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 Globe Life 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 Globe Life 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 Globe Life employees who already put money away for college, the worksheet will take that amount into consideration. For Globe Life 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 Globe Life 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 Globe Life offer to its employees?
Globe Life offers a 401(k) retirement savings plan to its employees.
How can employees of Globe Life enroll in the 401(k) plan?
Employees of Globe Life can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Globe Life match employee contributions to the 401(k) plan?
Yes, Globe Life provides a matching contribution to employee contributions up to a certain percentage, as outlined in the plan details.
What is the maximum contribution limit for employees participating in Globe Life's 401(k) plan?
The maximum contribution limit for Globe Life's 401(k) plan follows the IRS guidelines, which may change annually. Employees should check the current limits for the specific year.
Can employees of Globe Life take loans against their 401(k) savings?
Yes, Globe Life allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.
Is there a vesting schedule for employer contributions in Globe Life's 401(k) plan?
Yes, Globe Life has a vesting schedule for employer contributions, which means employees must work for a certain period before they fully own the employer's contributions.
What investment options are available in Globe Life's 401(k) plan?
Globe Life's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amounts in Globe Life's 401(k) plan?
Employees of Globe Life can change their contribution amounts typically on a quarterly basis or as specified by the plan rules.
Are there any fees associated with Globe Life's 401(k) plan?
Yes, there may be fees associated with Globe Life's 401(k) plan, including administrative fees and investment management fees. Employees should review the plan documents for details.
What happens to an employee's 401(k) account if they leave Globe Life?
If an employee leaves Globe Life, they can choose to roll over their 401(k) balance to another qualified plan, withdraw the funds, or leave the balance in the Globe Life plan if permitted.
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