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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 Honeywell International Inc. 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 Honeywell International Inc. 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 Honeywell International Inc. employees who already put money away for college, the worksheet will take that amount into consideration. For Honeywell International Inc. 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 Honeywell International Inc. 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 savings plan does Honeywell International Inc. offer to its employees?
Honeywell International Inc. offers a 401(k) retirement savings plan to its employees.
Does Honeywell International Inc. provide a company match for employee contributions to the 401(k) plan?
Yes, Honeywell International Inc. provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
How can employees at Honeywell International Inc. enroll in the 401(k) plan?
Employees at Honeywell International Inc. can enroll in the 401(k) plan through the company's benefits portal or by contacting the HR department.
What is the eligibility criteria for Honeywell International Inc. employees to participate in the 401(k) plan?
Most employees of Honeywell International Inc. are eligible to participate in the 401(k) plan after completing a specified period of service.
Can employees of Honeywell International Inc. take loans against their 401(k) savings?
Yes, Honeywell International Inc. allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What investment options are available in the Honeywell International Inc. 401(k) plan?
The Honeywell International Inc. 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
How often can employees at Honeywell International Inc. change their 401(k) contribution amounts?
Employees at Honeywell International Inc. can change their 401(k) contribution amounts at any time, subject to plan rules.
What is the vesting schedule for employer contributions in the Honeywell International Inc. 401(k) plan?
The vesting schedule for employer contributions in the Honeywell International Inc. 401(k) plan varies, and employees should refer to the plan documents for specific details.
Are there any fees associated with the Honeywell International Inc. 401(k) plan?
Yes, there may be fees associated with the Honeywell International Inc. 401(k) plan, which can include administrative fees and investment fund expenses.
How does Honeywell International Inc. communicate changes to the 401(k) plan to its employees?
Honeywell International Inc. communicates changes to the 401(k) plan through official company emails, newsletters, and updates on the employee benefits portal.
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