Western Midstream Partners Employees: Navigating the Rising Costs of College Tuition for Your Family

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 Western Midstream Partners 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 Western Midstream Partners 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 Western Midstream Partners employees who already put money away for college, the worksheet will take that amount into consideration. For Western Midstream Partners 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 Western Midstream Partners employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the 401(k) plan offered by Western Midstream Partners?

The 401(k) plan at Western Midstream Partners is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can I enroll in the 401(k) plan at Western Midstream Partners?

Employees can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What is the company match for the 401(k) plan at Western Midstream Partners?

Western Midstream Partners offers a company match of 50% on employee contributions up to a certain percentage of their salary, helping to boost retirement savings.

When can I start contributing to the 401(k) plan at Western Midstream Partners?

Employees can start contributing to the 401(k) plan after completing their eligibility period, which is typically within the first month of employment.

What types of investments are available in the Western Midstream Partners 401(k) plan?

The 401(k) plan at Western Midstream Partners offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.

Can I change my contribution percentage to the 401(k) plan at Western Midstream Partners?

Yes, employees can change their contribution percentage at any time through the HR portal or by contacting payroll services.

Is there a vesting schedule for the company match in the 401(k) plan at Western Midstream Partners?

Yes, Western Midstream Partners has a vesting schedule, which means that employees must work for the company for a certain period before they fully own the company match contributions.

What happens to my 401(k) if I leave Western Midstream Partners?

If you leave Western Midstream Partners, you have several options for your 401(k), including rolling it over to a new employer’s plan, transferring it to an IRA, or cashing it out (subject to taxes and penalties).

Can I take a loan against my 401(k) at Western Midstream Partners?

Yes, Western Midstream Partners allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

Are there hardship withdrawal options available in the 401(k) plan at Western Midstream Partners?

Yes, employees may be eligible for hardship withdrawals from their 401(k) plan at Western Midstream Partners under specific circumstances defined by the plan.