Healthcare Provider Update: Healthcare Provider for Cleveland-Cliffs Cleveland-Cliffs partners with Cleveland Clinic as its healthcare provider, offering a range of health services to its employees. This partnership is aimed at ensuring that employees receive quality medical care and support. Healthcare Cost Increases in 2026 As we approach 2026, Cleveland-Cliffs employees, especially those reliant on the Affordable Care Act (ACA) marketplace, may face significant healthcare cost challenges. With nationwide rate hikes projected to exceed 60% in some states, the removal of enhanced federal premium subsidies will further exacerbate this situation. More than 22 million marketplace enrollees could see their out-of-pocket premium costs rise by over 75%, driven by escalating medical expenses and insurer profit pressures. This sharp increase underscores the importance for employees to plan their healthcare budgets proactively to mitigate these potential financial burdens. Click here to learn more
Most Cleveland-Cliffs 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 Cleveland-Cliffs 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 Cleveland-Cliffs employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the Cleveland-Cliffs 401(k) Savings Plan?
The Cleveland-Cliffs 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their paycheck on a tax-deferred basis.
How can I enroll in the Cleveland-Cliffs 401(k) Savings Plan?
You can enroll in the Cleveland-Cliffs 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Cleveland-Cliffs offer a company match for the 401(k) contributions?
Yes, Cleveland-Cliffs offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the maximum contribution I can make to the Cleveland-Cliffs 401(k) Savings Plan?
The maximum contribution limit for the Cleveland-Cliffs 401(k) Savings Plan is subject to IRS guidelines, which may change annually. Employees should check the latest limits for accurate information.
When can I start contributing to the Cleveland-Cliffs 401(k) Savings Plan?
Employees can start contributing to the Cleveland-Cliffs 401(k) Savings Plan after they have completed their eligibility period, which is typically outlined in the plan documents.
What investment options are available in the Cleveland-Cliffs 401(k) Savings Plan?
The Cleveland-Cliffs 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 I take a loan against my Cleveland-Cliffs 401(k) Savings Plan?
Yes, Cleveland-Cliffs allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.
What happens to my Cleveland-Cliffs 401(k) Savings Plan if I leave the company?
If you leave Cleveland-Cliffs, you have several options for your 401(k) Savings Plan balance, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.
How often can I change my contribution amount to the Cleveland-Cliffs 401(k) Savings Plan?
Employees can typically change their contribution amount to the Cleveland-Cliffs 401(k) Savings Plan at any time, subject to the plan’s guidelines.
Is there a vesting schedule for the Cleveland-Cliffs 401(k) Savings Plan?
Yes, Cleveland-Cliffs has a vesting schedule for the company match contributions, which means you will need to work for a certain period before those contributions fully belong to you.
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