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

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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 Murphy Oil 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 Murphy Oil 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 Murphy Oil employees who already put money away for college, the worksheet will take that amount into consideration. For Murphy Oil 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 Murphy Oil 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 Murphy Oil offer to its employees?

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

How can employees of Murphy Oil enroll in the 401(k) plan?

Employees of Murphy Oil can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

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

Yes, Murphy Oil provides a matching contribution to employee contributions, subject to specific terms and conditions.

What is the maximum employee contribution limit for Murphy Oil’s 401(k) plan?

The maximum employee contribution limit for Murphy Oil’s 401(k) plan follows the IRS guidelines, which may change annually.

Can employees of Murphy Oil take loans against their 401(k) savings?

Yes, employees of Murphy Oil may have the option to take loans against their 401(k) savings, subject to plan rules.

What investment options are available in Murphy Oil's 401(k) plan?

Murphy Oil’s 401(k) plan typically offers a variety of investment options, including mutual funds, stocks, and bonds.

Is there a vesting schedule for the employer match in Murphy Oil’s 401(k) plan?

Yes, Murphy Oil has a vesting schedule for the employer match, which determines when employees fully own the matched contributions.

How often can employees change their contribution amounts in Murphy Oil's 401(k) plan?

Employees of Murphy Oil can change their contribution amounts during designated enrollment periods or as specified in the plan documents.

What happens to my 401(k) if I leave Murphy Oil?

If you leave Murphy Oil, you can roll over your 401(k) balance to another retirement account, cash out, or leave it in the plan, depending on the plan’s rules.

Are there any fees associated with Murphy Oil's 401(k) plan?

Yes, there may be fees associated with Murphy Oil's 401(k) plan, which are outlined in the plan documents provided to employees.

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

Plan Name: Review documents to identify the exact name of Murphy Oil's pension plan. Pension Formula: Determine the formula used by Murphy Oil for calculating pension benefits. Years of Service and Age Qualification: Find out the required years of service and age qualifications for employees to qualify for the pension plan. Plan Name: Identify the name of Murphy Oil’s 401(k) plan. Qualification Criteria: Determine who qualifies for the 401(k) plan at Murphy Oil.

Restructuring and Layoffs: Murphy Oil announced a restructuring plan in early 2024 aimed at streamlining operations and reducing costs. The company will be laying off approximately 10% of its workforce to improve efficiency and align with current market conditions. This move is significant due to the ongoing economic uncertainty and fluctuating oil prices, which have impacted the energy sector. Addressing this news is crucial for understanding how large energy companies are adapting to economic and political pressures.

Murphy Oil Stock Options (MO): Murphy Oil grants stock options to its executives and key employees as part of their compensation packages. These options typically vest over a period of time, often 3-5 years, and provide employees the right to purchase Murphy Oil stock at a predetermined price.

Benefits Overview: Murphy Oil offers a range of health benefits including medical, dental, and vision coverage. They provide both PPO (Preferred Provider Organization) and HDHP (High Deductible Health Plan) options. The company also offers a Health Savings Account (HSA) for those enrolled in HDHP. Employee Assistance Program (EAP): Includes counseling services and mental health support. Preventive Care: Coverage for preventive services as mandated by the Affordable Care Act.

Additional Articles

Check Out Articles for Murphy Oil employees

For more information you can reach the plan administrator for Murphy Oil at , ; or by calling them at .

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