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MSC Industrial Direct Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Offers medical, dental, and vision insurance, along with HSAs, FSAs, life insurance, and disability coverage 1. As ACA premiums rise and subsidies expire, MSCs comprehensive employer-sponsored plans offer a more stable and cost-effective alternative to marketplace coverage. 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 MSC Industrial Direct 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 MSC Industrial Direct 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 MSC Industrial Direct employees who already put money away for college, the worksheet will take that amount into consideration. For MSC Industrial Direct 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 MSC Industrial Direct 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 MSC Industrial Direct offer to its employees?

MSC Industrial Direct offers a 401(k) retirement savings plan to its employees.

How can employees at MSC Industrial Direct enroll in the 401(k) plan?

Employees at MSC Industrial Direct can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does MSC Industrial Direct offer matching contributions to the 401(k) plan?

Yes, MSC Industrial Direct offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.

What is the vesting schedule for the 401(k) matching contributions at MSC Industrial Direct?

The vesting schedule for matching contributions at MSC Industrial Direct typically follows a graded vesting schedule, which means employees earn ownership of the contributions over time.

Can employees at MSC Industrial Direct contribute to their 401(k) on a pre-tax basis?

Yes, employees at MSC Industrial Direct can make pre-tax contributions to their 401(k) plan, reducing their taxable income.

What is the maximum contribution limit for the 401(k) plan at MSC Industrial Direct?

The maximum contribution limit for the 401(k) plan at MSC Industrial Direct follows the IRS guidelines, which are updated annually.

Are there options for Roth contributions in MSC Industrial Direct's 401(k) plan?

Yes, MSC Industrial Direct offers employees the option to make Roth contributions to their 401(k) plan, allowing for tax-free withdrawals in retirement.

What investment options are available in MSC Industrial Direct's 401(k) plan?

MSC Industrial Direct's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees at MSC Industrial Direct change their 401(k) contribution amounts?

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

What resources does MSC Industrial Direct provide to help employees understand their 401(k) options?

MSC Industrial Direct provides educational resources, including workshops, online tools, and access to financial advisors to help employees understand their 401(k) options.

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

Name: MSC Industrial Direct Retirement Plan Years of Service Requirement: Typically 5 years Age Requirement: Generally 65 years old for full benefits Pension Formula: Based on average salary and years of service Name: MSC Industrial Direct 401(k) Savings Plan Eligibility: Immediate upon hire

Restructuring and Layoffs: MSC Industrial Direct announced a series of cost-cutting measures in early 2024, including a significant reduction in its workforce. The company has been facing challenges due to fluctuating demand in the industrial sector and increased competition. This restructuring is part of a broader strategy to streamline operations and improve financial stability. Sources: Business Wire, Reuters. Benefits and Pension/401(k) Changes: Alongside workforce reductions, MSC Industrial Direct is also revising its employee benefits package. Changes include adjustments to retirement benefits and a potential overhaul of its 401(k) matching contributions

Description: MSC Industrial Direct offers stock options as part of its employee compensation package. Employees in senior management and certain key roles are eligible for these options. Description: Restricted Stock Units (RSUs) are granted to executive officers and select high-performing employees. The RSUs vest over a period of time, typically tied to performance or tenure.

Health Benefits Overview: MSC Industrial Direct provides a comprehensive health benefits package, including medical, dental, and vision insurance. They also offer health savings accounts (HSAs) and flexible spending accounts (FSAs). Specific plans and coverage options can vary based on employee location and job role.