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Healthcare Provider Update: Provides company health insurance, preventive care, ergonomic workstations, and wellness programs. Employees also receive group accident insurance and access to mental health services 2. With ACA insurers requesting double-digit hikes, OGEs internal health offerings may help employees avoid the financial strain of rising marketplace premiums. Click here to learn more
Most OGE Energy 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 OGE Energy 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 OGE Energy employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of OGE Energy's 401(k) Savings Plan?
The purpose of OGE Energy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to contribute a portion of their salary.
How can I enroll in OGE Energy's 401(k) Savings Plan?
Employees can enroll in OGE Energy's 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What types of contributions can I make to OGE Energy's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and, in some cases, catch-up contributions if they are age 50 or older in OGE Energy's 401(k) Savings Plan.
Does OGE Energy offer a company match for 401(k) contributions?
Yes, OGE Energy offers a company match for employee contributions to the 401(k) Savings Plan, which helps to enhance retirement savings.
What is the vesting schedule for OGE Energy's 401(k) company match?
The vesting schedule for OGE Energy's 401(k) company match typically follows a graded vesting schedule, which means employees become vested in the company match over a specified period of service.
Can I take loans against my 401(k) balance at OGE Energy?
Yes, OGE Energy's 401(k) Savings Plan allows employees to take loans against their account balance, subject to certain terms and conditions.
What investment options are available in OGE Energy's 401(k) Savings Plan?
OGE Energy's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and potentially company stock, allowing employees to diversify their retirement savings.
How often can I change my contribution amount to OGE Energy's 401(k) Savings Plan?
Employees can change their contribution amount to OGE Energy's 401(k) Savings Plan at any time, typically through the HR portal or by contacting HR.
Is there a minimum contribution requirement for OGE Energy's 401(k) Savings Plan?
Yes, OGE Energy's 401(k) Savings Plan may have a minimum contribution requirement, which is typically outlined in the plan documents provided to employees.
How can I check my 401(k) balance with OGE Energy?
Employees can check their 401(k) balance with OGE Energy by logging into the plan's online portal or by contacting the plan administrator for assistance.
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