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Healthcare Provider Update: Healthcare Provider for Spectrum Brands Holdings Spectrum Brands Holdings collaborates with various insurance providers to offer employee health benefits; however, the specific healthcare provider details can vary based on the employee's location and selected health plans. The most comprehensive way to obtain this information is by referring directly to Spectrum Brands' human resources department or employee benefits documentation. Projected Healthcare Cost Increases in 2026 As we approach 2026, employees of Spectrum Brands Holdings may face significant healthcare cost increases, exacerbated by surging premiums in the Affordable Care Act (ACA) marketplace. Anticipated rate hikes may soar over 60% in some states, driven by escalating medical costs and the potential expiration of enhanced federal premium subsidies. A concerning 92% of marketplace enrollees risk facing out-of-pocket premium increases of over 75% without congressional intervention. Given this landscape, it's crucial for employees to proactively assess their health benefits and prepare for heightened financial burdens. Click here to learn more
Most Spectrum Brands Holdings 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 Spectrum Brands Holdings 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 Spectrum Brands Holdings employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Spectrum Brands Holdings offer to its employees?
Spectrum Brands Holdings offers a 401(k) retirement savings plan to help employees save for their future.
Does Spectrum Brands Holdings provide any matching contributions to the 401(k) plan?
Yes, Spectrum Brands Holdings provides a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
What is the eligibility requirement to participate in the 401(k) plan at Spectrum Brands Holdings?
Employees of Spectrum Brands Holdings are typically eligible to participate in the 401(k) plan after completing a specified period of service.
Can employees of Spectrum Brands Holdings choose how much to contribute to their 401(k) accounts?
Yes, employees of Spectrum Brands Holdings can choose to contribute a percentage of their salary to their 401(k) accounts, within the limits set by the IRS.
What investment options are available in the Spectrum Brands Holdings 401(k) plan?
The 401(k) plan at Spectrum Brands Holdings offers a variety of investment options, including mutual funds and target-date funds.
Is there a vesting schedule for the matching contributions at Spectrum Brands Holdings?
Yes, Spectrum Brands Holdings has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the employer's contributions.
How can employees of Spectrum Brands Holdings access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by the plan administrator of Spectrum Brands Holdings.
What happens to the 401(k) plan if an employee leaves Spectrum Brands Holdings?
If an employee leaves Spectrum Brands Holdings, they can choose to roll over their 401(k) balance to another retirement account or leave it in the Spectrum Brands Holdings plan, subject to certain conditions.
Are there any fees associated with the 401(k) plan at Spectrum Brands Holdings?
Yes, there may be fees associated with the 401(k) plan at Spectrum Brands Holdings, which can include administrative fees and investment management fees.
Can employees take loans against their 401(k) balances at Spectrum Brands Holdings?
Yes, employees of Spectrum Brands Holdings may have the option to take loans against their 401(k) balances, subject to the plan's rules.
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