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Healthcare Provider Update: Garrett Motion offers health and life insurance, annual health checkups, and mental health support. Employees benefit from retirement plans, relocation bonuses, and performance incentives. The company promotes learning through peer-to-peer training and digital communities. Paid time off includes maternity, paternity, and sabbatical leave 10. Garrett Motion As ACA premiums rise, Garrett Motions employer-sponsored coverage and global learning culture help employees maintain affordable healthcare and career growth. 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion employees who already put money away for college, the worksheet will take that amount into consideration. For Garrett Motion 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 Garrett Motion 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 retirement savings plan does Garrett Motion offer to its employees?
Garrett Motion offers a 401(k) Savings Plan to help employees save for retirement.
How can employees of Garrett Motion enroll in the 401(k) Savings Plan?
Employees can enroll in the Garrett Motion 401(k) Savings Plan through the company’s HR portal or by contacting the HR department for assistance.
Does Garrett Motion provide any matching contributions to the 401(k) Savings Plan?
Yes, Garrett Motion offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the vesting schedule for the Garrett Motion 401(k) matching contributions?
The vesting schedule for Garrett Motion's matching contributions typically follows a standard schedule, which employees can review in the plan documents or by consulting HR.
Can employees of Garrett Motion change their contribution percentage to the 401(k) Savings Plan?
Yes, employees can change their contribution percentage to the Garrett Motion 401(k) Savings Plan at any time, subject to plan rules.
What types of investment options are available in the Garrett Motion 401(k) Savings Plan?
The Garrett Motion 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan?
Yes, there may be a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan, which employees should verify with HR or the plan documents.
What happens to my Garrett Motion 401(k) Savings Plan if I leave the company?
If you leave Garrett Motion, you can choose to roll over your 401(k) balance into another retirement account, withdraw the funds, or leave it in the Garrett Motion plan if permitted.
Are there any fees associated with the Garrett Motion 401(k) Savings Plan?
Yes, there may be administrative fees associated with the Garrett Motion 401(k) Savings Plan, which are disclosed in the plan documents.
Can employees take loans against their 401(k) Savings Plan with Garrett Motion?
Yes, Garrett Motion allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan.
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