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Healthcare Provider Update: Healthcare Provider for Brunswick: Brunswick Corporation, a well-known manufacturer in the marine and recreational products industry, provides healthcare benefits through its corporate plan in partnership with major insurance providers, including UnitedHealthcare and Blue Cross Blue Shield. Employees typically have access to a variety of coverage options tailored to meet their individual needs. Potential Healthcare Cost Increases in 2026: As Brunswick employees prepare for 2026, they should brace for significant healthcare cost increases resulting from anticipated surges in ACA marketplace premiums. With reports indicating some states may experience hikes exceeding 60%, the landscape of health insurance is shifting dramatically. The potential expiration of enhanced federal premium subsidies is poised to exacerbate the situation, with studies showing that up to 92% of marketplace enrollees could face out-of-pocket premium hikes of over 75%. This combination of factors indicates that Brunswick employees may need to reevaluate their healthcare strategies to manage and mitigate these impending financial impacts effectively. Click here to learn more
Most Brunswick 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 Brunswick 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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- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 Brunswick employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of Brunswick's 401(k) Savings Plan?
The primary purpose of Brunswick's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to contribute a portion of their salary.
Does Brunswick match employee contributions to the 401(k) Savings Plan?
Yes, Brunswick offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
How can employees enroll in Brunswick's 401(k) Savings Plan?
Employees can enroll in Brunswick's 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What are the eligibility requirements for Brunswick's 401(k) Savings Plan?
Employees are generally eligible to participate in Brunswick's 401(k) Savings Plan after completing a specified period of service, as outlined in the plan documents.
What types of investment options are available in Brunswick's 401(k) Savings Plan?
Brunswick's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can employees change their contribution percentage to Brunswick's 401(k) Savings Plan?
Yes, employees can change their contribution percentage to Brunswick's 401(k) Savings Plan at any time, subject to the plan's guidelines.
What is the vesting schedule for employer contributions in Brunswick's 401(k) Savings Plan?
The vesting schedule for employer contributions in Brunswick's 401(k) Savings Plan varies based on the length of service, as detailed in the plan documents.
How often can employees access their account statements for Brunswick's 401(k) Savings Plan?
Employees can access their account statements for Brunswick's 401(k) Savings Plan online, typically on a quarterly basis, or they can request them at any time.
Are loans available through Brunswick's 401(k) Savings Plan?
Yes, Brunswick's 401(k) Savings Plan may allow employees to take loans against their vested account balance, subject to certain conditions and limits.
What happens to an employee's 401(k) Savings Plan account if they leave Brunswick?
If an employee leaves Brunswick, they can choose to roll over their 401(k) Savings Plan account to another retirement account, cash out, or leave the funds in the plan, depending on the plan's rules.
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