Healthcare Provider Update: Healthcare Provider for State Street: State Street Corporation collaborates with various healthcare providers to offer employee benefits, typically leveraging its extensive network through insurers. The primary healthcare provider for State Street employees is UnitedHealth Group, which offers services to ensure comprehensive health coverage and support. Potential Healthcare Cost Increases in 2026: As the healthcare landscape evolves, significant cost increases are anticipated in 2026, particularly for those enrolled in Affordable Care Act (ACA) marketplace plans. With the potential expiration of enhanced premium tax credits, many enrollees could face premium hikes exceeding 75%, leading to out-of-pocket costs becoming dangerously unaffordable for millions. Insurers attribute these steep increases to rising medical costs, aggressive premium requests-including New York's staggering 66% increase from UnitedHealthcare-and ongoing pressures from inflation across the healthcare sector. Overall, the combination of these factors underscores a perfect storm of market conditions that could strain consumer budgets significantly come 2026. Click here to learn more
Most State Street 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 State Street 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
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 State Street employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by State Street?
The 401(k) plan at State Street is a retirement savings plan that allows employees to save a portion of their salary before taxes are deducted.
How can I enroll in State Street's 401(k) plan?
Employees can enroll in State Street's 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.
What is the company match for State Street's 401(k) plan?
State Street offers a company match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.
Are there any eligibility requirements for State Street's 401(k) plan?
Yes, employees must meet specific eligibility criteria, such as length of service and employment status, to participate in State Street's 401(k) plan.
What investment options are available in State Street's 401(k) plan?
State Street's 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.
Can I change my contribution rate to State Street's 401(k) plan?
Yes, employees can change their contribution rates to State Street's 401(k) plan at any time, subject to the plan's guidelines.
How often can I change my investment choices in State Street's 401(k) plan?
Employees can typically change their investment choices in State Street's 401(k) plan on a regular basis, often quarterly or as specified in the plan documents.
What happens to my 401(k) plan if I leave State Street?
If you leave State Street, you can choose to roll over your 401(k) balance to another retirement account, leave it in the State Street plan, or cash it out, subject to tax implications.
Does State Street offer financial education regarding the 401(k) plan?
Yes, State Street provides resources and educational sessions to help employees understand their 401(k) plan options and make informed investment decisions.
What is the vesting schedule for State Street's 401(k) plan?
The vesting schedule for State Street's 401(k) plan determines how long you must work at the company to fully own the employer contributions, which may vary based on tenure.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)