Healthcare Provider Update: Offers PPO and CDHP plans with HSA options through Blue Benefit Administrators, Kaiser Permanente, and HMSA in Hawaii9. As ACA premiums increase, Vertexs customizable plans and employer HSA contributions provide employees with cost control and flexibility. Click here to learn more
Most Vertex Pharmaceuticals 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 Vertex Pharmaceuticals 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 Vertex Pharmaceuticals employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Vertex Pharmaceuticals?
The 401(k) plan at Vertex Pharmaceuticals is a retirement savings plan that allows employees to save a portion of their salary before taxes are deducted.
How can I enroll in the 401(k) plan at Vertex Pharmaceuticals?
Employees can enroll in the Vertex Pharmaceuticals 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the employer match for the 401(k) plan at Vertex Pharmaceuticals?
Vertex Pharmaceuticals offers a competitive employer match for contributions made to the 401(k) plan, which is designed to help employees maximize their retirement savings.
At what age can I start contributing to the Vertex Pharmaceuticals 401(k) plan?
Employees at Vertex Pharmaceuticals can start contributing to the 401(k) plan as soon as they are eligible, typically upon their date of hire.
How much can I contribute to the Vertex Pharmaceuticals 401(k) plan each year?
The contribution limits for the Vertex Pharmaceuticals 401(k) plan align with IRS guidelines, allowing employees to contribute up to a specified maximum amount each year.
Does Vertex Pharmaceuticals offer a Roth 401(k) option?
Yes, Vertex Pharmaceuticals offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
Can I change my contribution amount to the Vertex Pharmaceuticals 401(k) plan?
Yes, employees can change their contribution amounts to the Vertex Pharmaceuticals 401(k) plan at any time, subject to plan rules.
What investment options are available in the Vertex Pharmaceuticals 401(k) plan?
The Vertex Pharmaceuticals 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.
When can I access my funds from the Vertex Pharmaceuticals 401(k) plan?
Employees can access their funds from the Vertex Pharmaceuticals 401(k) plan upon reaching retirement age, or in certain circumstances such as financial hardship or termination of employment.
How does the vesting schedule work for the Vertex Pharmaceuticals 401(k) plan?
The vesting schedule for the Vertex Pharmaceuticals 401(k) plan determines how much of the employer match you are entitled to keep based on your years of service.
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