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Healthcare Provider Update: Offers medical, dental, and vision insurance, plus vacation discounts, wellness programs, and a minimum wage of $14/hour 7. As ACA subsidies expire, Suns internal coverage and perks help employees maintain affordability and 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 Sun Communities 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 Sun Communities 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 Sun Communities employees who already put money away for college, the worksheet will take that amount into consideration. For Sun Communities 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 Sun Communities 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 plan does Sun Communities offer to its employees?
Sun Communities offers a 401(k) retirement savings plan to help employees save for their future.
Does Sun Communities match employee contributions to the 401(k) plan?
Yes, Sun Communities provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement for Sun Communities employees to participate in the 401(k) plan?
Employees of Sun Communities 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 Sun Communities employees enroll in the 401(k) plan?
Sun Communities 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 Sun Communities 401(k) plan?
The Sun Communities 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can Sun Communities employees change their contribution percentage to the 401(k) plan?
Yes, employees at Sun Communities can change their contribution percentage at any time, subject to certain restrictions.
Is there a vesting schedule for the employer match in the Sun Communities 401(k) plan?
Yes, Sun Communities has a vesting schedule for employer matching contributions, which means employees must work for a certain period to fully own those contributions.
What is the maximum contribution limit for the Sun Communities 401(k) plan?
The maximum contribution limit for the Sun Communities 401(k) plan follows the IRS guidelines, which are updated annually.
Are there any fees associated with the Sun Communities 401(k) plan?
Yes, like most 401(k) plans, the Sun Communities 401(k) plan may have administrative and investment fees, which are disclosed in the plan documents.
Can Sun Communities employees take loans against their 401(k) savings?
Yes, Sun Communities allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
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