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 Fastenal 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 Fastenal 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 Fastenal employees who already put money away for college, the worksheet will take that amount into consideration. For Fastenal 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 Fastenal 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 plan does Fastenal offer to its employees?
Fastenal offers a 401(k) savings plan to help employees save for retirement.
How can Fastenal employees enroll in the 401(k) plan?
Employees can enroll in Fastenal's 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
Does Fastenal match employee contributions to the 401(k) plan?
Yes, Fastenal provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the maximum contribution limit for Fastenal's 401(k) plan?
The maximum contribution limit for Fastenal's 401(k) plan is in line with IRS guidelines, which may change annually.
When can Fastenal employees start contributing to their 401(k) plan?
Fastenal employees can start contributing to the 401(k) plan after completing their eligibility period, typically within their first year of employment.
Are there any fees associated with Fastenal's 401(k) plan?
Yes, Fastenal's 401(k) plan may have certain fees, which are disclosed in the plan documents provided to employees.
Can Fastenal employees take loans against their 401(k) savings?
Yes, Fastenal allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What investment options are available in Fastenal's 401(k) plan?
Fastenal's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.
How often can Fastenal employees change their 401(k) contribution amount?
Fastenal employees can change their 401(k) contribution amount at any time, subject to the plan's guidelines.
What happens to Fastenal employees' 401(k) savings if they leave the company?
If Fastenal employees leave the company, they can roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.