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

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

Healthcare Provider Update: Sanmina, a global provider of integrated manufacturing solutions, partners with various healthcare providers to support the health and wellbeing of its employees. Typically, Sanmina's healthcare offerings include comprehensive insurance plans from major providers, allowing employees to receive necessary care through reputable networks. As we look towards 2026, healthcare costs are poised for significant increases, particularly impacting those reliant on Affordable Care Act (ACA) plans. Premiums are expected to rise sharply, with some states projecting hikes exceeding 60%. Contributing factors include the anticipated expiration of enhanced federal subsidies, which could leave over 22 million enrollees facing out-of-pocket costs more than 75% higher than in previous years. The combined pressures of soaring medical costs and reduced financial support are likely to provoke serious conversations about healthcare affordability for many individuals and families. Click here to learn more

Most Sanmina 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 Sanmina 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 Sanmina employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the 401(k) plan offered by Sanmina?

The 401(k) plan offered by Sanmina is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How does Sanmina match employee contributions to the 401(k) plan?

Sanmina provides a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions, up to a certain limit.

When can Sanmina employees enroll in the 401(k) plan?

Sanmina employees can enroll in the 401(k) plan during the initial onboarding process or during designated open enrollment periods.

What types of investment options are available in Sanmina's 401(k) plan?

Sanmina's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Are there any fees associated with Sanmina's 401(k) plan?

Yes, Sanmina's 401(k) plan may have administrative fees and investment fees that are disclosed in the plan documents provided to employees.

How can Sanmina employees access their 401(k) account information?

Sanmina employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator for assistance.

What is the vesting schedule for Sanmina's 401(k) matching contributions?

The vesting schedule for Sanmina's 401(k) matching contributions typically follows a graded schedule, which means employees earn rights to the matching contributions over a period of time.

Can Sanmina employees take loans against their 401(k) savings?

Yes, Sanmina allows employees to take loans against their 401(k) savings, subject to the terms and conditions outlined in the plan.

What happens to Sanmina employees' 401(k) accounts if they leave the company?

If Sanmina employees leave the company, they have several options for their 401(k) accounts, including rolling over the balance to another retirement account or cashing out, subject to taxes and penalties.

How often can Sanmina employees change their contribution rates to the 401(k) plan?

Sanmina employees can typically change their contribution rates to the 401(k) plan at any time, subject to the plan's specific guidelines.