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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 Westinghouse Air Brake 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 Westinghouse Air Brake 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 Westinghouse Air Brake employees who already put money away for college, the worksheet will take that amount into consideration. For Westinghouse Air Brake 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 Westinghouse Air Brake 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 types of contributions can employees make to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can make pre-tax and Roth (after-tax) contributions to the 401(k) plan.
Is there a company match for contributions made to the Westinghouse Air Brake 401(k) plan?
Yes, Westinghouse Air Brake offers a company match on employee contributions up to a certain percentage, which is detailed in the plan documents.
What is the eligibility requirement to participate in the Westinghouse Air Brake 401(k) plan?
Employees are eligible to participate in the Westinghouse Air Brake 401(k) plan after completing a specified period of service, typically 30 days.
How can employees at Westinghouse Air Brake enroll in the 401(k) plan?
Employees can enroll in the Westinghouse Air Brake 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Westinghouse Air Brake 401(k) plan?
The Westinghouse Air Brake 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Westinghouse Air Brake take loans against their 401(k) accounts?
Yes, Westinghouse Air Brake allows employees to take loans against their 401(k) accounts under certain conditions.
What happens to my Westinghouse Air Brake 401(k) account if I leave the company?
If you leave Westinghouse Air Brake, you can choose to leave your 401(k) account with the company, roll it over to another retirement account, or cash it out, subject to taxes and penalties.
Are there any fees associated with the Westinghouse Air Brake 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Westinghouse Air Brake 401(k) plan, which are outlined in the plan documents.
How often can employees change their contribution amounts to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can change their contribution amounts at any time, subject to the plan’s guidelines.
Does Westinghouse Air Brake offer financial education resources for 401(k) participants?
Yes, Westinghouse Air Brake provides financial education resources and workshops to help employees make informed decisions about their 401(k) investments.
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