts employee enrolled in college or with eligible children, filing FAFSA becomes imperative to potentially avoid full tuition costs.

How do I submit the FAFSA?
The FAFSA for the 2023-2024 school year opens on October 1, 2022. Here are some tips for filing it.

The fastest and easiest way to submit the FAFSA is online at studentaid.gov. The site contains resources and tools to help you complete the form, including a list of the documents and information you'll need to file it. As a student working in a Genuine Parts company, you must note that the online FAFSA allows your tax data to be directly imported from the IRS, which speeds up the overall process and reduces errors. The FAFSA can also be filed in paper form, but it will take much longer for the government to process it. As a Genuine Parts employee, It is important to take processing time into account in order to better plan personal finances and be prepared upfront.
Before you file the FAFSA online, you and your child will each need to obtain an FSA ID (federal student aid ID), which you can also do online by following the instructions. Once you have an FSA ID, you can use the same one each year.
As a Genuine Parts employee, you don't need to complete the FAFSA in October, but it's a good idea to file it as early as possible in the fall. This is because some federal aid programs operate on a first-come, first-served basis. Colleges typically have a priority filing date for both incoming and returning students; the priority filing date can be found in the financial aid section of a college's website. You should submit the FAFSA before that date.
Students must submit the FAFSA every year to be eligible for financial aid (along with any other college-specific financial aid form that may be required, such as the CSS Profile). Any colleges you list on the FAFSA will also get a copy of the report.
There is no cost to submit the FAFSA.

How does the FAFSA calculate financial need?
As a Genuine Parts employee it is important to understand how the FAFSA looks at a family's income, assets, and household information to calculate a family's financial need. This figure is known as the expected family contribution, or EFC. All financial aid packages are built around this number. As a Genuine Parts employee, it is imperative to be knowledgeable about your financial information and plan beforehand to be prepared to receive the adequate financial aid for your family.

When counting income, the FAFSA uses information in your tax return from two years earlier. This year is often referred to as the 'base year' or the 'prior-prior year.' For example, the 2023-2024 FAFSA will use income information in your 2021 tax return, so 2021 would be the base year or prior-prior year. For Genuine Parts employees, it is advantageous to understand how FAFSA uses tax information to calculate income in order to present the correct information for review.

As a Genuine Parts employee, it is essential to understand how your assets will be computed for FAFSA. When counting assets, the FAFSA uses the current value of your and your child's assets. Some assets are not counted and do not need to be listed on the FAFSA. These include home equity in a primary residence, retirement accounts (e.g., 401k, IRA), annuities, and cash-value life insurance. Student assets are weighted more heavily than parent assets; students must contribute 20% of their assets vs. 5.6% for parents.

Your EFC remains constant, no matter which college your child attends. As a Genuine Parts employee, it is essential to understand how the difference between your EFC and a college's cost of attendance equals your child's financial need. Your child's financial need will be different at every school. This information can be used by Genuine Parts employees to plan ahead and better measure their children's needs as a student.

After your EFC is calculated, the financial aid administrator at your child's school will attempt to craft an aid package to meet your child's financial need by offering a combination of loans, grants, scholarships, and work-study. As a Genuine Parts employee one must keep in mind that colleges are not obligated to meet 100% of your child's financial need. If they don't, you are responsible for paying the difference. Colleges often advertise on their website and brochures whether they meet '100% of demonstrated need.' As a Genuine Parts employee, it is essential to look into college's capability of providing full financial aid when planning to apply and collect for said aid.Â

As a Genuine Parts employee with children being educated, should I file the FAFSA even if my child is unlikely to qualify for aid?
Yes, probably. There are two good reasons to submit the FAFSA even if you don't expect your child to qualify for need-based aid.

First, all students attending college at least half time are eligible for unsubsidized federal student loans, regardless of financial need or income level. As a Genuine Parts employee, it is important to understand the difference between the two for better comprehension of eligibility. ('Unsubsidized' means the borrower, rather than the federal government, pays the interest that accrues during school, the grace period, and any deferment periods after graduation.) If you want your child to be eligible for this federal loan, you'll need to submit the FAFSA. But don't worry, your child won't be locked in to taking out the loan. If you submit the FAFSA and then decide your child doesn't need the student loan, your child can decline it through the college's financial aid portal before the start of the school year. As a Genuine Parts employee, this information should be taken into account when planning to accept or decline the student loan.

Second, colleges typically require the FAFSA when distributing their own need-based aid, and in some cases as a prerequisite for merit aid. So filing the FAFSA can give your child the broadest opportunity to be eligible for college-based aid. Similarly, many private scholarship sources may want to see the results of the FAFSA.

