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

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

Healthcare Provider Update: Healthcare Provider for Paccar Paccar Inc., a company known for manufacturing high-quality trucks and providing related services, offers healthcare benefits to its employees, primarily through UnitedHealthcare. This partnership allows Paccar to provide comprehensive health insurance options that cater to various employee needs, enhancing overall employee well-being and satisfaction. Healthcare Cost Increases in 2026 Looking ahead, healthcare costs for Paccar employees may experience notable increases in 2026, driven largely by anticipated spikes in Affordable Care Act (ACA) premiums. Reports indicate that many states could see premium hikes exceeding 60%, with overall average increases projected around 18% to 20%. This is compounded by the potential expiration of enhanced federal subsidies, which could further escalate out-of-pocket costs for employees, potentially leading to over a 75% rise in monthly premiums for many. As a result, careful planning and consideration of these impending changes will be critical for Paccar employees managing their healthcare expenses. Click here to learn more

Most Paccar 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 Paccar 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 Paccar employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the primary purpose of Paccar's 401(k) Savings Plan?

The primary purpose of Paccar's 401(k) Savings Plan is to help employees save for retirement by offering tax advantages and a variety of investment options.

How can Paccar employees enroll in the 401(k) Savings Plan?

Paccar employees can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal.

What is the minimum contribution percentage for Paccar's 401(k) Savings Plan?

The minimum contribution percentage for Paccar's 401(k) Savings Plan is typically set at 1% of the employee's eligible pay.

Does Paccar offer a company match for contributions made to the 401(k) Savings Plan?

Yes, Paccar offers a company match for contributions made to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What types of investment options are available in Paccar's 401(k) Savings Plan?

Paccar's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Can Paccar employees change their contribution rate to the 401(k) Savings Plan?

Yes, Paccar employees can change their contribution rate to the 401(k) Savings Plan at any time through the benefits portal.

At what age can Paccar employees begin to withdraw from their 401(k) Savings Plan without penalties?

Paccar employees can begin to withdraw from their 401(k) Savings Plan without penalties at age 59½.

What happens to Paccar's 401(k) Savings Plan if an employee leaves the company?

If an employee leaves Paccar, they have several options for their 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it with Paccar.

Does Paccar allow loans against the 401(k) Savings Plan?

Yes, Paccar allows employees to take loans against their 401(k) Savings Plan, subject to certain terms and conditions.

Is there a vesting schedule for Paccar's 401(k) company match?

Yes, Paccar has a vesting schedule for the company match in the 401(k) Savings Plan, which typically requires employees to work for a certain number of years before they fully own the matched funds.