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Healthcare Provider Update: UFP Industries partners with UnitedHealthcare as its healthcare provider for employee health insurance plans. As the landscape of healthcare costs shifts, upcoming changes in 2026 are raising concerns for employees and employers alike. Factors such as the impending expiration of enhanced subsidies from the Affordable Care Act (ACA), rising medical costs, and premium hikes from major insurers are expected to significantly inflate healthcare expenses. Preliminary estimates indicate many UFP Industries employees might face premium increases of around 20%, with some states reporting hikes over 60%. This combination is projected to thrust out-of-pocket expenses for enrollees upward, often by more than 75%, compelling both individuals and families to reassess their healthcare budgeting for the upcoming year. Click here to learn more
Most UFP 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 UFP 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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- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 UFP Industries employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does UFP Industries offer to its employees?
UFP Industries offers a 401(k) retirement savings plan to help employees save for their future.
How does UFP Industries match employee contributions to the 401(k) plan?
UFP Industries provides a matching contribution to the 401(k) plan, which typically includes a percentage of the employee's contributions, subject to certain limits.
What is the eligibility criteria for employees to participate in UFP Industries' 401(k) plan?
Employees at UFP Industries are generally eligible to participate in the 401(k) plan after completing a specified period of service, usually within the first few months of employment.
Can employees of UFP Industries make pre-tax contributions to their 401(k) accounts?
Yes, UFP Industries allows employees to make pre-tax contributions to their 401(k) accounts, reducing their taxable income for the year.
Does UFP Industries offer a Roth 401(k) option for employees?
Yes, UFP Industries provides a Roth 401(k) option, allowing employees to make after-tax contributions that can grow tax-free.
What investment options are available in the UFP Industries 401(k) plan?
The 401(k) plan at UFP Industries includes a variety of investment options, such as mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amounts to the UFP Industries 401(k) plan?
Employees can typically change their contribution amounts to the UFP Industries 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to an employee's 401(k) balance if they leave UFP Industries?
If an employee leaves UFP Industries, they have several options for their 401(k) balance, including rolling it over to another retirement account, leaving it in the UFP Industries plan, or cashing it out.
Does UFP Industries charge fees for managing the 401(k) plan?
Yes, UFP Industries may charge administrative fees and investment-related fees for managing the 401(k) plan, which are disclosed in the plan documents.
How can employees access their 401(k) account information at UFP Industries?
Employees can access their 401(k) account information through the online portal provided by UFP Industries' plan administrator.
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