WASHINGTON, Sept. 17, 2015— Assurant recently was recognized by Financial Services Roundtable (FSR) in Washington, D.C. with a “Save 10” award for its efforts to help its employees prepare for a secure retirement by enabling them to save at least 10 percent of their income.
The recently-launched “Save 10” campaign is a business to business, peer to peer effort to encourage responsible employers to help their employees save for a secure financial future by initiating programs to encourage employees to put aside 10 percent or more of their income each year.
To support their employees in becoming more financially fit, Assurant launched a multi-year financial education “Saving Matters” campaign in March. As a way to boost retirement adequacy and saving for the future, the company currently offers a per-pay-period match of up to 6 percent for employees’ pre-tax 401(k) contributions.
“One of the best ways to help people save for their financial future is for companies to automatically enroll employees in workplace savings programs,” said FSR President & CEO Tim Pawlenty. “Save 10 recognizes such companies and we hope that by highlighting their terrific efforts, more companies will become Save 10 employers.”
“While we are deeply honored and proud to be recognized by FSR for helping our employees save for retirement, our biggest achievement is helping them feel confident they are making smart financial choices today to save for tomorrow,” said Assurant President and CEO Alan B. Colberg. “Assurant provides employees supplemental training to simplify saving and enhance their financial skills. These robust personal financial planning resources and employee benefits are critical in helping us attract and retain talented employees.”
More than half of Americans are not saving enough for retirement. One of the cornerstones of Save 10 is to encourage “auto-save” programs. Auto save includes programs such as auto-enrollment in a retirement plan upon being hired and auto-escalating an employee’s savings contributions as their income rises. Nearly 82 percent of employees save for retirement when their employers offer an Auto Save program – compared with just 64 percent when employers do not. The Save 10 campaign aims to fundamentally change these facts.
To be considered for recognition as a Save 10 employer, companies must certify they engage in certain activities that include offering a retirement plan, enabling employees to have the opportunity to save at least 10 percent of their income for retirement, contributing to employee retirement accounts, ensuring employees can “keep 10” by providing access to disability and life insurance plans and other criteria.
Save 10 Companies include:
Allstate, Assurant, AXA, Cargill, EZE Castle Integration, First Horizon National Corporation, Franklin Resources, IBM, LPL Financial, Mastercard, Milliman, Nationwide, Northern Trust, Popular Community Bank, Principal, Prudential, Putnam Investments, Quicken Loans, State Farm, SunTrust, TransAmerica, Toyota Financial Services, United Technologies and UNUM.
Save 10 Resource Partners include:
America Saves Week, America Savings Education Council, ASPPA, ASFPE, Corporation for Enterprise Development, DCIIA, Financial Engines, LIMRA, LOMA, Secure Retirement Institute, Questis, Retirement Made Simpler (through FINRA), US Chamber of Commerce and WISER.
The full qualifying criteria for Save 10 and additional information can be found here: www.Save10.org
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America's economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRountable.org.
A global provider of specialty protection products and related services, Assurant (NYSE: AIZ) safeguards clients and consumers against risk. A Fortune 500 company, Assurant partners with clients who are leaders in their industries to provide consumers peace of mind and financial security. Our diverse range of products and services includes: mobile device protection products and services; debt protection administration; credit-related insurance; warranties and extended service products and related services for consumer electronics, appliances and vehicles; pre-funded funeral insurance; lender-placed homeowners insurance; property preservation and valuation services; flood insurance; renters insurance and related products; manufactured housing homeowners insurance; group dental insurance; group disability insurance; and group life insurance.
With approximately $30 billion in assets and $8 billion in annual revenue, Assurant operates through three business segments: Assurant Solutions, Assurant Specialty Property and Assurant Employee Benefits. Through the Assurant Foundation, established more than 30 years ago, the company and its employees are dedicated to supporting and partnering with organizations that improve communities. www.assurant.com and follow us on Twitter @AssurantNews.
Assurant Media Contact:
Assistant Vice President,