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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 Amica Mutual Insurance 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 Amica Mutual Insurance 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 Amica Mutual Insurance employees who already put money away for college, the worksheet will take that amount into consideration. For Amica Mutual Insurance 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 Amica Mutual Insurance 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 Amica Mutual Insurance offer to its employees?
Amica Mutual Insurance offers a 401(k) retirement savings plan to its employees.
Does Amica Mutual Insurance provide a company match for its 401(k) contributions?
Yes, Amica Mutual Insurance provides a company match for employee contributions to the 401(k) plan.
At what age can employees of Amica Mutual Insurance start participating in the 401(k) plan?
Employees of Amica Mutual Insurance can typically start participating in the 401(k) plan as soon as they meet eligibility requirements, usually at age 21.
How can Amica Mutual Insurance employees enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Amica Mutual Insurance 401(k) plan?
The Amica Mutual Insurance 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can employees of Amica Mutual Insurance take loans against their 401(k) savings?
Yes, Amica Mutual Insurance allows employees to take loans against their 401(k) savings under certain conditions.
What is the vesting schedule for the company match at Amica Mutual Insurance?
The vesting schedule for the company match at Amica Mutual Insurance typically follows a graded vesting schedule, which means employees gradually earn ownership of the match over time.
How often can employees of Amica Mutual Insurance change their 401(k) contribution amounts?
Employees of Amica Mutual Insurance can change their 401(k) contribution amounts at any time, subject to plan rules.
What is the maximum contribution limit for the Amica Mutual Insurance 401(k) plan?
The maximum contribution limit for the Amica Mutual Insurance 401(k) plan is set by the IRS and may change annually; employees should check the latest limits for accuracy.
Does Amica Mutual Insurance offer any educational resources regarding the 401(k) plan?
Yes, Amica Mutual Insurance provides educational resources and workshops to help employees understand their 401(k) plan options and investment strategies.
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