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Simon Property Group Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Simon Property Group provides medical, dental, vision, and prescription drug coverage. Employees may also access Health Savings Accounts (HSAs), wellness programs, and employee assistance programs2. With ACA insurers requesting steep premium hikes and enhanced subsidies set to expire, Simons employer-sponsored plans offer a stable and cost-effective alternative to marketplace coverage, particularly for employees with families or chronic care needs. 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 Simon Property Group 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 Simon Property Group 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 Simon Property Group employees who already put money away for college, the worksheet will take that amount into consideration. For Simon Property Group 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 Simon Property Group 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 is the primary purpose of the 401(k) plan at Simon Property Group?

The primary purpose of the 401(k) plan at Simon Property Group is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

Does Simon Property Group offer a matching contribution for its 401(k) plan?

Yes, Simon Property Group offers a matching contribution to encourage employees to save for retirement, typically matching a percentage of employee contributions up to a certain limit.

How can employees at Simon Property Group enroll in the 401(k) plan?

Employees at Simon Property Group can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

What types of investment options are available in Simon Property Group's 401(k) plan?

Simon Property Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to choose based on their risk tolerance and retirement goals.

At what age can employees at Simon Property Group begin to withdraw funds from their 401(k) plan without penalties?

Employees at Simon Property Group can typically begin to withdraw funds from their 401(k) plan without penalties at age 59½, provided they have met other plan requirements.

Can employees at Simon Property Group take loans against their 401(k) savings?

Yes, Simon Property Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan document.

What happens to the 401(k) plan when an employee leaves Simon Property Group?

When an employee leaves Simon Property Group, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, cashing it out (subject to taxes and penalties), or leaving it in the current plan if allowed.

How often can employees at Simon Property Group change their 401(k) contribution amounts?

Employees at Simon Property Group can typically change their 401(k) contribution amounts at any time, subject to the plan's specific rules regarding timing and frequency.

Is there a vesting schedule for employer contributions in Simon Property Group's 401(k) plan?

Yes, Simon Property Group has a vesting schedule for employer contributions, meaning employees must work for a certain period before they fully own the employer's contributions to their 401(k) account.

What resources does Simon Property Group provide to help employees manage their 401(k) investments?

Simon Property Group provides resources such as access to financial advisors, educational materials, and online tools to help employees manage their 401(k) investments effectively.