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

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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 Fleetcor Technologies 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 Fleetcor Technologies 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 Fleetcor Technologies employees who already put money away for college, the worksheet will take that amount into consideration. For Fleetcor Technologies 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 Fleetcor Technologies 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 Fleetcor Technologies offer to its employees?

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

How can employees of Fleetcor Technologies enroll in the 401(k) plan?

Employees of Fleetcor Technologies can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for assistance.

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

Yes, Fleetcor Technologies provides a matching contribution to employees' 401(k) plan contributions, subject to specific terms and conditions.

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

The maximum contribution limit for the Fleetcor Technologies 401(k) plan is in line with IRS guidelines, which can change annually. Employees should refer to the current IRS limits for specifics.

Can employees of Fleetcor Technologies change their contribution percentage to the 401(k) plan?

Yes, employees of Fleetcor Technologies can change their contribution percentage at any time by accessing their account through the HR portal.

What investment options are available in the Fleetcor Technologies 401(k) plan?

The Fleetcor Technologies 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

When can employees of Fleetcor Technologies start withdrawing from their 401(k) plan?

Employees of Fleetcor Technologies can start withdrawing from their 401(k) plan at age 59½, or earlier under certain circumstances, such as financial hardship.

Does Fleetcor Technologies allow loans against the 401(k) plan?

Yes, Fleetcor Technologies allows employees to take loans against their 401(k) plan, subject to specific terms and conditions outlined in the plan documents.

What happens to my 401(k) account if I leave Fleetcor Technologies?

If an employee leaves Fleetcor Technologies, they have several options for their 401(k) account, including leaving it with Fleetcor, rolling it over to another retirement account, or cashing it out (though this may incur taxes and penalties).

Is there a vesting schedule for the matching contributions at Fleetcor Technologies?

Yes, Fleetcor Technologies has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the matched funds.

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

Flowserve offers both a 401(k) plan and a defined benefit pension plan to its employees. Flowserve's 401(k) plan provides a company match of $0.75 for every dollar contributed by employees, up to 6% of their salary. This employer match is a significant benefit, encouraging employees to save for retirement while receiving additional contributions from the company. The 401(k) plan at Flowserve is well-regarded for its Roth option, introduced alongside traditional tax-deferred options, allowing employees more flexibility in how they manage their retirement savings (Guideline) (Home Page). Additionally, Flowserve offers a Cash Balance Plan for certain employees, which is the company's defined benefit pension plan. The Cash Balance Plan provides retirement benefits based on a percentage of the employee’s annual salary and years of service. As the employee's salary increases, so does the balance in their pension plan, which earns interest each year. The Cash Balance Plan formula is structured to accumulate gradually, providing a predictable retirement income for employees who meet the plan's eligibility criteria

Restructuring Layoffs: Fleetcor Technologies, rebranded as Corpay in 2024, has been undergoing significant changes to align with its new corporate identity. This rebranding is part of a broader strategy to streamline operations and focus on its core business segments. Although no specific layoffs have been officially announced, the restructuring efforts may lead to potential workforce reductions as the company refocuses its resources. Given the current economic pressures, these changes are crucial for maintaining competitiveness and ensuring long-term financial stability. Benefit and Pension Changes: Corpay has not disclosed any direct changes to employee benefits or pension plans as part of its recent transformation. However, given the ongoing economic and political uncertainties, employees should remain vigilant for any future announcements. Changes in tax policies and economic conditions can directly influence corporate benefit decisions, making it essential to monitor updates that may affect retirement planning and financial well-being

Fleetcor Technologies (NYSE: FLT) offers both stock options and Restricted Stock Units (RSUs) as part of its employee compensation package, primarily under its Amended and Restated Stock Incentive Plan. These options and RSUs are typically awarded to senior management and key employees to align their interests with the long-term performance of the company. Stock Options at Fleetcor allow employees to purchase company stock at a predetermined price, known as the exercise price, after a specified vesting period. The options generally vest over several years and can be exercised upon the completion of this period. The exact terms, including the vesting schedule and the exercise price, are detailed in Fleetcor’s stock incentive plan documents. RSUs represent a promise to deliver company shares to employees at a future date, typically upon meeting certain performance goals or after a vesting period. These RSUs do not require any purchase or exercise by the employee; instead, the shares are automatically granted upon vesting. RSUs are often used as a retention tool, providing employees with a significant financial incentive to remain with the company over the long term. In 2022, 2023, and 2024, Fleetcor continued to grant these stock options and RSUs to key employees, emphasizing long-term value creation and retention. Employees eligible for these benefits typically include senior executives and individuals in roles that directly impact the company's strategic objectives.

Fleetcor Technologies has been actively enhancing its employee health benefits over the past few years, particularly focusing on mental health and wellness initiatives. In 2022, Fleetcor's UK branch received recognition for its commitment to mental health by winning a Gold Award in the Workplace Wellbeing Index from the mental health charity, Mind. This award reflects the company's efforts in training managers in mental health awareness and appointing Mental Health First Aiders across the organization. Additionally, Fleetcor offers a comprehensive health benefits package to its employees, which includes coverage for medical, dental, and vision care. The company has also been focusing on providing wellness programs that promote healthy lifestyles, which are integrated into their healthcare plans. Specific terms related to these benefits include "Mental Health First Aider," which is part of their mental health support structure, and "Wellbeing Index," which measures the effectiveness of their mental health initiatives.

Additional Articles

Check Out Articles for Fleetcor Technologies employees

For more information you can reach the plan administrator for Fleetcor Technologies at , ; or by calling them at .

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