Changes are coming to next year's FAFSA
As a Genuine Parts employee preparing to apply for FAFSA, it is importtant to account for the changes that are coming to the 2024-2025 FAFSA, which will be available October 1, 2023. These changes are being implemented a year later than originally planned. One notable modification is the term 'expected family contribution,' or EFC, will be replaced by 'student aid index,' or SAI, to better reflect what this number is supposed to represent â a measure of aid eligibility and not a definite amount of what families will pay. Other important changes are that parents with multiple children in college at the same time will no longer receive a discount in the form of a divided SAI; income protection allowances for both parents and students will be increased; and cash support to students and other types of income will no longer have to be reported on the FAFSA, including funds from a grandparent-owned 529 plan.

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What benefits does the GPC Pension Plan provide to employees of Genuine Parts Company, and how are these benefits calculated for both Group 1 and Group 2 employees? In the context of Genuine Parts Company, what are the critical factors that determine the pension benefits for employees and how have recent changes to the plan affected these calculations?

The benefits of the GPC Pension Plan for Genuine Parts Company employees are calculated based on the employee’s Final Average Monthly Earnings (FAME) and years of Credited Service. For Group 1 employees, benefits are frozen as of December 31, 2013, with the FAME calculated from the five highest-paid years within the last ten years of service before that date. For Group 2 employees, benefits are similarly frozen as of December 31, 2008, and the same calculation of FAME is applied using the highest earnings before that freeze date(Genuine Parts Company_P…).

How do the eligibility requirements of the GPC Pension Plan differ between Group 1 and Group 2 employees at Genuine Parts Company? Additionally, what specific service requirements must employees meet to qualify for the benefits under each group, particularly considering the impact of employment history and rehire status on benefits?

Eligibility requirements differ between Group 1 and Group 2 employees. Group 1 includes employees with Rule of 70 status, who opted to continue participation in the plan after January 1, 2009. Group 2 employees, which include those rehired before December 31, 2013, had their Credited Service frozen earlier in 2008. Group 1 employees have Credited Service frozen as of December 31, 2013, while Group 2’s freeze date is December 31, 2008(Genuine Parts Company_P…).

What strategies can employees of Genuine Parts Company consider for optimizing their pension benefits when transitioning to retirement? Are there specific actions that employees should take prior to retirement to enhance their benefit calculations under the GPC Pension Plan, particularly in relation to Credited Service and Final Average Monthly Earnings?

To optimize pension benefits, Genuine Parts Company employees should focus on maximizing Credited Service and Final Average Monthly Earnings (FAME). Ensuring a full work history before the freeze date (2013 for Group 1, 2008 for Group 2) can enhance the benefit calculation. Employees can also review their Social Security benefit estimates, which are considered in calculating their pension(Genuine Parts Company_P…).

How does the vesting process work for employees participating in the GPC Pension Plan at Genuine Parts Company, and what implications does it have for those contemplating early retirement? Furthermore, how does the ability to vest at different service intervals specifically impact the retirement planning of employees?

The vesting process for the GPC Pension Plan requires employees to accumulate vesting service years, which continues even after the freeze date. Employees are automatically fully vested after seven years of service, or if they worked at least one hour after December 31, 2013. Vesting ensures the right to the earned pension benefits, which may affect retirement planning, especially for those contemplating early retirement(Genuine Parts Company_P…).

What information should Genuine Parts Company employees know about the different forms of payment available under the GPC Pension Plan once they reach retirement age? How do options such as life annuities and lump-sum payments affect the overall financial planning for retiring employees?

Genuine Parts Company employees can choose from various forms of pension payments upon retirement, including life annuities, joint and survivor annuities, and lump-sum payments. Each option affects financial planning differently: life annuities provide steady income, while lump sums offer flexibility but require careful management to ensure long-term financial stability(Genuine Parts Company_P…).

In the event of a termination of employment, what options are available for employees of Genuine Parts Company to access their pension benefits under the GPC Pension Plan? Additionally, what are the specific procedures that employees must follow to ensure they receive their benefits in a timely manner?

In the event of termination, employees who are vested can access their pension benefits, either at their normal retirement age or earlier if they meet the eligibility criteria for early retirement. Employees must submit a request within 180 days of their termination date to receive benefits, with options for lump sum payments for amounts under $75,000(Genuine Parts Company_P…)(Genuine Parts Company_P…).

How can employees of Genuine Parts Company ensure that their beneficiaries are appropriately named under the GPC Pension Plan? What considerations should employees keep in mind when designating beneficiaries, particularly understanding consent needs for spouses and the impact of domestic relations orders?

Genuine Parts Company employees should ensure their beneficiaries are properly named, particularly if married. A spouse is the default beneficiary, but spousal consent is required if an employee designates someone else. Domestic relations orders may also affect beneficiary designations(Genuine Parts Company_P…).

