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Healthcare Provider Update: Enterprise Products Partners provides a flexible benefits package that includes medical, dental, vision, and prescription coverage. Employees can access FSAs, life and disability insurance, and a 401(k) plan with matching contributions and profit sharing. Additional perks include educational assistance and paid time off 9. 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 Enterprise Products Partners 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 Enterprise Products Partners 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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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 Enterprise Products Partners employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Enterprise Products Partners offer to its employees?
Enterprise Products Partners offers a 401(k) retirement savings plan to its employees.
Does Enterprise Products Partners match employee contributions to the 401(k) plan?
Yes, Enterprise Products Partners provides a matching contribution to employee contributions, subject to certain limits.
What is the maximum contribution limit for the 401(k) plan at Enterprise Products Partners?
The maximum contribution limit for the 401(k) plan at Enterprise Products Partners is in accordance with IRS guidelines, which may change annually.
Can employees of Enterprise Products Partners choose how their 401(k) contributions are invested?
Yes, employees of Enterprise Products Partners can choose from a variety of investment options for their 401(k) contributions.
When can employees of Enterprise Products Partners start participating in the 401(k) plan?
Employees of Enterprise Products Partners can typically start participating in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.
Is there a vesting schedule for the matching contributions at Enterprise Products Partners?
Yes, Enterprise Products Partners has a vesting schedule for matching contributions, which determines when employees have full ownership of those funds.
Can employees take loans against their 401(k) balance at Enterprise Products Partners?
Yes, employees of Enterprise Products Partners may have the option to take loans against their 401(k) balance, subject to plan rules.
What happens to my 401(k) account if I leave Enterprise Products Partners?
If you leave Enterprise Products Partners, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the plan, depending on the plan's provisions.
Does Enterprise Products Partners offer any financial education resources for employees regarding their 401(k)?
Yes, Enterprise Products Partners provides financial education resources to help employees make informed decisions about their 401(k) savings.
Are there any fees associated with the 401(k) plan at Enterprise Products Partners?
Yes, there may be administrative and investment fees associated with the 401(k) plan at Enterprise Products Partners, which are disclosed in the plan documents.
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