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Healthcare Provider Update: Provides first-day medical coverage, FSAs, HSAs, and fertility benefits, with additional options like accident and hospital insurance 2. With ACA premiums projected to increase by 1518%, American Towers robust benefits help employees avoid steep out-of-pocket costs and maintain comprehensive coverage. Click here to learn more
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 American Tower 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 American Tower 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 American Tower employees who already put money away for college, the worksheet will take that amount into consideration. For American Tower 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 American Tower employees to consider reviewing:
www.studentaid.ed.gov
The government’s college and financial aid portal.
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www.collegeboard.org
The group that administers the SAT test.
Estimating the Cost of College
What type of retirement plan does American Tower offer to its employees?
American Tower offers a 401(k) retirement savings plan to its employees.
How can employees of American Tower enroll in the 401(k) plan?
Employees of American Tower can enroll in the 401(k) plan through the company’s HR portal or by contacting the benefits department for assistance.
Does American Tower match employee contributions to the 401(k) plan?
Yes, American Tower provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the maximum contribution limit for the American Tower 401(k) plan?
The maximum contribution limit for the American Tower 401(k) plan is in accordance with IRS guidelines, which may change annually.
When can employees of American Tower start contributing to their 401(k) plan?
Employees of American Tower can start contributing to their 401(k) plan after completing their eligibility requirements, typically within the first few months of employment.
Are there any fees associated with the American Tower 401(k) plan?
Yes, the American Tower 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.
Can employees of American Tower take loans against their 401(k) savings?
Yes, employees of American Tower may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What investment options are available in the American Tower 401(k) plan?
The American Tower 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amount in the American Tower 401(k) plan?
Employees of American Tower can typically change their contribution amount at any time, subject to the plan’s guidelines.
What happens to the 401(k) savings if an employee leaves American Tower?
If an employee leaves American Tower, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the American Tower plan if allowed.
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