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Advanced Micro Devices Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

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Healthcare Provider Update: Healthcare Provider for Advanced Micro Devices: Advanced Micro Devices (AMD) utilizes a variety of healthcare providers, primarily partnering with major insurers for its employee health benefits. While specific arrangements may vary, AMD's health plans typically include coverage options from networks including UnitedHealthcare, Anthem, and others. Potential Healthcare Cost Increases in 2026: As we approach 2026, employees of Advanced Micro Devices should brace for significant increases in healthcare costs. With projected record hikes in ACA marketplace premiums-some states seeing increases over 60%-employees may find a larger portion of their healthcare expenses shifted to them. Factors like the expiration of enhanced federal subsidies and continual medical cost inflation are driving these changes, potentially leading to out-of-pocket costs soaring by as much as 75%. In this challenging landscape, it's essential for employees to review benefit changes and make informed selections to mitigate the financial impact. Click here to learn more

Most Advanced Micro Devices employees have already heard of the Free Application for Federal Student Aid, or FAFSA, if they or someone they know has plans to attend a college, career school, or university. Last year, around 70% of families submitted a FAFSA to the Department of Education to secure financial assistance. But what many prospective and current students may overlook are the various federal grants awarded to students in need each year. 

Granted value

Most federal grants, unlike loans, function as sources of funding. There are some exceptions, though. For example, if a student is awarded a grant, but withdraws from the program in which they’re enrolled, they may be required to pay back all or a portion of that grant.

Know your grants

The Department of Education offers multiple aid packages as part of the Federal Student Grant Program and all Advanced Micro Devices employees should be aware of them. The following four are granted most often, and each has different requirements for eligibility. The information below applies to the 2023-2024 academic year:

  • Federal Pell Grants  - With a maximum award of $6,895, Pell Grants are reserved for undergraduate students who have exceptional financial need and have not earned a bachelor’s, graduate, or professional degree yet.
  • Federal Supplemental Educational Opportunity Grants (FSEO)  - FSEO Grants award a maximum of $4,000 to those who demonstrate exceptional need and have not yet earned a bachelor’s or graduate degree. FSEO Grants also give priority to Pell Grant recipients over other applicants.
  • Iraq and Afghanistan Service Grants  - These grants award a maximum of $6,895, and they’re only for students whose parent or guardian served in a branch of the U.S. Armed Forces and died while serving in Iraq or Afghanistan after the events of 9/11.
  • Teacher Education Assistance for College and Higher Education (TEACH) Grants  - TEACH Grants award a maximum of $4,000, and they’re reserved for students who are enrolled in teaching preparation programs and agree to teach for a minimum of 4 years at the elementary or secondary school level in a high-need field.

FAFSA Required

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No matter who you are or your financial situation, you may want to consider submitting a FAFSA. After all, the grants listed above do require recipients to have an application on file with the Department of Education. And who knows? The potential financial benefit that you as a Advanced Micro Devices employee could secure may surprise you.

  •  Finder.com, 2019
  •  StudentAid.gov, 2020

What is the 401k plan offered by Advanced Micro Devices?

The 401k plan offered by Advanced Micro Devices is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees of Advanced Micro Devices enroll in the 401k plan?

Employees of Advanced Micro Devices can enroll in the 401k plan through the company’s HR portal or by contacting the HR department for assistance.

Does Advanced Micro Devices match employee contributions to the 401k plan?

Yes, Advanced Micro Devices offers a matching contribution to the 401k plan, which helps employees grow their retirement savings.

What is the maximum contribution limit for the 401k plan at Advanced Micro Devices?

The maximum contribution limit for the 401k plan at Advanced Micro Devices is in accordance with IRS guidelines, which may change annually.

Can employees of Advanced Micro Devices take loans against their 401k savings?

Yes, employees of Advanced Micro Devices may have the option to take loans against their 401k savings, subject to the plan's specific terms and conditions.

What investment options are available in the Advanced Micro Devices 401k plan?

The Advanced Micro Devices 401k plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their portfolios.

How often can employees change their contribution amounts to the Advanced Micro Devices 401k plan?

Employees can typically change their contribution amounts to the Advanced Micro Devices 401k plan at any time, subject to the plan’s rules.

What happens to the 401k savings if an employee leaves Advanced Micro Devices?

If an employee leaves Advanced Micro Devices, they can roll over their 401k savings to another retirement account, cash out, or leave the funds in the current plan if permitted.

Are there any fees associated with the Advanced Micro Devices 401k plan?

Yes, the Advanced Micro Devices 401k plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

How can employees access their 401k account information at Advanced Micro Devices?

Employees can access their 401k account information through the online portal provided by the plan administrator or by contacting customer service.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
AMD has announced a restructuring plan that includes layoffs across various departments to streamline operations and reduce costs. Additionally, the company is making adjustments to its employee benefits, including changes to its pension plan and 401(k) contributions.
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For more information you can reach the plan administrator for Advanced Micro Devices at 2485 Augustine Drive Santa Clara, CA 95054; or by calling them at (408) 749-4000.

*Please see disclaimer for more information

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