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Healthcare Provider Update: Healthcare Provider Information The healthcare provider associated with Westinghouse Air Brake Technologies (WABTEC) is often contingent upon employee choices, as many employees may utilize employer-sponsored plans or opt for plans on the Affordable Care Act (ACA) marketplace. Typically, large companies like WABTEC partner with major insurance providers, including plans offered by UnitedHealthcare, Cigna, or Anthem, allowing employees to choose from various healthcare options tailored to their needs. Potential Healthcare Cost Increases in 2026 In 2026, employees at Westinghouse Air Brake Technologies may face significant increases in their healthcare costs, primarily due to anticipated rate hikes in the Affordable Care Act (ACA) marketplace. With premium increases for some insurers expecting to exceed 60%, many employees could see their out-of-pocket expenses soar. The combination of rising medical costs, the potential expiration of enhanced federal premium subsidies, and major insurers seeking higher rates point towards potential out-of-pocket premium hikes that could exceed 75%. These changes necessitate early planning and strategic decision-making regarding healthcare plans to mitigate financial impacts. Click here to learn more
Most Westinghouse Air Brake Technologies 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 Westinghouse Air Brake Technologies 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 Westinghouse Air Brake Technologies employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Westinghouse Air Brake Technologies?
The 401(k) plan at Westinghouse Air Brake Technologies is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can employees enroll in the Westinghouse Air Brake Technologies 401(k) plan?
Employees can enroll in the Westinghouse Air Brake Technologies 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department directly.
Does Westinghouse Air Brake Technologies offer matching contributions to the 401(k) plan?
Yes, Westinghouse Air Brake Technologies offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
What is the vesting schedule for the matching contributions at Westinghouse Air Brake Technologies?
The vesting schedule for matching contributions at Westinghouse Air Brake Technologies typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.
Can employees change their contribution percentage to the 401(k) plan at Westinghouse Air Brake Technologies?
Yes, employees at Westinghouse Air Brake Technologies can change their contribution percentage at any time, subject to the plan's rules.
What investment options are available in the Westinghouse Air Brake Technologies 401(k) plan?
The Westinghouse Air Brake Technologies 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.
Is there a minimum contribution requirement for the Westinghouse Air Brake Technologies 401(k) plan?
Yes, Westinghouse Air Brake Technologies may have a minimum contribution requirement, which is outlined in the plan documents provided to employees.
How often can employees at Westinghouse Air Brake Technologies make changes to their investment allocations?
Employees at Westinghouse Air Brake Technologies can typically make changes to their investment allocations on a quarterly basis or as specified in the plan guidelines.
What happens to the 401(k) savings if an employee leaves Westinghouse Air Brake Technologies?
If an employee leaves Westinghouse Air Brake Technologies, they can either roll over their 401(k) savings into another retirement account, cash out their balance, or leave the funds in the Westinghouse Air Brake Technologies plan if allowed.
Are there any penalties for early withdrawal from the Westinghouse Air Brake Technologies 401(k) plan?
Yes, early withdrawals from the Westinghouse Air Brake Technologies 401(k) plan may incur penalties and taxes, unless certain conditions are met, such as financial hardship.
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