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Healthcare Provider Update: Provides medical coverage through Aetna, along with dental, vision, HSAs, FSAs, and voluntary benefits like critical illness and hospital indemnity insurance 2. With ACA premiums projected to rise by 1518%, Pinnacle Wests comprehensive benefits and multiple plan tiers offer employees flexibility and protection against rising out-of-pocket costs. Click here to learn more
Most Pinnacle West Capital 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 Pinnacle West Capital 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 Pinnacle West Capital employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of the 401(k) Savings Plan at Pinnacle West Capital?
The primary purpose of the 401(k) Savings Plan at Pinnacle West Capital is to help employees save for retirement through tax-advantaged contributions.
How can employees enroll in the 401(k) Savings Plan at Pinnacle West Capital?
Employees can enroll in the 401(k) Savings Plan at Pinnacle West Capital by accessing the benefits portal or contacting the HR department for guidance.
What types of contributions can employees make to the Pinnacle West Capital 401(k) Savings Plan?
Employees can make pre-tax and Roth (after-tax) contributions to the Pinnacle West Capital 401(k) Savings Plan.
Is there a company match for contributions made to the 401(k) Savings Plan at Pinnacle West Capital?
Yes, Pinnacle West Capital offers a company match for employee contributions to the 401(k) Savings Plan, which enhances retirement savings.
What is the maximum contribution limit for the 401(k) Savings Plan at Pinnacle West Capital?
The maximum contribution limit for the 401(k) Savings Plan at Pinnacle West Capital is subject to IRS guidelines, which are updated annually.
Can employees change their contribution percentage to the Pinnacle West Capital 401(k) Savings Plan?
Yes, employees can change their contribution percentage to the Pinnacle West Capital 401(k) Savings Plan at any time through the benefits portal.
What investment options are available in the Pinnacle West Capital 401(k) Savings Plan?
The Pinnacle West Capital 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and stable value funds.
When can employees access their funds from the Pinnacle West Capital 401(k) Savings Plan?
Employees can access their funds from the Pinnacle West Capital 401(k) Savings Plan upon reaching retirement age, termination of employment, or under certain hardship circumstances.
Are there any fees associated with the Pinnacle West Capital 401(k) Savings Plan?
Yes, there may be administrative and investment fees associated with the Pinnacle West Capital 401(k) Savings Plan, which are disclosed in the plan documents.
How often can employees review their account statements for the Pinnacle West Capital 401(k) Savings Plan?
Employees can review their account statements for the Pinnacle West Capital 401(k) Savings Plan on a quarterly basis.
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