Healthcare Provider Update: Provides medical coverage through Cigna and Kaiser Permanente, along with dental, vision, FSAs, HSAs, and voluntary benefits like critical illness and accident insurance 2. With ACA insurers requesting double-digit hikes, Matsons flexible plan options and tax-advantaged accounts offer a stable alternative to increasingly expensive marketplace coverage. Click here to learn more
Most Matson 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 Matson 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 Matson employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Matson offer to its employees?
Matson offers a 401(k) retirement savings plan to its employees.
Does Matson provide any employer match contributions to the 401(k) plan?
Yes, Matson offers an employer match on employee contributions to the 401(k) plan, subject to certain limits.
What is the eligibility requirement for Matson employees to participate in the 401(k) plan?
Employees of Matson are typically eligible to participate in the 401(k) plan after completing a specified period of service, which is outlined in the plan documents.
Can Matson employees make pre-tax contributions to their 401(k) accounts?
Yes, Matson employees can make pre-tax contributions to their 401(k) accounts, reducing their taxable income.
Are there any Roth contribution options available in Matson's 401(k) plan?
Yes, Matson offers a Roth 401(k) option, allowing employees to make after-tax contributions.
What investment options are available in Matson's 401(k) plan?
Matson's 401(k) plan includes a variety of investment options, such as mutual funds and target-date funds, allowing employees to choose according to their risk tolerance.
How often can Matson employees change their contribution amounts to the 401(k) plan?
Matson employees can change their contribution amounts to the 401(k) plan on a regular basis, typically during open enrollment periods or as specified in the plan guidelines.
What is the vesting schedule for Matson's employer match contributions in the 401(k) plan?
The vesting schedule for Matson's employer match contributions may vary, but it generally requires employees to work for a certain number of years before becoming fully vested.
Can Matson employees take loans against their 401(k) savings?
Yes, Matson allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.
What happens to Matson employees' 401(k) accounts if they leave the company?
If Matson employees leave the company, they have several options for their 401(k) accounts, including rolling over the balance to another retirement account or leaving it with Matson.
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