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Healthcare Provider Update: Offers health, dental, vision, life, and disability insurance, plus 401(k) and pension plans 5. As ACA costs rise, Warners employer-financed group health plans provide a more affordable and stable alternative to marketplace coverage. Click here to learn more
Most Warner Music Group 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 Warner Music Group 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 Warner Music Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Warner Music Group offer to its employees?
Warner Music Group offers a 401(k) retirement savings plan to its employees.
Does Warner Music Group match employee contributions to the 401(k) plan?
Yes, Warner Music Group provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
When can employees at Warner Music Group start contributing to the 401(k) plan?
Employees at Warner Music Group can start contributing to the 401(k) plan after completing their eligibility requirements, typically upon their date of hire.
What is the maximum contribution limit for the 401(k) plan at Warner Music Group?
The maximum contribution limit for the 401(k) plan at Warner Music Group is in accordance with IRS regulations, which can change annually.
Are there any investment options available within the Warner Music Group 401(k) plan?
Yes, the Warner Music Group 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles.
Can employees at Warner Music Group take loans against their 401(k) savings?
Yes, Warner Music Group allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What happens to my 401(k) savings if I leave Warner Music Group?
If you leave Warner Music Group, you can choose to roll over your 401(k) savings into another retirement account or withdraw your funds, subject to tax implications.
Does Warner Music Group offer financial planning assistance for its 401(k) plan participants?
Yes, Warner Music Group provides access to financial planning resources and tools to help employees manage their 401(k) investments.
How often can employees at Warner Music Group change their 401(k) contribution amounts?
Employees at Warner Music Group can change their 401(k) contribution amounts during designated enrollment periods or as allowed by the plan.
Is there a vesting schedule for the employer match in the Warner Music Group 401(k) plan?
Yes, Warner Music Group has a vesting schedule for employer matching contributions, which means employees must work for a certain period before they fully own those contributions.
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