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Healthcare Provider Update: WEC Energy Group's healthcare provider is the Retirement Group, a division of Wealth Enhancement Group, which assists employees with navigating complex benefit structures and potential healthcare challenges. In 2026, employees at WEC Energy Group may face significant healthcare cost increases due to projected premium hikes in the ACA marketplace, influenced by the expiration of enhanced federal subsidies, rising medical costs, and the push from insurers seeking higher premiums. As a result, many employees might see a steep rise in out-of-pocket expenses, with some forecasts suggesting increases could exceed 75%. To navigate these financial pressures, employees are encouraged to familiarize themselves with upcoming benefit changes and strategically review their healthcare options. Click here to learn more
Most WEC Energy 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 WEC Energy 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 WEC Energy Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by WEC Energy Group?
The 401(k) plan at WEC Energy Group is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
How can I enroll in the WEC Energy Group 401(k) plan?
Employees can enroll in the WEC Energy Group 401(k) plan by completing the enrollment process online through the company’s benefits portal.
Does WEC Energy Group offer any matching contributions to the 401(k) plan?
Yes, WEC Energy Group offers matching contributions to the 401(k) plan, which helps employees boost their retirement savings.
What is the vesting schedule for the WEC Energy Group 401(k) plan?
The vesting schedule for the WEC Energy Group 401(k) plan typically requires employees to work for a certain number of years before they fully own the company’s matching contributions.
Can I change my contribution amount to the WEC Energy Group 401(k) plan?
Yes, employees can change their contribution amounts to the WEC Energy Group 401(k) plan at any time, subject to plan rules.
What investment options are available in the WEC Energy Group 401(k) plan?
The WEC Energy Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Is there a loan option available in the WEC Energy Group 401(k) plan?
Yes, the WEC Energy Group 401(k) plan may allow employees to take loans against their account balance under certain conditions.
What happens to my 401(k) account if I leave WEC Energy Group?
If you leave WEC Energy Group, you will have several options for your 401(k) account, including rolling it over to another retirement account or leaving it with WEC Energy Group.
How can I access my 401(k) account information with WEC Energy Group?
Employees can access their 401(k) account information through the WEC Energy Group benefits portal or by contacting the HR department.
Are there any fees associated with the WEC Energy Group 401(k) plan?
Yes, the WEC Energy Group 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
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