Pentegra Releases New Study on Bank Retirement and Executive Benefit Plan Trends
WHITE PLAINS, N.Y., June 11, 2019 /PRNewswire/ -- Today, Pentegra, a leading provider of retirement planning and fiduciary outsourcing solutions, released a new report -- based on the results of a survey of bank employees regarding retirement and executive benefit plan trends. Pentegra has many financial institutions as clients.
The Pentegra study shows how benefits are a game changer for today's banks in attracting and retaining top talent. For employers competing for job candidates, a comprehensive benefits program that includes executive benefit programs may tip the scales for a candidate who is considering multiple job offers. The study shows that a bank's total rewards package is also a key competitive resource for employee retention.
According to Richard Rausser, Senior Vice President Client Services, Pentegra, "Designing an effective retirement program begins with a review of a company's management philosophy, compensation strategy, the different types of plans available, an analysis of what peers are offering, and considerations such as demographics and the maturity of an organization. While objective considerations—such as how much an employee will need to retire comfortably—are important in designing a retirement program, the Pentegra survey shows that peer considerations are a driving force in determining the type of retirement program that a bank offers."
Types of executive benefit programs offered by banks
Use of benefits financing vehicles among banks
Pentegra is a leading provider of retirement planning and fiduciary outsourcing solutions to organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a broad array of qualified and non-qualified retirement plan solutions, TPA services and benefits financing solutions using BOLI. In addition, Pentegra, through Pentegra Investors, Inc., also serves the needs of institutional investors, offering investment outsourcing capabilities. For more information, go to www.pentegra.com.