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Healthcare Provider Update: Provides multiple medical plans, dental, vision, HSAs/FSAs, and wellness programs, with additional perks like on-site daycare and fitness centers 6. With ACA premiums rising and subsidies expiring, Wolverines comprehensive benefits may help employees avoid steep out-of-pocket costs and maintain consistent coverage. Click here to learn more
Most Wolverine World Wide 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 Wolverine World Wide 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 Wolverine World Wide employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Wolverine World Wide?
The 401(k) plan at Wolverine World Wide is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does Wolverine World Wide match employee contributions to the 401(k) plan?
Wolverine World Wide offers a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions, up to a certain limit.
When can employees at Wolverine World Wide enroll in the 401(k) plan?
Employees at Wolverine World Wide can enroll in the 401(k) plan during their initial onboarding or during the annual open enrollment period.
What investment options are available in the Wolverine World Wide 401(k) plan?
The Wolverine World Wide 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Is there a vesting schedule for the matching contributions at Wolverine World Wide?
Yes, Wolverine World Wide has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the employer's contributions.
Can employees at Wolverine World Wide take loans against their 401(k) savings?
Yes, Wolverine World Wide allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to the 401(k) plan if an employee leaves Wolverine World Wide?
If an employee leaves Wolverine World Wide, they can choose to roll over their 401(k) balance to a new employer's plan, an IRA, or take a distribution, subject to taxes and penalties.
How can employees at Wolverine World Wide access their 401(k) account information?
Employees at Wolverine World Wide can access their 401(k) account information through the company’s benefits portal or by contacting the plan administrator.
Are there any fees associated with the Wolverine World Wide 401(k) plan?
Yes, there may be administrative and investment fees associated with the Wolverine World Wide 401(k) plan, which are disclosed in the plan documents.
What is the minimum contribution rate for the 401(k) plan at Wolverine World Wide?
The minimum contribution rate for the 401(k) plan at Wolverine World Wide is typically set at 1% of the employee's salary, though employees are encouraged to contribute more.
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