Healthcare Provider Update: Offers three medical plans administered by Aetna, along with dental, vision, and life insurance 4. As ACA premiums surge, Pioneers internal plan stability may shield employees from market volatility and subsidy loss impacts Click here to learn more
Most Pioneer Natural Resources 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 Pioneer Natural Resources 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 Pioneer Natural Resources employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Pioneer Natural Resources?
The 401(k) plan at Pioneer Natural Resources is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the Pioneer Natural Resources 401(k) plan?
Employees can enroll in the Pioneer Natural Resources 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Pioneer Natural Resources offer a company match for the 401(k) contributions?
Yes, Pioneer Natural Resources offers a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What is the maximum contribution limit for the Pioneer Natural Resources 401(k) plan?
The contribution limit for the Pioneer Natural Resources 401(k) plan is aligned with IRS guidelines, which may change annually. Employees should check the current limits for accurate information.
Can I change my contribution percentage to the Pioneer Natural Resources 401(k) plan?
Yes, employees can change their contribution percentage to the Pioneer Natural Resources 401(k) plan at any time, subject to the plan's rules.
What investment options are available in the Pioneer Natural Resources 401(k) plan?
The Pioneer Natural Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for the company match in the Pioneer Natural Resources 401(k) plan?
Yes, Pioneer Natural Resources has a vesting schedule for the company match, which determines how much of the matched funds employees can keep based on their years of service.
How can I access my Pioneer Natural Resources 401(k) account information?
Employees can access their Pioneer Natural Resources 401(k) account information online through the plan's designated website or mobile app.
What happens to my Pioneer Natural Resources 401(k) if I leave the company?
If you leave Pioneer Natural Resources, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the plan if eligible.
Can I take a loan against my Pioneer Natural Resources 401(k) plan?
Yes, Pioneer Natural Resources allows employees to take loans against their 401(k) plan, subject to specific terms and conditions outlined in the plan document.
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