MINNEAPOLIS – July 15, 2020 – In an effort to help its employees save for their own retirement, Allianz Life Insurance Company of North America has announced a new benefit that will help employees with personal student loan debt save for retirement through the company 401(k) program.
This new program, which launched July 1, will assist employees whose student loan payments may limit them from contributing enough to the company 401(k) program in order to earn the full 7.5% company contribution. To help ensure employees don’t miss out on the available company contribution because of student loan burden, the company will assess an employee’s personal student loan payments, and determine how much the company will contribute to their 401(k) account, up to the full contribution of 7.5% of eligible pay.
“As a company, we are committed to helping people secure their future and plan for retirement, and that should start with our own employees,” said Jenny Guldseth, chief human resources officer, Allianz Life. “We know that student loan debt is a significant issue, one that often delays saving for retirement. Being able to address this matter head-on as a part of our overall benefits package is important to us and our employees.”
Other Allianz Life benefits available to employees include medical coverage, the unique True Balance health and wellness program, career and professional development, and a range of onsite amenities including fitness center, child development center, two cafeterias, dry cleaning, and shipping/postal services.