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

Fortune Brands Home & Security Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Healthcare Provider Update: Healthcare Provider for Fortune Brands Home & Security: Fortune Brands Home & Security typically collaborates with major healthcare insurance providers to offer employee health coverage, but specific details regarding their healthcare contracts can vary. Common providers for companies of their size often include UnitedHealthcare, Aetna, and Cigna. Potential Healthcare Cost Increases in 2026: As 2026 approaches, healthcare costs are expected to surge significantly, driven by a confluence of factors. The impending expiration of enhanced federal premium subsidies under the Affordable Care Act could exacerbate financial strain, with many consumers facing potential out-of-pocket premium increases exceeding 75%. Simultaneously, the overall rise in medical expenses-fueled by inflation in hospital and prescription drug costs-will compound the situation, prompting insurers to propose steep premium hikes. With these challenges, individuals and families may find themselves navigating a precarious financial landscape regarding their healthcare options. Click here to learn more

Most Fortune Brands Home & Security 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 Fortune Brands Home & Security 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 Fortune Brands Home & Security employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

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

Fortune Brands Home & Security offers its employees both a pension plan and a 401(k) plan under the broader Fortune Brands Home & Security Retirement Savings Plan. This plan is a Defined Contribution Plan, allowing employees to participate in either a 401(k) or Profit-Sharing Plan. Fortune Brands Home & Security employees have access to a 401(k) Plan, where employee contributions are matched by the company at varying rates, depending on the employee's position and years of service (QDRO.com) (SimpleQDRO). The company offers automatic enrollment in the 401(k) plan, where employees are enrolled at a contribution rate of 3% of their salary. The contribution rate can increase by 1% annually until it reaches 6%, unless the employee opts out (SEC.gov). Additionally, Fortune Brands provides Profit-Sharing Contributions, which vary depending on the company division, and employees are vested in these contributions after three years of service. Employees who meet specific requirements, such as 10 years of service and attaining age 55, become fully vested in their 401(k) and profit-sharing accounts (SEC.gov). The vesting schedules for the pension and 401(k) plans depend on the employee’s years of service. Most employees achieve full vesting after three years of service, but for employees of divisions like Rohl and Fiberon, the vesting timeline can extend up to five years

News: In early 2024, Fortune Brands Home & Security announced a significant restructuring initiative aimed at streamlining operations and enhancing efficiency. The company revealed plans to reduce its workforce by approximately 5% as part of this strategic shift. Additionally, Fortune Brands is re-evaluating its employee benefits package, including potential changes to retirement plan offerings and adjustments to health benefits. Explanation: Given the current economic environment, where companies are reassessing their financial stability and operational efficiency, this news is crucial. Changes in employment and benefits could impact employees' financial planning, particularly in terms of retirement savings and healthcare costs. Understanding these adjustments is essential due to the broader economic and tax landscape, which could affect investment strategies and personal financial decisions.

Stock Options: FBHS provided stock options to key executives and senior management as part of their long-term incentive program. This was aimed at aligning the interests of executives with those of shareholders. RSUs: RSUs were granted to employees based on performance metrics and tenure. These units vest over a period of time, typically 3-4 years, contingent on continued employment and performance.

health benefits for Fortune Brands Home & Security. This will take some time to ensure accuracy and comprehensiveness. I’ll provide a summary once I have the details. In the meantime, if you have any specific aspects of their health benefits or recent employee healthcare news you're particularly interested in, please let me know!