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Healthcare Provider Update: Alight Solutions is partnered with various healthcare providers to support its employee benefits initiatives, with national insurers such as UnitedHealthcare and Cigna frequently featured in their offerings. Alight focuses on delivering customized health plans that cater to the diverse needs of its workforce while emphasizing cost-efficiency and quality of care. As we look ahead to 2026, Alight employees should brace for notable increases in healthcare costs. With projections indicating premiums for Affordable Care Act (ACA) plans could surge by as much as 66% in some states, the impact will be significant. Additionally, the anticipated expiration of enhanced federal subsidies could exacerbate out-of-pocket expenses, with many households potentially facing a chilling 75% rise in monthly premiums. Amidst this landscape, it is crucial for employees to carefully review benefit changes and explore strategies to manage increasing healthcare expenses effectively. Click here to learn more
Most Alight 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 Alight 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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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 Alight employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of Alight's 401(k) Savings Plan?
The primary purpose of Alight's 401(k) Savings Plan is to help employees save for retirement through tax-advantaged contributions.
How can Alight employees enroll in the 401(k) Savings Plan?
Alight employees can enroll in the 401(k) Savings Plan through the company’s HR portal or by contacting the benefits department for assistance.
Does Alight provide a matching contribution to the 401(k) Savings Plan?
Yes, Alight offers a matching contribution to the 401(k) Savings Plan to encourage employees to save for their retirement.
What types of investment options are available in Alight's 401(k) Savings Plan?
Alight's 401(k) Savings Plan includes a variety of investment options, such as mutual funds, target-date funds, and stable value funds.
Can Alight employees change their contribution percentage to the 401(k) Savings Plan?
Yes, Alight employees can change their contribution percentage at any time by accessing their account online or contacting HR.
What is the minimum age requirement to participate in Alight's 401(k) Savings Plan?
The minimum age requirement to participate in Alight's 401(k) Savings Plan is typically 21 years old.
Are there any fees associated with Alight's 401(k) Savings Plan?
Yes, Alight's 401(k) Savings Plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
How often can Alight employees make changes to their investment allocations in the 401(k) Savings Plan?
Alight employees can typically make changes to their investment allocations in the 401(k) Savings Plan on a quarterly basis or as specified in the plan guidelines.
What happens to Alight employees' 401(k) Savings Plan when they leave the company?
When Alight employees leave the company, they can choose to roll over their 401(k) savings into an IRA or a new employer's plan, or they may cash out their account, subject to taxes and penalties.
Is there a loan option available within Alight's 401(k) Savings Plan?
Yes, Alight's 401(k) Savings Plan may offer a loan option, allowing employees to borrow against their savings under certain conditions.
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