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

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

Healthcare Provider Update: Healthcare Provider for Flowserve Flowserve Corporation partners with Anthem Blue Cross Blue Shield to provide healthcare plans and services for its employees. Anthem is noted for its extensive provider network and range of health insurance options, which includes access to various plans tailored to meet the diverse needs of Flowserve's workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are poised to escalate significantly, driven by expected record premium hikes in the Affordable Care Act (ACA) marketplace. With premium increases averaging 18% and some states experiencing hikes exceeding 60%, the impact on Flowserve employees could be notable. The expiration of enhanced federal premium subsidies adds to the financial burden, potentially resulting in out-of-pocket premium increases of over 75% for many workers, raising concerns about accessibility and affordability of essential healthcare services as we move into the next year. Click here to learn more

Most Flowserve 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 Flowserve 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 Flowserve employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement savings plan does Flowserve offer to its employees?

Flowserve offers a 401(k) retirement savings plan to help employees save for their future.

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

Flowserve employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

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

Yes, Flowserve offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution percentage that Flowserve employees can contribute to their 401(k)?

Flowserve employees can contribute up to the IRS limit, which is adjusted annually. Employees should check the latest guidelines for the current limit.

Are there any eligibility requirements for Flowserve employees to participate in the 401(k) plan?

Yes, Flowserve employees must meet certain eligibility requirements, such as a minimum length of service, to participate in the 401(k) plan.

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

Yes, Flowserve allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What investment options are available in Flowserve's 401(k) plan?

Flowserve offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

How often can Flowserve employees change their 401(k) contribution amounts?

Flowserve employees can change their 401(k) contribution amounts at designated times throughout the year, typically during open enrollment periods.

Is there a vesting schedule for Flowserve's 401(k) matching contributions?

Yes, Flowserve has a vesting schedule for its matching contributions, which determines when employees fully own those contributions.

Can Flowserve employees access their 401(k) funds before retirement?

Flowserve employees may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or loans.

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

Flowserve Corporation offers a Defined Benefit Pension Plan known as the Flowserve Corporation Pension Plan, which is a traditional pension plan. This plan provides a monthly retirement benefit to participants based on a formula that takes into account years of service and compensation. The normal retirement age is typically the time when these benefits begin, and the plan follows a "cash balance" formula. This means that the benefits are calculated similarly to those in a defined contribution plan, with the accrued benefit expressed in terms like a single sum distribution amount (QDRO.com). The Flowserve 401(k) plan is another retirement benefit available to employees. The plan includes matching contributions, with Flowserve matching 75% of the employee's contributions up to 6% of their salary. Employees can contribute both pre-tax and Roth contributions to the 401(k). Catch-up contributions are available for employees over the age of 50. In 2023, the contribution limit for individuals under 50 was $22,500, while those over 50 could contribute an additional $7,500

Restructuring: In February 2023, Flowserve announced significant management changes as part of its ongoing restructuring efforts. This restructuring is aligned with its strategy to diversify, decarbonize, and digitize operations. The restructuring included executive shifts and operational changes aimed at improving efficiency and meeting the company's long-term sustainability goals. Benefits and 401(k) Changes: Flowserve continues to offer comprehensive benefits, including retirement planning options such as 401(k) plans. While no major changes have been announced for 2024, the company maintains a robust benefits package designed to support its employees' financial well-being.

Flowserve Corporation provides stock options and Restricted Stock Units (RSUs) to its employees as part of its equity compensation program. The specific stock options and RSUs available to Flowserve employees are designed to incentivize long-term commitment and align employee interests with company performance. For stock options, Flowserve typically grants options that allow employees to purchase company stock at a predetermined price, usually set at the market price on the grant date. These options generally vest over several years, meaning employees must remain with the company for a specific period before they can exercise the options. The company uses the acronym "ESOs" (Employee Stock Options) to refer to this program. Regarding RSUs, Flowserve awards these units as a form of deferred compensation. RSUs do not require employees to purchase the stock; instead, the units are converted into actual shares once they vest, which occurs over a set period or upon meeting specific performance targets. These RSUs are often part of a broader performance-based incentive structure, ensuring that employees contribute to the company’s growth and success over the long term. The acronym "RSU" is used for Restricted Stock Units in Flowserve's compensation documents.

Flowserve provides a comprehensive range of health benefits designed to support the physical, mental, and financial well-being of its employees. The health benefits package includes medical, dental, and vision insurance, along with flexible spending accounts (FSA) and health savings accounts (HSA). The company also offers short- and long-term disability coverage, life insurance, and parental leave. Some of the healthcare-related terms associated with Flowserve include FSA, HSA, and AD&D (Accidental Death & Dismemberment) insurance. Benefits may vary depending on location and collective bargaining agreements

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For more information you can reach the plan administrator for Flowserve at , ; or by calling them at .

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