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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 Warner Music 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 Warner Music 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 Warner Music Group employees who already put money away for college, the worksheet will take that amount into consideration. For Warner Music 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 Warner Music Group 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 savings plan does Warner Music Group offer to its employees?
Warner Music Group offers a 401(k) retirement savings plan to its employees.
Does Warner Music Group match employee contributions to the 401(k) plan?
Yes, Warner Music Group provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
When can employees at Warner Music Group start contributing to the 401(k) plan?
Employees at Warner Music Group can start contributing to the 401(k) plan after completing their eligibility requirements, typically upon their date of hire.
What is the maximum contribution limit for the 401(k) plan at Warner Music Group?
The maximum contribution limit for the 401(k) plan at Warner Music Group is in accordance with IRS regulations, which can change annually.
Are there any investment options available within the Warner Music Group 401(k) plan?
Yes, the Warner Music Group 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles.
Can employees at Warner Music Group take loans against their 401(k) savings?
Yes, Warner Music Group allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What happens to my 401(k) savings if I leave Warner Music Group?
If you leave Warner Music Group, you can choose to roll over your 401(k) savings into another retirement account or withdraw your funds, subject to tax implications.
Does Warner Music Group offer financial planning assistance for its 401(k) plan participants?
Yes, Warner Music Group provides access to financial planning resources and tools to help employees manage their 401(k) investments.
How often can employees at Warner Music Group change their 401(k) contribution amounts?
Employees at Warner Music Group can change their 401(k) contribution amounts during designated enrollment periods or as allowed by the plan.
Is there a vesting schedule for the employer match in the Warner Music Group 401(k) plan?
Yes, Warner Music Group has a vesting schedule for employer matching contributions, which means employees must work for a certain period before they fully own those contributions.
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