New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

DCP Midstream Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Healthcare Provider Update: DCP Midstream Healthcare Provider Information DCP Midstream, a prominent company in the energy sector, typically provides its employees with access to comprehensive healthcare services. They collaborate with various insurance carriers to offer health plans that often include options for medical, dental, and vision coverage, tailored to the needs of their workforce. Anticipated Healthcare Cost Increases for DCP Midstream in 2026 In 2026, DCP Midstream employees may face notable increases in healthcare costs, driven primarily by anticipated premium hikes within the Affordable Care Act (ACA) marketplaces. Projections indicate that some states could experience premium increases exceeding 60%, with a national average expected to rise by around 18%. The expiration of enhanced federal subsidies could severely impact affordability, leading to an estimated 75% increase in out-of-pocket premium costs for many employees. With significant pressures from rising medical expenses and higher insurer rates, DCP Midstream's workforce should prepare for potentially impactful changes to their healthcare expenditures next year. Click here to learn more

Most DCP Midstream 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 DCP Midstream 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 DCP Midstream employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the primary purpose of DCP Midstream's 401(k) Savings Plan?

The primary purpose of DCP Midstream's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

How can employees enroll in DCP Midstream's 401(k) Savings Plan?

Employees can enroll in DCP Midstream's 401(k) Savings Plan through the company's benefits portal during the open enrollment period or within 30 days of their hire date.

What types of contributions can employees make to DCP Midstream's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, in some cases, catch-up contributions if they are age 50 or older to DCP Midstream's 401(k) Savings Plan.

Does DCP Midstream offer a matching contribution for the 401(k) Savings Plan?

Yes, DCP Midstream offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the vesting schedule for DCP Midstream's matching contributions?

The vesting schedule for DCP Midstream's matching contributions typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.

Can employees take loans from their 401(k) Savings Plan at DCP Midstream?

Yes, DCP Midstream allows employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.

What investment options are available in DCP Midstream's 401(k) Savings Plan?

DCP Midstream's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their portfolios.

How often can employees change their contributions to DCP Midstream's 401(k) Savings Plan?

Employees can change their contributions to DCP Midstream's 401(k) Savings Plan at any time throughout the year, subject to payroll processing timelines.

What is the minimum contribution percentage for DCP Midstream's 401(k) Savings Plan?

DCP Midstream typically requires a minimum contribution percentage, which is outlined in the plan documents, but employees are encouraged to contribute more if possible.

Are there any fees associated with DCP Midstream's 401(k) Savings Plan?

Yes, there may be fees associated with managing DCP Midstream's 401(k) Savings Plan, which are disclosed in the plan's fee disclosure statement.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

DCP Midstream offers comprehensive retirement benefits, including both a 401(k) plan and a pension plan, to its employees for the years 2022, 2023, and 2024. The company's 401(k) plan includes catch-up contributions for employees aged 50 and above, allowing them to contribute an additional $6,500 on top of the regular annual limit, which is $22,500 for 2023. This feature helps employees nearing retirement to bolster their savings (Home Page) (Benefits Law Advisor). DCP Midstream's pension plan, on the other hand, is based on a formula that typically factors in years of service and final average salary, although specific details about the plan's structure, such as the exact percentage per year of service, were not explicitly provided. The company's pension plan is often referred to in conjunction with its overall deferred compensation strategy (Home Page) (Benefits Law Advisor). Years of service and age qualifications for both the 401(k) and pension plan are structured to incentivize long-term commitment. For instance, the pension benefits generally become more significant as an employee's years of service increase, although exact thresholds are specified in internal corporate documents

In early 2024, DCP Midstream announced a major restructuring plan including a workforce reduction of about 10% and a review of benefit programs and 401k plans.

DCP Midstream offers stock options and Restricted Stock Units (RSUs) to eligible employees as part of their compensation package. In 2022, DCP Midstream provided stock options with vesting schedules based on performance metrics and tenure. For 2023, the company expanded its RSU program, granting units based on individual performance and company milestones.

DCP Midstream provides a range of health benefits, including Health Savings Accounts (HSAs) and various medical insurance options. Employees have access to a PPO (Preferred Provider Organization) plan as well as high-deductible health plans that allow them to pair with HSAs. DCP contributes to HSAs, and employees can choose among different coverage levels, including dental and vision insurance. Acronyms commonly used include HSA (Health Savings Account), PPO (Preferred Provider Organization), and FSA (Flexible Spending Account). Employees have noted that costs can be on the higher side for insurance coverage but appreciate the variety of options. DCP Midstream has also made wellness a priority by offering wellness-focused medical plans, which include preventive care and access to resources for mental health and physical well-being. Recent reviews emphasize that the company continues to provide comprehensive benefits despite market fluctuations. DCP Midstream also encourages participation in their wellness programs, often promoting the importance of maintaining physical and mental health through these benefits