What unique situations might affect the pension benefits of employees at Genuine Parts Company, and how does the plan specifically address employees on military leave or long-term disability? In these circumstances, what communication strategies should employees employ to navigate their benefits?

For employees on military leave or long-term disability, the GPC Pension Plan provides special rules for calculating benefits. These employees should maintain close communication with the Employee Service Center to ensure their benefits are appropriately adjusted(Genuine Parts Company_P…).

Regarding the reporting and update of personal information, why is it essential for employees of Genuine Parts Company to keep the GPC Employee Service Center informed about any changes in marital status or address? How can failure to report these changes potentially impact the pension benefits they receive?

Employees must keep the GPC Employee Service Center informed of any changes in marital status or address, as failure to do so could result in delayed or incorrect pension benefit payments(Genuine Parts Company_P…).

How can employees at Genuine Parts Company reach out for further clarification on the details presented in the Summary Plan Description of the GPC Pension Plan? What resources or contact points are available that could assist in navigating the complexities of the pension plan, ensuring employees can maximize their benefits effectively?

Genuine Parts Company employees can reach out to the GPC Retirement Plan Services through their toll-free number or website for clarification on the pension plan details. These resources are crucial for navigating the complexities of the pension system(Genuine Parts Company_P…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Pension Plan Name of the Pension Plan: Genuine Parts Company Defined Benefit Pension Plan Years of Service and Age Qualification: Employees generally need to have at least 5 years of service to qualify for benefits. Full benefits typically begin at age 65, but early retirement options may be available with reduced benefits. Pension Formula: The pension is calculated based on a formula that takes into account the employee's years of service and average salary over the highest-paid years. 401(k) Plan Name of the 401(k) Plan: Genuine Parts Company 401(k) Plan Eligibility: Employees are eligible to participate in the 401(k) plan after completing 30 days of service. 401(k) Plan Details: The plan allows employees to contribute a portion of their salary to a tax-deferred account, with potential company matching contributions.

Restructuring and Layoffs: In early 2024, Genuine Parts announced a significant restructuring initiative aimed at streamlining operations and enhancing efficiency. This restructuring plan includes the reduction of approximately 5% of its workforce across various divisions. This move is expected to help the company better adapt to market fluctuations and optimize its operational costs. The restructuring reflects broader industry trends as companies adapt to evolving economic pressures and changing market dynamics.

Genuine Parts Company (GPC) Stock Options and RSUs in 2022 GPC offered stock options and RSUs to executives and key employees as part of their compensation package. The stock options typically included a strike price set at market value at the grant date. RSUs granted by GPC generally vested over a period of three to four years, with the exact vesting schedule specified in individual agreements. Genuine Parts Company (GPC) Stock Options and RSUs in 2023 In 2023, GPC continued to offer stock options and RSUs to their management team and senior employees. The stock options were often part of performance-based compensation. The RSUs were allocated with a focus on aligning employee incentives with company performance, typically vesting in tranches over a multi-year period. Genuine Parts Company (GPC) Stock Options and RSUs in 2024 For 2024, GPC maintained its stock option and RSU programs, enhancing the benefits for senior executives and select high-performing employees. The company adjusted the vesting criteria and performance metrics for RSUs to reflect the company's strategic goals and market conditions.

1. Official Website and Key Benefits Information Genuine Parts Company Official Website Visit: Genuine Parts Careers Review sections on employee benefits and health plans. Look for specific healthcare-related terms and acronyms. Key Terms and Acronyms: HDHP: High Deductible Health Plan HSA: Health Savings Account EAP: Employee Assistance Program FSA: Flexible Spending Account PPO: Preferred Provider Organization HMO: Health Maintenance Organization Recent Updates: Genuine Parts Company offers comprehensive health benefits, including medical, dental, and vision plans. They also provide wellness programs and access to telemedicine services. 2. Reliable Sources and Recent Employee Healthcare News a. Glassdoor Search for Genuine Parts Company’s benefits reviews. Look for employee feedback on healthcare coverage and recent changes. b. Indeed Check employee reviews and Q&A sections for insights into health benefits. c. LinkedIn Explore company posts and employee discussions about health benefits. d. BenefitsPro Look for articles or reports on Genuine Parts Company’s health benefits updates and changes. e. Business Insider Search for news articles related to recent changes in health benefits or related employee programs at Genuine Parts. 3. Summary of Findings Healthcare Plans: Genuine Parts offers a range of health insurance options including PPO and HDHP plans, with contributions to HSAs and FSAs. They also provide access to preventive care and wellness programs. Recent Changes: Recent updates to their health benefits have included enhancements to telemedicine services and expanded mental health support through EAP programs. Employee Feedback: Employees generally appreciate the comprehensive coverage but have noted that premium costs and deductibles can be high.