Welcome to our exclusive, Student Loan Repayment program, Employees Choice, using existing employer match retirement systems
BenefitEd empowers employees to maximize usage of employer-matched funds.
There are two significant, opposing financial challenges in today’s workforce: saving for retirement and paying off student loan debt.
Employees often have a hard time planning for future retirement when they are focused on paying off their student loans. According to a study from Ipsos, 69% of millennials aren’t saving for retirement because of more pressing financial demands.This means many employees aren’t fully benefiting from employer 401(k) or 403(b) match programs.
It is estimated that American employees are leaving approximately $24 billion in employer contributions on the table each year according to the Financial Industry Regulatory Authority.
This is money that employers have allocated to support their associates
.Employee Choice, offered exclusively through BenefitEd, is a new program that allows employees to redirect or split their employer-matched retirement funds to help them pay down their student loan debt.
By giving employees the opportunity to choose how to use their matching funds, they have more control over where their money goes, so they can pay down debt more quickly and position themselves to save for retirement.
Employee Choice also helps address a barrier employers face when looking to add student loan repayment benefits: cost.
With Employee Choice, companies can offer a student loan repayment benefit without significantly changing the total cost of benefits or dollars they’re expensing.
This product is the first of its kind and is available to employers starting in August of 2018.
“BenefitEd brings complete flexibility to employers looking to support the education and financial goals of their employees,” said Scott Gubbels, executive director of BenefitEd. “Employee Choice is just another example of how we are helping progressive companies attract, retain, and engage today’s workforce.”Employee Choice doesn’t require a company to amend its retirement plan summary documentation. It remains a separate and distinct service to keep implementation easy and minimize the cost impact.
For more information about the program, go to https://youbenefited.com/products/employee-choice/.
About BenefitEd BenefitEd offers student loan repayment and college savings programs that help progressive employers create a more engaged and productive workforce. As a joint venture between Ameritas and Nelnet, BenefitEd leverages a deep understanding of employee benefits programs and expertise in education payment processing.
For additional info contact Rickey Johnson, Sales Representative 623-455-6364 Rickey@jusmcc.net
Major companies are putting this program to use!! Here is one of them!!
Mercy Health Offers Student Loan Repayment Program for Nurses in Hard-to- Fill Roles
Mercy Health, a leading health system, is offering a new student loan repayment program to
attract and retain nurses in hard-to-fill roles.
CINCINNATI (PRWEB) October 02, 2018 -- Mercy Health, a leading health system, is offering a new student
loan repayment program to attract and retain nurses in hard-to-fill roles. Mercy Health will make monthly
contributions toward any current outstanding student loan debt for nurses who qualify for the program.
The program, which Mercy Health launched in August, contributes up to $20,000 toward the college debt of
eligible nurses working full time in hard-to-fill direct patient care roles.
The program makes monthly contributions with the amounts increasing every year through the fifth year. The
payments continue until the limit is reached. BenefitEd provides the administration with technology and
“Talented nurses are vital to ensuring the health and well-being of our patients. Our new student loan
repayment program is a win-win for us and our nurses. It helps us attract and retain nurses in hard-to-fill, direct
patient care roles while helping them pay down their college debt,” said Allan Calonge, Mercy Health Human
Resources System Vice President.
Bureau of Labor Statistics’ most recent projections predict that the health care industry will grow 18 percent
from 2016 to 2026, resulting in 2.4 million new jobs. That’s far more than any other occupational group and it’s
already presenting challenges to providers as the costs to attract and train qualified care professionals continues
At the same time, new graduates carry an increasing load of debt with student loans, causing some
to forgo major life decisions. Graduates have an average monthly student loan payment of $351 over 10+ years
and 11 percent of students are in default.
Programs that ease the burden of student loan debt have shown real improvements in filling open positions,
retaining high-performing employees and stimulating employee productivity
“With more than 4,500 current employees as well as new RNs in hard-to-fill direct patient care roles eligible for
this program across Mercy Health’s footprint, Mercy Health is making a substantial commitment to its
workforce with this program,” said Mike Riordan, Director of Sales at BenefitEd, “Mercy Health already
innovates in the care it provides patients. This new program shows the same innovation when it comes to
making a meaningful difference in the lives of employees.”
In addition to the Student Loan Repayment program, Mercy Health employees may be eligible to participate in
the federal Public Services Student Loan Forgiveness program.
BenefitEd will help employees determine if their loan qualifies for this government program and provide guidance
on the application process.
The federal program forgives qualifying loans for employees of not-for profit organizations after 120 payments are made.
Mercy Health is part of Bon Secours Mercy Health (BSMHealth.org,) one of the top 20 health systems in the
United States and part of the top performing quartile of Catholic health systems for lowest cost per case for
Mercy Health is the largest health system in Ohio and among the top five employers in the state,
with more than 33,500 employees serving communities throughout Ohio and in Kentucky. Mercy Health
provided care for patients more than 6.8 million times in 2017. The system includes assets of $6.8 billion and
nearly 500 care facilities including 23 hospitals and 26 post-acute care facilities including senior living
communities, hospice programs and home health agencies. Its clinically integrated network of more than 2,700
health care providers coordinates more effective and efficient care for more than 350,000 patients, saving
money for taxpayers through the Medicare Shared Savings Program. As part of Bon Secours Mercy Health, the
ministry provides nearly $2 million per day in community benefit.
BenefitEd offers student loan repayment and college savings programs that help progressive employers create a
more engaged and productive workforce. As a joint venture between Ameritas and Nelnet, BenefitEd leverages
a deep understanding of employee benefits programs and expertise in education payment processing. For more
information, Rickey Johnson, Sales Representative , 623-455-6364 email: Rickey@jusmcc.net
BenefitEd will create and administer an employer benefit program that allows employers to contribute payments to employees’ student loans and/or education savings plans , which includes a BenefitEd Platform and applicable Implementation Services and support services