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Healthcare Provider Update: Provides medical, dental, vision, life, and disability insurance, plus mental health support, paid parental leave, and 401(k) match 6. With ACA premiums projected to rise by up to 75% for some, Sleep Numbers comprehensive benefits offer a strong buffer against marketplace volatility. 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 Sleep Number 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 Sleep Number 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 Sleep Number employees who already put money away for college, the worksheet will take that amount into consideration. For Sleep Number 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 Sleep Number 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 types of retirement savings plans does Sleep Number offer to its employees?
Sleep Number offers a 401(k) retirement savings plan to help employees save for their future.
How can Sleep Number employees enroll in the 401(k) plan?
Employees can enroll in the Sleep Number 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Sleep Number match employee contributions to the 401(k) plan?
Yes, Sleep Number provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Sleep Number’s 401(k) plan?
The maximum contribution limit for Sleep Number’s 401(k) plan is determined by IRS guidelines, which can change annually.
Are there any vesting requirements for Sleep Number’s 401(k) matching contributions?
Yes, Sleep Number has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.
Can Sleep Number employees take loans against their 401(k) savings?
Yes, Sleep Number allows employees to take loans against their 401(k) savings under certain conditions.
What investment options are available in Sleep Number's 401(k) plan?
Sleep Number’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can Sleep Number employees change their 401(k) contribution amounts?
Sleep Number employees can change their 401(k) contribution amounts at any time, subject to payroll processing deadlines.
Is there a waiting period for new employees to join Sleep Number's 401(k) plan?
Sleep Number typically allows new employees to enroll in the 401(k) plan after a specified waiting period, which can vary based on company policy.
How does Sleep Number provide information about the 401(k) plan to employees?
Sleep Number provides information about the 401(k) plan through employee handbooks, informational sessions, and the HR portal.
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