Buck Consultants Introduces First Incentive-based Financial Wellness Program for Employees
Unlike anything currently available to employers, this program uses monetary incentives to reward workers’ financial improvement activities – much the same way many workers are already being rewarded for their wellness activities.
“Employers already understand that physically healthy workers are more productive, so many have introduced incentivized wellness programs to drive healthy behaviors,” said Lori Block, principal and engagement consultant, Buck Consultants at Xerox. “We are now introducing the very first financial wellness program to increase employees’ retirement savings, using employer contributions as rewards for participation in financial wellness activities.”
SavIncent is a unique program that links financial education and activities to a company’s retirement savings plan. Employees who complete various elements of the program are rewarded with employer contributions to their savings plan, thus motivating them to improve their financial health.
Examples of activities that SavIncent can reward include: completing a financial health or risk profile, enrolling in a 401(k) plan or signing up for auto escalation, meeting with a financial advisor, establishing a will, taking financial training seminars and monitoring one’s credit score.
“This is another first for the marketplace,” said Fraser Smart, president of Buck Consultants at Xerox. “We’re laser focused on developing products and services that benefit both employers and employees. Helping our clients promote retirement readiness in the workforce fits squarely into that focus.”
Completed activities are promoted through and tracked by an online participant and administration system, which calculates the incentives so that employer contributions can be reported to the record-keeper, allowing for direct deposit into employees’ 401(k) accounts.
The SavIncent program was designed by a cross-practice team of specialists in retirement and health plan design, as well as participant engagement. “SavIncent reflects our philosophy that when employees better understand how to reach their health, wealth and career goals, employers achieve better results,” said Block. “Fewer than half of American workers have saved at least $10,000 for retirement, according to a 2014 Employee Benefit Research Institute study. And with many workers struggling to pay off student loans, credit card debt or even pay basic living expenses, we saw the urgent need for this solution. With SavIncent, not only can employees earn 401(k) contributions, the activities they complete will help them become more financially savvy and sound, which in turn may enable them to increase their long-term savings in the future.”
SavIncent continues the legacy of innovation at Buck Consultants at Xerox. Among these innovations specifically in the retirement area are Savings InSightTM, the Low Volatility Pension PlanTM, and Retirement Assured.
Buck Consultants at Xerox offers strategic advice and innovative technology to help businesses effectively manage their HR programs while engaging employees in their health, wealth, and careers. By integrating our HR consulting know-how with the core Human Resources Services of Xerox, we offer a full portfolio of customized HR solutions to help organizations save money, improve HR compliance, and achieve their business goals. Learn more at www.xerox.com/hrconsulting.
Xerox is a global business services, technology and document management company helping organizations transform the way they manage their business processes and information. Headquartered in Norwalk, Conn., we have more than 140,000 Xerox employees and do business in more than 180 countries. Together, we provide business process services, printing equipment, hardware and software technology for managing information — from data to documents. Learn more at www.xerox.com.
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