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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 BlueLinx Holdings 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 BlueLinx Holdings 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 BlueLinx Holdings employees who already put money away for college, the worksheet will take that amount into consideration. For BlueLinx Holdings 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 BlueLinx Holdings 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 BlueLinx Holdings offer to its employees?
BlueLinx Holdings offers a 401(k) retirement savings plan to its employees.
Does BlueLinx Holdings match employee contributions to the 401(k) plan?
Yes, BlueLinx Holdings provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement for employees to participate in the BlueLinx Holdings 401(k) plan?
Employees of BlueLinx Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
How can employees of BlueLinx Holdings enroll in the 401(k) plan?
Employees can enroll in the BlueLinx Holdings 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the BlueLinx Holdings 401(k) plan?
The BlueLinx Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can employees of BlueLinx Holdings take loans against their 401(k) savings?
Yes, BlueLinx Holdings allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What is the vesting schedule for the employer contributions in the BlueLinx Holdings 401(k) plan?
The vesting schedule for employer contributions in the BlueLinx Holdings 401(k) plan typically follows a graded vesting schedule, which means employees earn ownership of the contributions over a period of time.
How often can employees change their contribution amount to the BlueLinx Holdings 401(k) plan?
Employees can change their contribution amount to the BlueLinx Holdings 401(k) plan at any time, subject to the plan’s guidelines.
What resources does BlueLinx Holdings provide to help employees manage their 401(k) investments?
BlueLinx Holdings provides educational resources, including workshops and online tools, to help employees manage their 401(k) investments effectively.
Is there a minimum contribution requirement for the BlueLinx Holdings 401(k) plan?
Yes, BlueLinx Holdings may have a minimum contribution requirement for employees participating in the 401(k) plan, which is outlined in the plan documents.
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