/General/General%204.png?width=1280&height=853&name=General%204.png)
Healthcare Provider Update: Health and insurance benefits managed via Fidelity. Offers medical, dental, vision, and HSA/FSA options. Employees receive enrollment materials within 710 days of hire. ACA-related planning recommended for retirees facing subsidy loss Click here to learn more
Most CMS Energy 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 CMS Energy 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 CMS Energy employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the CMS Energy 401(k) Savings Plan?
The CMS Energy 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the CMS Energy 401(k) Savings Plan?
Employees can enroll in the CMS Energy 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What are the contribution limits for the CMS Energy 401(k) Savings Plan?
The contribution limits for the CMS Energy 401(k) Savings Plan are determined by the IRS and may change annually. Employees should check the current limits for the specific year.
Does CMS Energy offer a company match for the 401(k) Savings Plan?
Yes, CMS Energy offers a company match for employee contributions to the 401(k) Savings Plan, helping to enhance the overall savings for retirement.
When is the best time to start contributing to the CMS Energy 401(k) Savings Plan?
The best time to start contributing to the CMS Energy 401(k) Savings Plan is as soon as you are eligible, as early contributions can significantly impact your retirement savings over time.
Can I change my contribution percentage in the CMS Energy 401(k) Savings Plan?
Yes, employees can change their contribution percentage at any time by accessing their account through the CMS Energy HR portal.
What investment options are available in the CMS Energy 401(k) Savings Plan?
The CMS Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.
How often can I make changes to my investments in the CMS Energy 401(k) Savings Plan?
Employees can make changes to their investment allocations in the CMS Energy 401(k) Savings Plan on a regular basis, typically quarterly or as specified in the plan documents.
What happens to my CMS Energy 401(k) Savings Plan if I leave the company?
If you leave CMS Energy, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out, though cashing out may have tax implications.
Is there a loan option available in the CMS Energy 401(k) Savings Plan?
Yes, the CMS Energy 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
-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)