Healthcare Provider Update: Patterson offers medical, dental, vision, life, and disability insurance, along with HSAs and FSAs. Employees benefit from a 401(k) plan, paid time off, and voluntary benefits like accident and hospital indemnity coverage. The company subsidizes approximately 75% of healthcare costs and provides legal and identity theft protection 9. Patterson With ACA premiums expected to surge, Pattersons subsidized healthcare and flexible coverage options help employees maintain affordable access to care. 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 Patterson 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 Patterson 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 Patterson employees who already put money away for college, the worksheet will take that amount into consideration. For Patterson 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 Patterson 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 primary purpose of Patterson's 401(k) Savings Plan?
The primary purpose of Patterson's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.
How does Patterson match employee contributions to the 401(k) plan?
Patterson matches employee contributions to the 401(k) plan up to a certain percentage of their salary, enhancing the overall savings potential for employees.
When can employees at Patterson enroll in the 401(k) Savings Plan?
Employees at Patterson can enroll in the 401(k) Savings Plan during their initial onboarding period or during the annual open enrollment period.
What types of investment options are available in Patterson's 401(k) Savings Plan?
Patterson's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Patterson take loans against their 401(k) Savings Plan?
Yes, employees at Patterson may have the option to take loans against their 401(k) Savings Plan, subject to specific terms and conditions.
How can employees at Patterson access their 401(k) account information?
Employees at Patterson can access their 401(k) account information online through the plan's dedicated portal or by contacting the plan administrator.
What happens to the 401(k) Savings Plan if an employee leaves Patterson?
If an employee leaves Patterson, they have several options regarding their 401(k) Savings Plan, including rolling it over to another retirement account or leaving it in the plan.
Does Patterson offer a Roth 401(k) option within its Savings Plan?
Yes, Patterson offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
Are there any fees associated with Patterson's 401(k) Savings Plan?
Yes, Patterson's 401(k) Savings Plan may have certain administrative fees, which are disclosed in the plan documents provided to employees.
How often can employees at Patterson change their contribution amounts to the 401(k) plan?
Employees at Patterson can change their contribution amounts to the 401(k) plan during the annual open enrollment period or at any time as permitted by the plan.
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