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

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Most Interactive Brokers Group 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 Interactive Brokers Group 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 Interactive Brokers Group employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement savings plan does Interactive Brokers Group offer to its employees?

Interactive Brokers Group offers a 401(k) retirement savings plan to its employees.

Does Interactive Brokers Group provide a matching contribution for its 401(k) plan?

Yes, Interactive Brokers Group provides a matching contribution to eligible employees participating in the 401(k) plan.

What is the eligibility requirement to participate in the Interactive Brokers Group 401(k) plan?

Employees of Interactive Brokers Group typically become eligible to participate in the 401(k) plan after completing a certain period of service, as defined in the plan documents.

Can employees of Interactive Brokers Group choose how much to contribute to their 401(k) plan?

Yes, employees of Interactive Brokers Group can choose to contribute a percentage of their salary to their 401(k) plan, within IRS limits.

What investment options are available in the Interactive Brokers Group 401(k) plan?

The Interactive Brokers Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

Is there a vesting schedule for the employer match in the Interactive Brokers Group 401(k) plan?

Yes, Interactive Brokers Group has a vesting schedule for employer matching contributions, which means employees must work for a certain period to fully own those contributions.

How can employees of Interactive Brokers Group access their 401(k) account information?

Employees of Interactive Brokers Group can access their 401(k) account information through the company’s HR portal or the plan's designated website.

Does Interactive Brokers Group allow loans against the 401(k) plan?

Yes, Interactive Brokers Group may allow participants to take loans against their 401(k) balance, subject to specific terms and conditions.

What happens to my 401(k) if I leave Interactive Brokers Group?

If you leave Interactive Brokers Group, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Interactive Brokers Group plan if allowed.

Are there any fees associated with the Interactive Brokers Group 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Interactive Brokers Group 401(k) plan, which are disclosed in the plan documents.

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

Pension Plan Details: Years of Service and Age Qualification: Criteria for eligibility. Pension Formula: How pension benefits are calculated. Name of Pension Plan: Official title of the pension plan. 401(k) Plan Details: Eligibility: Who qualifies for the 401(k) plan. Name of the 401(k) Plan: Official title of the 401(k) plan.

Restructuring and Layoffs: Interactive Brokers Group has been undergoing restructuring to streamline operations and enhance efficiency. In late 2023, the company announced a reduction in its workforce by approximately 5% as part of a broader cost-cutting strategy. This decision aligns with their focus on improving profitability amid fluctuating market conditions. Source: Bloomberg Importance: Given the current economic uncertainty and market volatility, it is crucial to understand how companies like Interactive Brokers are adapting their workforce strategies. This is important for assessing potential impacts on investment stability and overall financial health

Stock Options (SO): SOs are typically granted to employees as part of their compensation package, giving them the right to buy company stock at a fixed price in the future. Restricted Stock Units (RSUs): RSUs are company shares given to employees, which vest over time, meaning employees earn the shares as they remain with the company.

Health Benefits Overview: Interactive Brokers Group's official website often contains a section dedicated to employee benefits, including health insurance options, wellness programs, and other health-related benefits. Healthcare Terms and Acronyms: Common terms may include PPO (Preferred Provider Organization), HMO (Health Maintenance Organization), FSA (Flexible Spending Account), and HSA (Health Savings Account).