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

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

Healthcare Provider Update: Entegris provides a generous benefits package for its U.S. employees, including medical, dental, vision, and prescription coverage. Employees can access HSAs and FSAs, voluntary accident and critical illness insurance, and paid time off for civic duties and family leave. The company also offers financial wellness programs and retirement planning tools 6. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

Most Entegris 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 Entegris 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 Entegris employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement plan does Entegris offer to its employees?

Entegris offers a 401(k) retirement savings plan to its employees.

How can employees at Entegris enroll in the 401(k) plan?

Employees at Entegris can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal.

Does Entegris match employee contributions to the 401(k) plan?

Yes, Entegris provides a matching contribution to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the Entegris 401(k) plan?

The maximum contribution limit for the Entegris 401(k) plan is in accordance with IRS guidelines, which may change annually.

When can employees at Entegris start contributing to their 401(k) plan?

Employees at Entegris can start contributing to their 401(k) plan after they have completed their eligibility period.

Are there any investment options available in the Entegris 401(k) plan?

Yes, the Entegris 401(k) plan offers a variety of investment options for employees to choose from.

Can employees at Entegris take loans against their 401(k) savings?

Yes, Entegris allows employees to take loans against their 401(k) savings, subject to plan rules.

What happens to an employee’s 401(k) balance if they leave Entegris?

If an employee leaves Entegris, they can roll over their 401(k) balance to another retirement account or withdraw it, subject to taxes and penalties.

Does Entegris provide financial education resources for employees regarding their 401(k) plan?

Yes, Entegris offers financial education resources to help employees make informed decisions about their 401(k) plan.

How often can employees at Entegris change their contribution percentage to the 401(k) plan?

Employees at Entegris can change their contribution percentage to the 401(k) plan at designated times throughout the year.

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

Entegris offers a 401(k) plan with a strong company match as a key benefit to its employees. In 2022 and 2023, Entegris matched 100% of employee contributions up to 5% of their salary. This plan is structured as a defined contribution plan, which allows employees to contribute pre-tax dollars and benefit from tax-deferred growth. The 401(k) plan is designed to help employees save for retirement, and eligibility begins immediately upon employment. The specific name of the 401(k) plan used by Entegris is referred to simply as the Entegris 401(k) Plan. In addition to the 401(k), Entegris does not provide a traditional defined benefit pension plan. However, the company emphasizes its financial wellness programs, including educational resources on retirement planning and savings strategies. Employees at Entegris must be at least 21 years of age to participate in the 401(k) plan, and the plan allows for immediate vesting in both the employee and company contributions.

Restructuring and Layoffs: In 2023, Entegris announced a strategic restructuring plan aimed at streamlining its operations and reducing costs. This decision involved a workforce reduction of approximately 5% to improve operational efficiency and align with its long-term growth strategy. The company cited the need to adapt to changing market conditions and enhance its competitive edge as primary reasons for the layoffs. The decision was influenced by the current economic environment, where many companies are reevaluating their operations to remain agile and financially resilient.

Entegris offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages, particularly for senior management and other eligible employees. The company uses the acronym RSU for Restricted Stock Units and SOP for Stock Option Plan. These equity awards aim to align employee incentives with long-term company performance. As of 2022, 2023, and 2024, Entegris provided both stock options and RSUs to eligible employees. RSUs are typically granted to executive-level employees, while stock options have a broader eligibility across the company's workforce, including engineers and managerial staff. These options and RSUs are designed to vest over time, incentivizing employees to remain with the company long-term

Entegris' health benefits. Specific Healthcare-Related Terms and Acronyms: Health Savings Account (HSA): A tax-advantaged savings account for medical expenses. Flexible Spending Account (FSA): An account that allows employees to set aside pre-tax dollars for healthcare expenses. High Deductible Health Plan (HDHP): A health insurance plan with lower premiums and higher deductibles. Employee Assistance Program (EAP): A program offering confidential counseling and support services. Health Reimbursement Account (HRA): An employer-funded account that reimburses employees for qualified medical expenses. Recent Employee Healthcare News: 2023 Updates: Look for any recent changes or enhancements in health benefits for 2023 or upcoming changes for 2024. Healthcare Plan Changes: Identify any modifications in health insurance coverage, cost-sharing, or new benefits introduced. Employee Feedback: Review employee comments or reviews to understand the satisfaction and concerns related to the health benefits.