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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 United Parcel Service 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 United Parcel Service 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 United Parcel Service employees who already put money away for college, the worksheet will take that amount into consideration. For United Parcel Service 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 United Parcel Service 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 401(k) plan offered by United Parcel Service?
The 401(k) plan at United Parcel Service is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does United Parcel Service match employee contributions to the 401(k) plan?
Yes, United Parcel Service offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
How can employees enroll in the 401(k) plan at United Parcel Service?
Employees can enroll in the 401(k) plan at United Parcel Service through the company’s HR portal or by contacting their HR representative for assistance.
What is the eligibility requirement for United Parcel Service's 401(k) plan?
To be eligible for the 401(k) plan at United Parcel Service, employees typically need to meet certain criteria regarding their length of service and employment status.
Can employees at United Parcel Service change their contribution amounts to the 401(k) plan?
Yes, employees at United Parcel Service can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.
What investment options are available in the United Parcel Service 401(k) plan?
The United Parcel Service 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
When can employees at United Parcel Service start withdrawing funds from their 401(k) plan?
Employees at United Parcel Service can typically start withdrawing funds from their 401(k) plan at age 59½, although there are specific rules regarding hardship withdrawals.
Does United Parcel Service provide financial education regarding the 401(k) plan?
Yes, United Parcel Service offers financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.
Are there any fees associated with the United Parcel Service 401(k) plan?
Yes, like most 401(k) plans, the United Parcel Service 401(k) plan may have administrative and investment fees, which are disclosed in the plan documents.
How often can employees at United Parcel Service review their 401(k) account statements?
Employees at United Parcel Service can review their 401(k) account statements quarterly, and they may also access their account online at any time.
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