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Healthcare Provider Update: Arch offers medical plans through Aetna and Kaiser, with HSA contributions and tiered premium costs based on salary 8. With ACA premiums increasing, Archs HSA-compatible plans provide tax-advantaged savings and cost control for employees. 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 Arch Resources 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 Arch Resources 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 Arch Resources employees who already put money away for college, the worksheet will take that amount into consideration. For Arch Resources 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 Arch Resources 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 savings plan does Arch Resources offer?
Arch Resources offers a 401(k) retirement savings plan to help employees save for their future.
Does Arch Resources match employee contributions to the 401(k) plan?
Yes, Arch Resources provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the eligibility requirement to participate in the Arch Resources 401(k) plan?
Employees of Arch Resources are eligible to participate in the 401(k) plan after completing a specified period of service.
How can employees at Arch Resources enroll in the 401(k) plan?
Employees can enroll in the Arch Resources 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Arch Resources 401(k) plan?
The Arch Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
Can employees at Arch Resources take loans against their 401(k) savings?
Yes, Arch Resources allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What is the vesting schedule for the Arch Resources 401(k) matching contributions?
The vesting schedule for Arch Resources’ matching contributions typically follows a graded schedule, which employees can review in the plan documents.
How often can employees at Arch Resources change their 401(k) contribution amount?
Employees at Arch Resources can change their 401(k) contribution amount at specified times throughout the year, as outlined in the plan guidelines.
What happens to the 401(k) savings if an employee leaves Arch Resources?
If an employee leaves Arch Resources, they can choose to roll over their 401(k) savings into another retirement account or take a distribution, subject to tax implications.
Are there any fees associated with the Arch Resources 401(k) plan?
Yes, there may be administrative fees associated with the Arch Resources 401(k) plan, which are disclosed in the plan documents.
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