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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 Ryerson Holding 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 Ryerson Holding 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 Ryerson Holding employees who already put money away for college, the worksheet will take that amount into consideration. For Ryerson Holding 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 Ryerson Holding 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 Ryerson Holding offer to its employees?
Ryerson Holding offers a 401(k) retirement savings plan to help employees save for their future.
Does Ryerson Holding match employee contributions to the 401(k) plan?
Yes, Ryerson Holding provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for Ryerson Holding employees to participate in the 401(k) plan?
Employees of Ryerson Holding are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
How can Ryerson Holding employees enroll in the 401(k) plan?
Ryerson Holding employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What types of investment options are available in Ryerson Holding's 401(k) plan?
Ryerson Holding's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can Ryerson Holding employees change their contribution percentage to the 401(k) plan?
Yes, employees at Ryerson Holding can change their contribution percentage at any time, subject to the plan's guidelines.
Is there a vesting schedule for Ryerson Holding's 401(k) matching contributions?
Yes, Ryerson Holding has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the matched funds.
How often can Ryerson Holding employees make changes to their investment choices within the 401(k) plan?
Ryerson Holding employees can typically make changes to their investment choices on a quarterly basis or as specified in the plan documents.
What resources does Ryerson Holding provide to help employees manage their 401(k) accounts?
Ryerson Holding provides access to financial advisors, online tools, and educational materials to help employees manage their 401(k) accounts effectively.
Are there any fees associated with Ryerson Holding's 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with Ryerson Holding's 401(k) plan, which are disclosed in the plan documents.
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