Healthcare Provider Update: Woodward offers health, dental, vision, and life insurance, along with short- and long-term disability coverage. Employees benefit from a 401(k) plan, defined benefit and contribution pension plans, and profit-sharing. The company also provides paid holidays, sick leave, and tuition reimbursement 5. Woodward With ACA insurers requesting premium hikes of up to 66% in some states, Woodwards layered insurance and retirement benefits help employees maintain affordable coverage and financial stability. Click here to learn more
Most Woodward 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 Woodward 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 Woodward employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of Woodward's 401(k) Savings Plan?
The primary purpose of Woodward's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.
How can Woodward employees enroll in the 401(k) Savings Plan?
Woodward employees can enroll in the 401(k) Savings Plan by logging into the employee portal and completing the enrollment process during the designated enrollment period.
Does Woodward offer a company match for 401(k) contributions?
Yes, Woodward offers a company match for 401(k) contributions, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Woodward's 401(k) Savings Plan?
The maximum contribution limit for Woodward's 401(k) Savings Plan aligns with IRS guidelines, which may change annually. Employees should check the latest limits for accuracy.
Can Woodward employees change their contribution percentage at any time?
Yes, Woodward employees can change their contribution percentage at any time through the employee portal, subject to certain plan restrictions.
What investment options are available in Woodward's 401(k) Savings Plan?
Woodward's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the company match in Woodward's 401(k) Savings Plan?
Yes, Woodward has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.
What should Woodward employees do if they forget their login information for the 401(k) portal?
If Woodward employees forget their login information, they can use the "Forgot Password" feature on the portal or contact HR for assistance.
Can Woodward employees take loans against their 401(k) Savings Plan?
Yes, Woodward employees may be able to take loans against their 401(k) Savings Plan, subject to the plan's rules and limits.
What happens to Woodward's 401(k) Savings Plan if an employee leaves the company?
If an employee leaves Woodward, they have several options for their 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.
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