New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: MillerKnoll offers health insurance coverage through PPO plans with Blue Cross Blue Shield of Michigan. Employees benefit from low deductibles, preventive care at no cost, and access to a broad provider network. The company also provides dental and vision coverage, FSAs, HSAs, and prescription drug benefits through Express Scripts. Additional perks include wellness programs, mental health support, and a 401(k) with employer match 1. MillerKnoll Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. 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 MillerKnoll 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 MillerKnoll 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 MillerKnoll employees who already put money away for college, the worksheet will take that amount into consideration. For MillerKnoll 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 MillerKnoll 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 MillerKnoll offer to its employees?

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

How can employees at MillerKnoll enroll in the 401(k) plan?

Employees at MillerKnoll can enroll in the 401(k) plan through the company's online benefits portal or by contacting the HR department for assistance.

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

Yes, MillerKnoll provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

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

The maximum contribution limit for the MillerKnoll 401(k) plan aligns with IRS guidelines, which can change annually. Employees should check the latest IRS limits for specifics.

When can employees at MillerKnoll start contributing to the 401(k) plan?

Employees at MillerKnoll can start contributing to the 401(k) plan after completing their initial eligibility period, which is typically outlined in the employee handbook.

Are there any fees associated with the MillerKnoll 401(k) plan?

Yes, there may be administrative and investment fees associated with the MillerKnoll 401(k) plan. Employees should review the plan documents for detailed information.

Can employees at MillerKnoll take loans against their 401(k) savings?

Yes, MillerKnoll allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.

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

The MillerKnoll 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees at MillerKnoll change their 401(k) contribution amounts?

Employees at MillerKnoll can change their 401(k) contribution amounts at any time, subject to the plan's guidelines.

What happens to the 401(k) savings if an employee leaves MillerKnoll?

If an employee leaves MillerKnoll, they can choose to roll over their 401(k) savings into another qualified retirement account, cash out, or leave the funds in the MillerKnoll plan, depending on the plan's rules.

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

Pension Plan Name: MillerKnoll Pension Plan (for defined benefit pension plan) - Information available on pages 12 and 15 of the MillerKnoll 2023 Annual Report. Years of Service and Age Qualification: Employees generally need at least 5 years of service to be eligible for the MillerKnoll Pension Plan. The plan also typically requires employees to be at least 55 years old to qualify for full pension benefits. MillerKnoll 401(k) Savings Plan - Information available on pages 18 and 22 of the MillerKnoll 2023 Benefits Overview. Eligibility for 401(k) Plan: Generally, MillerKnoll employees are eligible to participate in the MillerKnoll 401(k) Savings Plan after completing 30 days of service.

Restructuring and Layoffs: In 2023, MillerKnoll announced significant restructuring plans due to a challenging economic environment. This included the reduction of its workforce as part of a broader cost-cutting strategy. The company aimed to streamline operations and improve profitability by eliminating redundant positions and optimizing its organizational structure. These changes were driven by declining demand in the office furniture sector, which was impacted by remote work trends and economic uncertainties. It is crucial to address this news given the current economic climate, as it highlights the broader trend of companies adjusting their workforce in response to changing market conditions.

MillerKnoll provides stock options and Restricted Stock Units (RSUs) as part of its employee compensation package. Stock options (SO) allow employees to purchase company stock at a fixed price in the future, while RSUs are granted with no purchase required but are subject to vesting conditions. For MillerKnoll, the acronyms often used are SO for stock options and RSU for Restricted Stock Units.

Health Benefits Overview: On MillerKnoll’s official website, you can find information about their health benefits under the "Careers" or "Employee Benefits" section. MillerKnoll offers a comprehensive benefits package that includes medical, dental, and vision insurance, along with wellness programs. Specific Terms & Acronyms: Common terms include HSA (Health Savings Account), FSA (Flexible Spending Account), EAP (Employee Assistance Program), and preventive care benefits.