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Healthcare Provider Update: For TJX Companies, the primary healthcare provider is Aetna, which offers various health insurance plans to employees. As we look ahead to 2026, TJX employees may face significant increases in healthcare costs due to a confluence of factors affecting the entire industry. Record spikes in Affordable Care Act (ACA) premiums, driven by factors such as rising medical costs, the potential expiration of federal premium subsidies, and aggressive rate hikes from major insurers, could lead to many employees seeing their out-of-pocket expenses surge by 75% or more. Employers like TJX are likely to adjust their benefit structures in response, potentially transferring more healthcare costs onto workers, thereby putting additional financial pressure on households. Click here to learn more
Most TJX 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 TJX 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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- 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)
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- 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 TJX employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by TJX?
The 401(k) plan at TJX is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does TJX match employee contributions to the 401(k) plan?
Yes, TJX offers a company match on employee contributions to the 401(k) plan, enhancing retirement savings for employees.
How can TJX employees enroll in the 401(k) plan?
TJX employees can enroll in the 401(k) plan through the company’s benefits portal during the open enrollment period or within 30 days of their hire date.
What is the maximum contribution limit for the TJX 401(k) plan?
The maximum contribution limit for the TJX 401(k) plan is set annually by the IRS, and employees should check the latest guidelines for the current limit.
When can TJX employees start contributing to their 401(k) plan?
TJX employees can start contributing to their 401(k) plan as soon as they are eligible, which is typically after completing a certain period of employment.
What investment options are available in the TJX 401(k) plan?
The TJX 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.
How does the company match work in the TJX 401(k) plan?
In the TJX 401(k) plan, the company matches a percentage of employee contributions up to a certain limit, which helps employees grow their retirement savings.
Can TJX employees take loans against their 401(k) savings?
Yes, TJX allows employees to take loans against their 401(k) savings under certain conditions, providing flexibility for financial needs.
What happens to the TJX 401(k) plan if an employee leaves the company?
If an employee leaves TJX, they can choose to roll over their 401(k) balance into an IRA or a new employer’s plan, or they can cash out, subject to taxes and penalties.
Is there a vesting schedule for the TJX 401(k) company match?
Yes, the TJX 401(k) plan has a vesting schedule for the company match, meaning employees must work for a certain number of years before they fully own the matched contributions.
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