AECOM Employees: Navigating the Rising Costs of College Tuition for Your Family

BBB Update

Key individual tax changes from Trump's 'big beautiful' bill
Current law vs. final legislation

Current law	Final legislation
Standard deduction
$15,000 single; $30,000 married filing jointly for 2025	$15,750 single; $31,500 married filing jointly for 2025
'Bonus' deduction for older adults
$1,600 for age 65 and older for 2025; $2,000 unmarried / not surviving spouse for 2025	$7,600 for age 65 and older; $8,000 for unmarried / not surviving spouse; both from 2025 through 2028
State and local tax deduction (SALT)
$10,000 limit through 2025	$40,000 limit for 2025; increases by 1% through 2029; reverts to $10,000 in 2030
Child tax credit
Max credit of $2,000 per child through 2025; refundable portion $1,700 for 2025	Max credit of $2,200 per child; refundable portion $1,700 for 2025
Estate and gift tax exemption
$13.99 million single; $27.98 million married filing jointly for 2025	$15 million single; $30 million married filing jointly for 2026
Tax on tips
N/A	Deduct up to $25,000 per year from 2025 though 2028
Overtime pay
N/A	Deduct up to $12,500 per taxpayer from 2025 through 2028
Auto loan interest
N/A	Deduct up to $12,500 per taxpayer from 2025 through 2028
Auto loan interest
N/A	Deduct up to $10,000 of annual interest on new loans from 2025 through 2028
Trump Accounts for child savings
N/A	One-time $1,000 credit to account per child born between 2025 through 2028
Charitable deduction for non-itemizers
N/A after 2021	$1,000 single; $2,000 married filing jointly; permanent after 2025

Source: CNBC

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our AECOM clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For AECOM employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For AECOM employees who already put money away for college, the worksheet will take that amount into consideration. For AECOM employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these AECOM employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the 401(k) plan offered by AECOM?

AECOM offers a 401(k) plan that allows employees to save for retirement by contributing a portion of their salary on a pre-tax or after-tax basis.

How does AECOM match employee contributions to the 401(k) plan?

AECOM provides a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

What are the eligibility requirements for AECOM’s 401(k) plan?

Employees of AECOM are generally eligible to participate in the 401(k) plan after completing a specific period of service, typically within the first year of employment.

Can I change my contribution percentage to AECOM's 401(k) plan?

Yes, employees can change their contribution percentage to AECOM's 401(k) plan at any time, subject to certain guidelines.

What investment options are available in AECOM's 401(k) plan?

AECOM's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How can I access my AECOM 401(k) account information?

Employees can access their AECOM 401(k) account information through the plan's online portal or by contacting the plan administrator.

What happens to my AECOM 401(k) if I leave the company?

If you leave AECOM, you can choose to roll over your 401(k) balance to another retirement account, leave it in the AECOM plan, or withdraw the funds, subject to tax implications.

Is there a loan option available through AECOM's 401(k) plan?

Yes, AECOM allows employees to take loans against their 401(k) balance under certain conditions.

How often can I change my investment allocations in AECOM's 401(k) plan?

Employees can change their investment allocations in AECOM's 401(k) plan as often as they wish, typically without restrictions.

Does AECOM offer financial education resources for 401(k) participants?

Yes, AECOM provides financial education resources and workshops to help employees make informed decisions about their 401(k) savings.

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

This news is crucial due to the economic environment as companies streamline operations to enhance efficiency and shareholder value. The restructuring can lead to more robust financial performance, vital for investors. Additionally, share buybacks indicate confidence in financial stability, which is significant in the current volatile market conditions (AECOM Investors) (Los Angeles Business Journal).

Additional Articles

Check Out Articles for AECOM employees

For more information you can reach the plan administrator for AECOM at 300 South Grand Avenue Los Angeles, CA 90071; or by calling them at (213) 593-8000.