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Healthcare Provider Update: Offers medical, dental, vision, life, and disability insurance, along with a 401(k) retirement plan and paid time off 1. Employees also have access to FSAs and wellness programs. As ACA premiums are projected to rise sharply in 2026with some states seeing increases over 60%Schnitzer Steel is expected to adjust its benefit structures. This may include higher deductibles, coinsurance, or out-of-pocket maximums, making it essential for employees to review their options and optimize HSA/FSA contributions to offset rising costs Click here to learn more
Most Schnitzer Steel Industries 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 Schnitzer Steel Industries 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 Schnitzer Steel Industries employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Schnitzer Steel Industries offer to its employees?
Schnitzer Steel Industries offers a 401(k) retirement savings plan to its employees.
How can employees of Schnitzer Steel Industries enroll in the 401(k) plan?
Employees of Schnitzer Steel Industries can enroll in the 401(k) plan by completing the online enrollment process through the company’s benefits portal.
Does Schnitzer Steel Industries match employee contributions to the 401(k) plan?
Yes, Schnitzer Steel Industries offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the maximum employee contribution percentage allowed in the Schnitzer Steel Industries 401(k) plan?
The maximum employee contribution percentage for the Schnitzer Steel Industries 401(k) plan is in line with IRS regulations, which can change annually.
When can employees of Schnitzer Steel Industries start contributing to the 401(k) plan?
Employees of Schnitzer Steel Industries can start contributing to the 401(k) plan after completing their eligibility period as defined in the plan documents.
Are there loan options available for Schnitzer Steel Industries employees through the 401(k) plan?
Yes, Schnitzer Steel Industries allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
How often can employees of Schnitzer Steel Industries change their contribution amounts to the 401(k) plan?
Employees of Schnitzer Steel Industries can change their contribution amounts to the 401(k) plan during designated enrollment periods or as permitted by the plan.
What investment options are available in the Schnitzer Steel Industries 401(k) plan?
The Schnitzer Steel Industries 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 employer match in the Schnitzer Steel Industries 401(k) plan?
Yes, Schnitzer Steel Industries has a vesting schedule for employer matching contributions, which means employees must work for a certain period to fully own those contributions.
Can Schnitzer Steel Industries employees roll over funds from other retirement accounts into their 401(k) plan?
Yes, Schnitzer Steel Industries employees can roll over funds from other qualified retirement accounts into their Schnitzer Steel Industries 401(k) plan.
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