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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 Berry Global Group 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 Berry Global Group 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 Berry Global Group employees who already put money away for college, the worksheet will take that amount into consideration. For Berry Global Group 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 Berry Global Group 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 Berry Global Group offer to its employees?
Berry Global Group offers a 401(k) retirement savings plan to help employees save for their future.
Does Berry Global Group match employee contributions to the 401(k) plan?
Yes, Berry Global Group provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement to participate in Berry Global Group’s 401(k) plan?
Employees at Berry Global Group are eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.
How can employees at Berry Global Group enroll in the 401(k) plan?
Employees can enroll in Berry Global Group’s 401(k) plan by completing the enrollment process through the company’s benefits portal.
What types of investment options are available in Berry Global Group’s 401(k) plan?
Berry Global Group offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
Can employees at Berry Global Group change their contribution percentage to the 401(k) plan?
Yes, employees can change their contribution percentage to the Berry Global Group 401(k) plan at any time, subject to plan rules.
Is there a loan provision in Berry Global Group’s 401(k) plan?
Yes, Berry Global Group allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
When can employees at Berry Global Group start withdrawing funds from their 401(k) plan?
Employees can begin withdrawing funds from their Berry Global Group 401(k) plan at age 59½, or earlier under certain circumstances such as financial hardship.
Does Berry Global Group offer financial education resources related to the 401(k) plan?
Yes, Berry Global Group provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
Are there any fees associated with Berry Global Group’s 401(k) plan?
Yes, there may be administrative and investment fees associated with Berry Global Group’s 401(k) plan, which are disclosed in the plan documents.
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