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Healthcare Provider Update: Offers best-in-class healthcare, HSA, wellness programs, and parental leave 4. ACA-related planning is encouraged for retirees facing potential subsidy loss and rising costs Click here to learn more
Most Verisk Analytics 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 Verisk Analytics 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 Verisk Analytics employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Verisk Analytics?
The 401(k) plan at Verisk Analytics is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can employees at Verisk Analytics enroll in the 401(k) plan?
Employees at Verisk Analytics can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Verisk Analytics offer a company match for the 401(k) contributions?
Yes, Verisk Analytics offers a company match for employee contributions to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement for Verisk Analytics' 401(k) plan?
Employees at Verisk Analytics typically become eligible for the 401(k) plan after completing a specified period of service, as outlined in the employee handbook.
Can employees at Verisk Analytics change their contribution percentage to the 401(k) plan?
Yes, employees at Verisk Analytics can change their contribution percentage at any time, subject to the plan's guidelines.
What investment options are available in the Verisk Analytics 401(k) plan?
The 401(k) plan at Verisk Analytics offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the company match in the Verisk Analytics 401(k) plan?
Yes, Verisk Analytics has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.
How often can employees at Verisk Analytics review their 401(k) account statements?
Employees at Verisk Analytics can review their 401(k) account statements quarterly, and they can also access their account information online at any time.
What happens to the 401(k) plan if an employee leaves Verisk Analytics?
If an employee leaves Verisk Analytics, they can choose to roll over their 401(k) balance into another retirement account, cash out, or leave the funds in the Verisk Analytics plan, subject to the plan's rules.
Are there loans available against the 401(k) plan for employees of Verisk Analytics?
Yes, Verisk Analytics allows employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.
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