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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 Land O'Lakes 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 Land O'Lakes 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 Land O'Lakes employees who already put money away for college, the worksheet will take that amount into consideration. For Land O'Lakes 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 Land O'Lakes 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 is the 401(k) plan offered by Land O'Lakes?
The 401(k) plan at Land O'Lakes is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does Land O'Lakes match employee contributions to the 401(k) plan?
Land O'Lakes offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.
What types of investment options are available in the Land O'Lakes 401(k) plan?
The Land O'Lakes 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Land O'Lakes take loans against their 401(k) savings?
Yes, Land O'Lakes allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
When can employees at Land O'Lakes start contributing to the 401(k) plan?
Employees at Land O'Lakes can start contributing to the 401(k) plan after completing a specified period of employment, typically within the first few months.
What is the vesting schedule for Land O'Lakes' 401(k) matching contributions?
The vesting schedule for Land O'Lakes' 401(k) matching contributions varies, but employees generally become fully vested after a certain number of years of service.
How can employees at Land O'Lakes access their 401(k) account information?
Employees can access their 401(k) account information through the Land O'Lakes employee portal or by contacting the plan administrator.
Are there any fees associated with the Land O'Lakes 401(k) plan?
Yes, the Land O'Lakes 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
What happens to the 401(k) savings if an employee leaves Land O'Lakes?
If an employee leaves Land O'Lakes, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the Land O'Lakes plan if permitted.
Does Land O'Lakes offer financial education resources for employees regarding the 401(k) plan?
Yes, Land O'Lakes provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
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