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Healthcare Provider Update: Ross Stores partners with UnitedHealthcare and other major insurers for employee healthcare plans. In 2026, employees may face significant healthcare cost increases due to a confluence of factors affecting the Affordable Care Act (ACA) marketplace. Premiums are projected to rise sharply, with several states expecting hikes over 60%. The expiration of enhanced federal premiums and rising medical costs are forcing insurers to propose aggressive rate increases, potentially raising out-of-pocket expenses for many Ross Stores employees by nearly 75%. As a result, workers should closely assess their healthcare options and consider the financial implications during the upcoming open enrollment period. Click here to learn more
Most Ross Stores 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 Ross Stores 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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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 Ross Stores employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Ross Stores offer to its employees?
Ross Stores offers a 401(k) retirement savings plan to its employees.
Does Ross Stores match employee contributions to the 401(k) plan?
Yes, Ross Stores provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement for Ross Stores employees to participate in the 401(k) plan?
Employees of Ross Stores are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
Can Ross Stores employees choose how much to contribute to their 401(k) plan?
Yes, Ross Stores employees can choose to contribute a percentage of their salary to their 401(k) plan, subject to IRS contribution limits.
Are there any automatic enrollment features in the Ross Stores 401(k) plan?
Yes, Ross Stores may have an automatic enrollment feature that enrolls eligible employees in the 401(k) plan at a default contribution rate unless they opt out.
What investment options are available in the Ross Stores 401(k) plan?
The Ross Stores 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles.
How can Ross Stores employees access their 401(k) account information?
Ross Stores employees can access their 401(k) account information online through the plan's designated website or by contacting the plan administrator.
Does Ross Stores provide educational resources for employees regarding their 401(k) plan?
Yes, Ross Stores offers educational resources and tools to help employees understand their 401(k) plan and make informed investment decisions.
What happens to a Ross Stores employee's 401(k) account if they leave the company?
If a Ross Stores employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, leave it in the Ross Stores plan (if eligible), or withdraw the funds.
Can Ross Stores employees take loans against their 401(k) savings?
Yes, Ross Stores may allow employees to take loans against their 401(k) savings, subject to certain conditions and limits set by the plan.
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