New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

DoorDash Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Provides medical, dental, vision, life insurance, disability coverage, HSAs/FSAs, fertility assistance, and generous parental leave. As ACA premiums rise, DoorDashs tech-forward benefits and wellness reimbursements help employees manage healthcare costs effectively 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 DoorDash 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 DoorDash 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 DoorDash employees who already put money away for college, the worksheet will take that amount into consideration. For DoorDash 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 DoorDash employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the 401(k) plan offered by DoorDash?

The 401(k) plan at DoorDash is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary before taxes.

Does DoorDash match employee contributions to the 401(k) plan?

Yes, DoorDash offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings faster.

How can DoorDash employees enroll in the 401(k) plan?

DoorDash employees can enroll in the 401(k) plan through the employee benefits portal during the enrollment period or after they become eligible.

What are the eligibility requirements for DoorDash's 401(k) plan?

To be eligible for DoorDash's 401(k) plan, employees typically need to meet certain criteria, such as being a full-time employee and reaching a specific duration of employment.

Can DoorDash employees change their contribution percentage to the 401(k) plan?

Yes, DoorDash employees can change their contribution percentage to the 401(k) plan at any time through the employee benefits portal.

What investment options are available in DoorDash's 401(k) plan?

DoorDash's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.

Is there a vesting schedule for DoorDash's 401(k) matching contributions?

Yes, DoorDash has a vesting schedule for its matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

How can DoorDash employees access their 401(k) account information?

DoorDash employees can access their 401(k) account information online through the designated retirement plan administrator's website.

What happens to a DoorDash employee's 401(k) if they leave the company?

If a DoorDash employee leaves the company, they can choose to roll over their 401(k) balance to a new employer's plan, an IRA, or cash out, subject to tax implications.

Are there any fees associated with DoorDash's 401(k) plan?

Yes, there may be administrative fees and investment-related expenses associated with DoorDash's 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

I found information about DoorDash's employee benefits, including details on their 401(k) plan. DoorDash provides a 401(k) plan for its employees, which includes a matching contribution of 2% of the employee's salary. However, DoorDash does not offer a traditional pension plan. The 401(k) plan is the primary retirement savings vehicle, and employees are eligible to participate once they meet specific criteria, typically after one year of service. The sources reviewed did not provide a detailed pension formula or specific company acronyms related to retirement plans, as DoorDash seems to focus more on its 401(k) offerings rather than traditional pension plans. The information was gathered from DoorDash's official resources and employee reviews on benefits websites

In 2023, DoorDash announced layoffs affecting approximately 1,250 employees as part of cost-cutting measures due to economic challenges. The severance package includes 17 weeks of pay and extended health benefits. Additionally, DoorDash is piloting a portable benefits savings program to help workers manage health insurance and emergency savings, indicating shifts in how the company approaches employee benefits. This restructuring reflects broader economic pressures, highlighting the need for companies to adapt their financial strategies amid changing market conditions.

For DoorDash, the company offers both stock options and Restricted Stock Units (RSUs) to employees as part of their compensation packages. The company's stock options are often granted with a four-year vesting schedule, and the RSUs generally vest over a similar period. Eligibility for these stock options and RSUs is typically limited to full-time employees, including executive-level positions. In 2022, DoorDash continued to offer these benefits, with notable grants to key executives. The same trend persisted in 2023 and 2024, with some adjustments to the vesting schedules and the value of the stock options and RSUs reflecting the company's stock performance during these years.

Health Insurance Stipends: Under California's Proposition 22, DoorDash provides healthcare stipends to qualifying Dashers based on their active hours. For instance, those averaging 15 to 25 active hours per week receive $735 per quarter, while those exceeding 25 hours receive $1,470. This stipend is part of their effort to ensure that Dashers can access health insurance despite being classified as independent contractors. Portable Benefits Program: In 2024, DoorDash launched a pilot program in Pennsylvania, introducing a portable benefits savings plan. This program allows eligible Dashers to allocate a portion of their earnings toward health insurance, retirement savings, and paid time off. The portability of these benefits is designed to cater to the flexible nature of gig work, ensuring that workers can maintain their benefits even as they move between jobs. Merchant Health Benefits Initiative: DoorDash has also expanded its focus on healthcare benefits for employees of its restaurant partners. The "Merchant Benefits & Discounts" program, launched recently, offers discounted healthcare, mental health services, and other resources to small businesses. This initiative is aimed at helping restaurants attract and retain staff by providing access to affordable benefits typically available only to larger companies. Collaboration with Stride Health: DoorDash has partnered with Stride Health to assist Dashers in selecting and managing their health insurance plans. This collaboration ensures that Dashers have access to personalized healthcare options that fit their needs, further supporting their independent contractor workforce with essential benefits.

Additional Articles

Check Out Articles for DoorDash employees

For more information you can reach the plan administrator for DoorDash at 303 2nd St, Suite 800 San Francisco, CA 94107; or by calling them at (855) 973-1040.

https://www.thelayoff.com/doordash https://www.engadget.com/doordash-layoffs-153656792.html https://about.doordash.com/en-us/news/doordash-supports-retirement-savings-for-americans-act https://www.marketbeat.com/instant-alerts/nasdaq-dash-sec-filing-2024-07-27/ https://ir.doordash.com/overview/default.aspx https://about.doordash.com/en-us https://about.doordash.com/en-us/news/doordash-supports-retirement-savings-for-americans-act https://www.supermarketnews.com/online-retail/doordash-launches-portable-health-benefits-program-pennsylvania https://participant.empower-retirement.com/participant/ https://www.fidelity.com/learning-center/personal-finance/retirement/company-stock https://bogartwealth.com/nua-strategy/ https://carlsoncap.com/articles/nua-net-unrealized-appreciation/ https://infiniumadvisors.com/retirement/how-to-save-taxes-with-the-net-unrealized-appreciation-strategy/ https://kpmg.com/xx/en/home/insights/2022/10/flash-alert-2022-193.html https://dealroom.net/ https://www.morganstanley.com/ https://www.insidearbitrage.com/ https://investorplace.com/2022/11/doordash-layoffs-2022-what-to-know-about-the-latest-dash-job-cuts/ https://help.doordash.com/consumers/s/article/How-do-Dasher-earnings-work?language=en_US https://www1.salary.com/DoorDash-Inc-Executive-Salaries.html https://nb.fidelity.com/public/nbpreloginnav/spa/fidelitywork/core/401k https://s22.q4cdn.com/280253921/files/doc_downloads/2023/DoorDash-ESG-update-2022.pdf https://www.paychex.com/articles/employee-benefits/annual-401k-contribution-limits?recommid=e45afc5e72f8aa60872e6e7138c645e5