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

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

Healthcare Provider Update: Entegris provides a generous benefits package for its U.S. employees, including medical, dental, vision, and prescription coverage. Employees can access HSAs and FSAs, voluntary accident and critical illness insurance, and paid time off for civic duties and family leave. The company also offers financial wellness programs and retirement planning tools 6. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. 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 Entegris 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 Entegris 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 Entegris employees who already put money away for college, the worksheet will take that amount into consideration. For Entegris 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 Entegris 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 type of retirement plan does Entegris offer to its employees?

Entegris offers a 401(k) retirement savings plan to its employees.

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

Employees at Entegris can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal.

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

Yes, Entegris provides a matching contribution to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the Entegris 401(k) plan?

The maximum contribution limit for the Entegris 401(k) plan is in accordance with IRS guidelines, which may change annually.

When can employees at Entegris start contributing to their 401(k) plan?

Employees at Entegris can start contributing to their 401(k) plan after they have completed their eligibility period.

Are there any investment options available in the Entegris 401(k) plan?

Yes, the Entegris 401(k) plan offers a variety of investment options for employees to choose from.

Can employees at Entegris take loans against their 401(k) savings?

Yes, Entegris allows employees to take loans against their 401(k) savings, subject to plan rules.

What happens to an employee’s 401(k) balance if they leave Entegris?

If an employee leaves Entegris, they can roll over their 401(k) balance to another retirement account or withdraw it, subject to taxes and penalties.

Does Entegris provide financial education resources for employees regarding their 401(k) plan?

Yes, Entegris offers financial education resources to help employees make informed decisions about their 401(k) plan.

How often can employees at Entegris change their contribution percentage to the 401(k) plan?

Employees at Entegris can change their contribution percentage to the 401(k) plan at designated times throughout the year.

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

Entegris offers a 401(k) plan with a strong company match as a key benefit to its employees. In 2022 and 2023, Entegris matched 100% of employee contributions up to 5% of their salary. This plan is structured as a defined contribution plan, which allows employees to contribute pre-tax dollars and benefit from tax-deferred growth. The 401(k) plan is designed to help employees save for retirement, and eligibility begins immediately upon employment. The specific name of the 401(k) plan used by Entegris is referred to simply as the Entegris 401(k) Plan. In addition to the 401(k), Entegris does not provide a traditional defined benefit pension plan. However, the company emphasizes its financial wellness programs, including educational resources on retirement planning and savings strategies. Employees at Entegris must be at least 21 years of age to participate in the 401(k) plan, and the plan allows for immediate vesting in both the employee and company contributions.

Restructuring and Layoffs: In 2023, Entegris announced a strategic restructuring plan aimed at streamlining its operations and reducing costs. This decision involved a workforce reduction of approximately 5% to improve operational efficiency and align with its long-term growth strategy. The company cited the need to adapt to changing market conditions and enhance its competitive edge as primary reasons for the layoffs. The decision was influenced by the current economic environment, where many companies are reevaluating their operations to remain agile and financially resilient.

Entegris offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages, particularly for senior management and other eligible employees. The company uses the acronym RSU for Restricted Stock Units and SOP for Stock Option Plan. These equity awards aim to align employee incentives with long-term company performance. As of 2022, 2023, and 2024, Entegris provided both stock options and RSUs to eligible employees. RSUs are typically granted to executive-level employees, while stock options have a broader eligibility across the company's workforce, including engineers and managerial staff. These options and RSUs are designed to vest over time, incentivizing employees to remain with the company long-term

Entegris' health benefits. Specific Healthcare-Related Terms and Acronyms: Health Savings Account (HSA): A tax-advantaged savings account for medical expenses. Flexible Spending Account (FSA): An account that allows employees to set aside pre-tax dollars for healthcare expenses. High Deductible Health Plan (HDHP): A health insurance plan with lower premiums and higher deductibles. Employee Assistance Program (EAP): A program offering confidential counseling and support services. Health Reimbursement Account (HRA): An employer-funded account that reimburses employees for qualified medical expenses. Recent Employee Healthcare News: 2023 Updates: Look for any recent changes or enhancements in health benefits for 2023 or upcoming changes for 2024. Healthcare Plan Changes: Identify any modifications in health insurance coverage, cost-sharing, or new benefits introduced. Employee Feedback: Review employee comments or reviews to understand the satisfaction and concerns related to the health benefits.