Healthcare Provider Update: Ciena provides comprehensive health insurance, dental and vision coverage, life insurance, and disability benefits. Employees also receive 401(k) matching, tuition reimbursement, wellness programs, and mental health support. The company emphasizes work-life balance through flexible scheduling and generous paid time off 6. Ciena As ACA premiums rise, Cienas competitive health offerings and wellness initiatives help employees avoid the financial burden of marketplace plans. Employer-sponsored coverage remains a vital buffer against rising healthcare costs. Click here to learn more
Most Ciena 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 Ciena 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
Featured Video
Articles you may find interesting:
- 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!
- 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 Ciena employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the Ciena 401(k) Savings Plan?
The Ciena 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or after-tax basis.
How can I enroll in the Ciena 401(k) Savings Plan?
Employees can enroll in the Ciena 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What types of contributions can I make to the Ciena 401(k) Savings Plan?
Ciena allows employees to make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are age 50 or older.
Is there a company match for contributions to the Ciena 401(k) Savings Plan?
Yes, Ciena offers a company match for employee contributions to the 401(k) Savings Plan, which helps enhance your retirement savings.
What is the maximum contribution limit for the Ciena 401(k) Savings Plan?
The maximum contribution limit for the Ciena 401(k) Savings Plan is subject to IRS regulations, which can change annually. Employees should refer to the plan documents for the most current limits.
When can I start withdrawing funds from my Ciena 401(k) Savings Plan?
Employees can typically start withdrawing funds from their Ciena 401(k) Savings Plan at age 59½, though there are specific conditions under which earlier withdrawals may be allowed.
What investment options are available in the Ciena 401(k) Savings Plan?
The Ciena 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
Can I take a loan against my Ciena 401(k) Savings Plan?
Yes, Ciena allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
What happens to my Ciena 401(k) Savings Plan if I leave the company?
If you leave Ciena, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the Ciena plan if eligible.
Are there any fees associated with the Ciena 401(k) Savings Plan?
Yes, there may be administrative and investment fees associated with the Ciena 401(k) Savings Plan. Employees can review the plan’s fee disclosure for detailed information.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)