Products August 16, 2018

BenfitEd Creates Program to Move Company Matches to Student Loan Debt

Workers can move the entire match over or just a portion of it.

Reported by

BenefitEd has launched Employee Choice, a program allowing employees to split their employer-matched retirement funds to pay down their student loan debt.

BenefitEd said it created this program since many workers are split between saving for retirement and paying down their student loan debt. In fact, citing an Ipsos study, BenefitEd says that 69% of Millennials aren’t saving for retirement because of more pressing financial demands.

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According to the Financial Industry Regulatory Authority (FINRA), because many Americans are not saving in their workplace retirement plans, they leave $24 billion in employer contributions on the table each year.

BenefitEd notes that with Employee Choice, sponsors can offer a student loan repayment benefit without changing their benefits costs. In addition, because it is a separate service from a company’s retirement plan, they do not need to amend their retirement plan summary documentation.

More information is available at youbenefited.com/products/employee-choice.

Products August 16, 2018

The Retirement Advantage Revamps Website

The new website introduces a range of content and videos, a blog, a library of plan design comparison tools, retirement calculators, administrator user guides, account access and comprehensive retirement plan information.

Reported by

The Retirement Advantage (TRA) has revamped its website, www.tra401k.com.

It has made the navigation system more intuitive with an improved menu functionality that directs the most relevant information to the end user. The website is also fully responsive with mobile devices, making it easy to view on a wide range of web browsers and portable devices, and viewers can share information on all major social networking sites.

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In addition, the new website introduces a range of content and videos, a blog, a library of plan design comparison tools, retirement calculators, administrator user guides, account access and comprehensive retirement plan information. The website will be updated on a regular basis with news of product launches, business activity, corporate milestones and industry related information.

“We are excited about our new website launch and the robust information it provides for clients, providers, partners and prospects, to better understand TRA’s best-in-class service offerings,” says Matt Schoneman, president of TRA. “We believe that this new site will allow our visitors to have a very informative experience as we continue to grow and increase our market presence.”

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