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.
Life Insurance Activity Rises Again In June, MIB Reports
COVID-19 Money Woes Push Americans To Tap Retirement Cash
Advisor News
- Are the holidays a good time to have a long-term care conversation?
- Gen X unsure whether they can catch up with retirement saving
- Bill that could expand access to annuities headed to the House
- Private equity, crypto and the risks retirees can’t ignore
- Will Trump accounts lead to a financial boon? Experts differ on impact
More Advisor NewsAnnuity News
- Hildene Capital Management Announces Purchase Agreement to Acquire Annuity Provider SILAC
- Removing barriers to annuity adoption in 2026
- An Application for the Trademark “EMPOWER INVESTMENTS” Has Been Filed by Great-West Life & Annuity Insurance Company: Great-West Life & Annuity Insurance Company
- Bill that could expand access to annuities headed to the House
- LTC annuities and minimizing opportunity cost
More Annuity NewsHealth/Employee Benefits News
Property and Casualty News
- Oklahoma Watch: Attorney general intervenes in State Farm lawsuit
- Alexander County issues Request for Proposals for insurance broker/agent
- Despite rate hikes, study finds California home insurance costs are middle of the pack nationwide
- Using AI to predict and prevent weather catastrophe home insurance claims
- Pennsylvania State University (Penn State) Researchers Have Provided New Study Findings on Environment (Flood risk perceptions, insurance, and policy: a review of the Pennsylvania flood task force initiative): Environment
More Property and Casualty News