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Healthcare Provider Update: Simon Property Group provides medical, dental, vision, and prescription drug coverage. Employees may also access Health Savings Accounts (HSAs), wellness programs, and employee assistance programs2. With ACA insurers requesting steep premium hikes and enhanced subsidies set to expire, Simons employer-sponsored plans offer a stable and cost-effective alternative to marketplace coverage, particularly for employees with families or chronic care needs. Click here to learn more
Most Simon Property Group 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 Simon Property Group 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 Simon Property Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of the 401(k) plan at Simon Property Group?
The primary purpose of the 401(k) plan at Simon Property Group is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.
Does Simon Property Group offer a matching contribution for its 401(k) plan?
Yes, Simon Property Group offers a matching contribution to encourage employees to save for retirement, typically matching a percentage of employee contributions up to a certain limit.
How can employees at Simon Property Group enroll in the 401(k) plan?
Employees at Simon Property Group can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What types of investment options are available in Simon Property Group's 401(k) plan?
Simon Property Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to choose based on their risk tolerance and retirement goals.
At what age can employees at Simon Property Group begin to withdraw funds from their 401(k) plan without penalties?
Employees at Simon Property Group can typically begin to withdraw funds from their 401(k) plan without penalties at age 59½, provided they have met other plan requirements.
Can employees at Simon Property Group take loans against their 401(k) savings?
Yes, Simon Property Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan document.
What happens to the 401(k) plan when an employee leaves Simon Property Group?
When an employee leaves Simon Property Group, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, cashing it out (subject to taxes and penalties), or leaving it in the current plan if allowed.
How often can employees at Simon Property Group change their 401(k) contribution amounts?
Employees at Simon Property Group can typically change their 401(k) contribution amounts at any time, subject to the plan's specific rules regarding timing and frequency.
Is there a vesting schedule for employer contributions in Simon Property Group's 401(k) plan?
Yes, Simon Property Group has a vesting schedule for employer contributions, meaning employees must work for a certain period before they fully own the employer's contributions to their 401(k) account.
What resources does Simon Property Group provide to help employees manage their 401(k) investments?
Simon Property Group provides resources such as access to financial advisors, educational materials, and online tools to help employees manage their 401(k) investments effectively.
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