There is now an added incentive to participate in the Independence Family of Companies employer health plan.
As the cost of attending college continues to rise faster than inflation and medical costs1, the Independence Family of Companies is offering associates an opportunity to earn Tuition Rewards.
- Associates enrolled in the medical plan are automatically eligible to earn 3,000 Tuition Rewards points or 5% of their 401k retirement account balance, whichever is greater.
- One Tuition Rewards point = $1 guaranteed minimum reduction in full tuition.
- Tuition Rewards can be used at over 355 institutions, with 80% ranked among "America's Best" by US News and World Reports in 2014.
- Associates can use this benefit for children, grandchildren, nieces, nephews, step-children and godchildren, subject to certain restrictions.
In this example, if the child attends a participating SAGE Scholars College, the published full price tuition will be reduced by at least $21,255 spread evenly over four years of undergraduate education.
| Age | 401k Account Balance | Annual Award | CTB Points Balance (balance does not accrue interest) |
|---|---|---|---|
| Initial Registration, Associate & Student Award | 1,000 (500 + 500) | ||
| 1 | $50,000 | 3,000 | 4,000 |
| 2 | $50,000 | 3,000 | 7,000 |
| 3 | $61,385 | 3,069 | 10,069 |
| 4 | $67,682 | 3,384 | 13,453 |
| 5 | $74,420 | 3,721 | 17,174 |
| 6 | $81,629 | 4,081 | 21,255 |
With the College Tuition Benefit,
you earn a minimum of 3,000 Tuition Rewards
Points ($3,000 value), or more every year.
1 US Census Bureau
