PPG Industries employees: Are You Preparing to Pay for College?

Healthcare Provider Update: Healthcare Provider for PPG Industries: PPG Industries, a global supplier of paints and coatings, typically partners with prominent healthcare providers in the corporate sector to offer comprehensive health insurance plans for its employees. Specific providers can vary by region but may include nationwide insurers such as UnitedHealthcare, Anthem Blue Cross Blue Shield, or Cigna, depending on the company's benefits structure. Potential Healthcare Cost Increases for PPG Industries in 2026: In light of anticipated changes in the healthcare landscape, PPG Industries may face significant healthcare cost increases in 2026. As record premium hikes are projected, with some states experiencing increases over 60%, the loss of enhanced federal premium subsidies could exacerbate financial strains on employees. Reports indicate that over 22 million participants in the ACA marketplace might see an astounding rise in out-of-pocket premiums, with average hikes anticipated to exceed 75%. This challenging environment could compel PPG to reevaluate its employee health benefits strategy to mitigate costs and maintain adequate coverage. Click here to learn more

School is back in session! It is never too early to start planning for your child's future.

 According to the Bureau of Labor and Statistics, 62.7% Of the 2021 High School Graduates Are Enrolled in a College or University

Which means the chances that your child, or children, will go on to college is greater than half!

 Being able to pay for your child's college expenses is top of mind for many PPG Industries employees. Now that we know that your child will most likely go on to higher education, the question remains, how should families prepare to pay for it? One of the biggest expenses in a family's life may be the funding of their children's education. We see it on the news, we read it in the papers, and we hear it from our friends and colleagues from PPG Industries. College is expensive. But how expensive is it now and how much more expensive will it be in the future?

With a UTMA account, you can contribute both cash and securities. However, 529 accounts only allow cash contributions. The type of assets you contribute is flexible. It's important for PPG Industries employees to note that any contributions of cash or securities into a UTMA account are considered an irrevocable gift to the minor listed on the account, and in turn, the minor now owns those assets.

 Now you may be asking yourself, what is the benefit of making an irrevocable gift to your child? The benefits lie in the distributions allowed from the UTMA account and the taxation of the account. Unlike a 529 account, UTMA accounts have a much broader definition of what is considered a qualified distribution. Generally, if the expense is for the child’s benefit, you may take a distribution from the UTMA account.

 An example of where this applies is paying for private school tuition. Unlike a 529 account, you may take distributions from a UTMA account to pay for pre-college private school costs. The second notable benefit is the taxation of the UTMA account. Since your child is the owner of the account, the IRS allows the first $1,100 of unearned income to be tax-free and the next $1,100 of unearned income to be taxed at the child’s tax rate. Presumably, most children are in a lower tax bracket than their parents and, therefore, the first $2,200 of unearned income in a UTMA account has little or no tax associated with it. While the tax benefits of a UTMA account aren’t as lucrative as 529 savings plan account, you still receive a tax benefit that you would have otherwise not received by saving into a personal investment account in your name.

 For most PPG Industries employees, the primary goal is to invest for education. If this is your main goal, 529 Plans offer the greatest tax advantages, control and flexibility. Prior to investing in a 529 Plan, investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. For many PPG Industries employees, planning for college can seem like a complicated and stressful task to endure.

 By planning properly and using the appropriate investment vehicles, you can add tangible value to your money over time. The Retirement Group is here to help guide you through all steps of planning and funding your children's education needs.

The Retirement Group is a nation-wide group of financial advisors who work together as a team.

 We focus entirely on retirement planning and the design of retirement portfolios for transitioning PPG Industries employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.

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TRG takes a teamwork approach in providing the best possible solutions for our PPG Industries clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.

Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.

Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.