Healthcare Provider Update: IDEX provides medical, dental, and vision insurance through national and regional carriers. Employees benefit from prescription drug coverage, HSAs, FSAs, and company-paid life insurance. The company offers a 401(k) with matching and standalone contributions, tuition assistance, and wellness programs. Community involvement is encouraged through the IDEX Foundation 9. IDEX With ACA premiums projected to rise sharply, IDEXs competitive benefits and community-focused support help employees avoid the financial burden of marketplace plans. Click here to learn more
Most IDEX 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 IDEX 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 IDEX employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does IDEX offer to its employees?
IDEX offers a 401(k) retirement savings plan to its employees.
How can IDEX employees enroll in the 401(k) plan?
IDEX employees can enroll in the 401(k) plan through the employee benefits portal or by contacting the HR department for assistance.
Does IDEX offer any matching contributions to the 401(k) plan?
Yes, IDEX provides matching contributions to the 401(k) plan, which helps employees save more for retirement.
What is the maximum contribution limit for IDEX employees participating in the 401(k) plan?
The maximum contribution limit for IDEX employees is set by the IRS and may change annually; employees should refer to the latest IRS guidelines for specific limits.
Are there any vesting requirements for the employer match in IDEX's 401(k) plan?
Yes, IDEX has a vesting schedule for employer matching contributions, which determines when employees fully own those contributions.
Can IDEX employees take loans against their 401(k) savings?
Yes, IDEX 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 IDEX's 401(k) plan?
IDEX offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
How often can IDEX employees change their 401(k) contribution amounts?
IDEX employees can change their 401(k) contribution amounts during designated enrollment periods or as specified in the plan documents.
What happens to my 401(k) if I leave IDEX?
If you leave IDEX, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the IDEX plan if eligible.
Is there a penalty for withdrawing funds from my IDEX 401(k) before retirement age?
Yes, there is typically a penalty for early withdrawals from the IDEX 401(k) plan, in addition to regular income taxes.
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