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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 Biogen 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 Biogen 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 Biogen employees who already put money away for college, the worksheet will take that amount into consideration. For Biogen 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 Biogen 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 Biogen offer to its employees?
Biogen offers a 401(k) retirement savings plan to its employees.
How can employees at Biogen enroll in the 401(k) plan?
Employees at Biogen can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Biogen match employee contributions to the 401(k) plan?
Yes, Biogen provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the maximum contribution limit for Biogen's 401(k) plan?
The maximum contribution limit for Biogen's 401(k) plan is determined by IRS guidelines, which may change annually.
Can employees at Biogen take loans against their 401(k) savings?
Yes, Biogen allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What investment options are available in Biogen's 401(k) plan?
Biogen’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can Biogen employees change their 401(k) contribution amounts?
Biogen employees can change their 401(k) contribution amounts at any time, subject to payroll processing timelines.
Is there a vesting schedule for Biogen's 401(k) matching contributions?
Yes, Biogen has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.
Can Biogen employees roll over their 401(k) savings from a previous employer?
Yes, Biogen employees can roll over their 401(k) savings from a previous employer into Biogen's 401(k) plan.
What happens to Biogen employees' 401(k) savings if they leave the company?
If Biogen employees leave the company, they can either roll over their 401(k) savings to another qualified plan, cash out, or leave the savings in the Biogen plan if permitted.
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