Healthcare Provider Update: Offers medical plans through Providence and Kaiser, with HSA contributions and flexible spending accounts 9. As ACA subsidies expire, PGEs dual-plan structure and employer contributions help mitigate rising healthcare costs for employees. 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 Portland General Electric 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 Portland General Electric 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 Portland General Electric employees who already put money away for college, the worksheet will take that amount into consideration. For Portland General Electric 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 Portland General Electric 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 type of retirement savings plan does Portland General Electric offer to its employees?
Portland General Electric offers a 401(k) retirement savings plan to help employees save for their future.
How does Portland General Electric match employee contributions to the 401(k) plan?
Portland General Electric matches employee contributions up to a certain percentage, which is outlined in the plan documents.
Can employees at Portland General Electric contribute to their 401(k) plan on a pre-tax basis?
Yes, employees at Portland General Electric can make pre-tax contributions to their 401(k) plan, reducing their taxable income.
Is there a Roth 401(k) option available for employees at Portland General Electric?
Yes, Portland General Electric offers a Roth 401(k) option, allowing employees to contribute after-tax dollars for tax-free withdrawals in retirement.
What is the eligibility requirement for employees to participate in the 401(k) plan at Portland General Electric?
Employees at Portland General Electric typically become eligible to participate in the 401(k) plan after completing a specified period of service.
How can employees at Portland General Electric enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Portland General Electric 401(k) plan?
The Portland General Electric 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Does Portland General Electric provide any financial education resources for employees regarding their 401(k)?
Yes, Portland General Electric provides financial education resources, including workshops and access to financial advisors, to help employees make informed decisions about their 401(k) savings.
What is the vesting schedule for employer contributions in the Portland General Electric 401(k) plan?
The vesting schedule for employer contributions at Portland General Electric is detailed in the plan documents, typically requiring a certain number of years of service for full vesting.
Can employees take loans against their 401(k) balance at Portland General Electric?
Yes, employees at Portland General Electric may have the option to take loans against their 401(k) balance, subject to the plan’s terms and conditions.
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