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Healthcare Provider Update: Offers a Health and Welfare Benefits Plan with multiple medical options including PPOs and HSAs. Coverage includes medical, dental, vision, prescription drugs, and COBRA continuation. ACA-related planning is emphasized for early retirees, with guidance to evaluate ACA marketplace options due to projected 2026 premium hikes 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 Terex 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 Terex 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 Terex employees who already put money away for college, the worksheet will take that amount into consideration. For Terex 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 Terex 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 is the purpose of Terex's 401(k) Savings Plan?
The purpose of Terex's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can Terex employees enroll in the 401(k) Savings Plan?
Terex employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What types of contributions can Terex employees make to the 401(k) Savings Plan?
Terex employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions.
Is there a company match for contributions to Terex's 401(k) Savings Plan?
Yes, Terex offers a company match for employee contributions to the 401(k) Savings Plan, subject to certain limits and conditions.
What is the vesting schedule for Terex's 401(k) employer match?
The vesting schedule for Terex's 401(k) employer match typically follows a graded vesting schedule, where employees earn rights to the employer contributions over a specified period.
At what age can Terex employees start withdrawing from their 401(k) Savings Plan?
Terex employees can generally start withdrawing from their 401(k) Savings Plan at age 59½, although there are specific conditions and penalties for early withdrawals.
Can Terex employees take loans against their 401(k) Savings Plan?
Yes, Terex allows employees to take loans against their 401(k) Savings Plan, subject to the plan's terms and conditions.
How often can Terex employees change their contribution percentage to the 401(k) Savings Plan?
Terex employees can typically change their contribution percentage to the 401(k) Savings Plan at any time, subject to the plan's rules.
What investment options are available in Terex's 401(k) Savings Plan?
Terex's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How can Terex employees access their 401(k) account information?
Terex employees can access their 401(k) account information through the company’s online portal or by contacting the plan administrator for assistance.
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