Retirement Solutions | Financial Wellness 360

Families across the country are stressed out when it comes to their personal finances

40% of U.S. adults have less than $1,000 saved to deal with unexpected expenses¹

58% of employees admit they're stressed about finances; and 50% of those say finances have been a distraction at work¹

45 million Americans owe student loans worth more than $1.4 trillion, a 116-percent increase in the last decade²

Employers recognize financial wellness is a critical benefit

Financial matters is the top cause of stress at work for U.S. employees - and distracting them on the job.¹ Employees stressed about finances cost U.S. businesses about $500 billion each year. This means the average business loses about $2,800 per employee per year just due to financially stressed employees.³

Helping employees and driving results

The need for financial wellness is clear. Supporting financial well-being not only helps employees pay off debt, save for an emergency and get on track for retirement, but also achieve business results:

Reduced employee stress
Increased productivity
Fewer employee health issues related to financial stress
Reduced healthcare costs and illness-related absenteeism
Maintain or improve morale
Increased employee engagement, job satisfaction and retention

Comprehensive, flexible solutions to help reduce financial stress

Securian's Financial Wellness 360 program is designed to embrace the different ways employees like to engage with information. Our multi-faceted program includes online, in-person and self-paced services. It also provides a variety of avenues to inspire, educate and encourage employees to make lasting change.

Providing long-term financial success, the Financial Wellness 360 program is offered through four components:

Personalized financial education by Enrich™
Legal, financial and grief resources through LifeWorks
Student loan assistance through BenefitEd™
Retirement readiness resources

The case for comprehensive financial wellness benefits

The link between financial wellness and productivity.

Distracted at home, unfocused at work

Nearly 40%

of Americans can’t cover a $400 emergency.⁴

18%

of those making more than $100,000 annually live paycheck to paycheck⁵

70%

of employees are saving less for retirement than they think they should⁵

Next steps

Team up with us and learn about Securian Financial’s retirement and financial wellness solutions. Find a financial professional or contact a retirement wholesaler.

Personalized financial education by Enrich™

Enrich provides behavior-changing, interactive financial education to help employees improve their financial well-being. Key features include:

Courses with interactive content adapted to unique user needs
Financial behavioral analysis
Individualized prescriptive action plans
Assistance with realistic goal setting

Employees receive a highly personalized and interactive experience as they learn about important financial topics like student debt, mortgages, budgeting, investing, retirement, long-term care and more.

Employees answer a financial check-up questionnaire to get personalized content. Enrich uses artificial intelligence (AI) to “learn about the learner” to identify preferred content and further tailor the experience for each employee.

Enrich users experience positive behavior changes

In 2019, Enrich users experienced overwhelmingly positive behavior changes. In just 12 months:

Increase in users on track with financial goals

Increase in paying off credit card in full monthly

Increase in building emergency savings fund to cover 3-6 months of expenses

Increase in contributions to retirement plan

Increase in contributing enough to get full match

Enrich Financial Wellness services are provided by Enrich, the financial wellness platform of iGrad, and all such services and products are the sole responsibility of Enrich/iGrad. iGrad is not affiliated with Securian Financial Group, Inc., Minnesota Life Insurance Company (“Minnesota Life”), or Securian Life Insurance Company (“Securian Life”) and the services are not part of your contract with Minnesota Life or Securian Life. Minnesota Life and Securian Life have made these services available to their respective Group Employer and Plan Sponsor clients as a potential resource and such availability does not constitute an endorsement of the products and services.

Legal, financial and grief resources through LifeWorks by Morneau Shepell

This suite of complimentary, no-obligation professional services and self-service resources helps employees address today's financial challenges and plan for tomorrow. Available online and by phone 24/7/365, employees (and their dependents) can talk with counselors or legal professionals and access tools when they need them - without having to enroll.

Legal

A complimentary, no-obligation 30-minute consultation per issue by phone or in an attorney’s local office.

One consultation per issue is available each year
Additional services are available at 25 percent discount of the attorney’s hourly fee
Includes access to a full suite of online services, including:
- Simple will preparation
- Templates
- Other resources

Financial

Phone access to accredited financial counselors to answer questions or schedule a 45-minute counseling session per issue on topics such as:

Budget analysis
Credit management
Bankruptcy
Establishing savings goals
Finding resources for:
- Home ownership, college funding or retirement planning
- Basic estate planning
- Questions about tax planning and preparation

Grief support

Access to master’s level consultants by phone for any stage of grief.

Referrals to outside agencies on a broad range of issues related to loss

Student loan assistance through BenefitEd™

BenefitEd™ provides a full suite of student loan benefits that can benefit many members of a workforce - regardless of age. These programs can boost any financial wellness program and, in turn, help employers attract and retain top talent. Solutions include:

Employer-assisted student loan repayment - Helps employees pay down student loan debt with direct contributions or matching programs to reward loyalty, ease recruitment and reduce employee financial stress
Employer-assisted college savings - Helps employees save for future education, including their own or their family members, by supplementing 529 college savings contributions, encouraging financial planning and helping them achieve their educational goals
Employee choice - Gives employees an option to direct unused retirement plan matching funds toward their student loan or 529 plan.
Student loan repayment support - Offers employees assistance on their student loan journey with a dashboard, resource center and expert support
Tuition reimbursement - Rewards employees for continuing their education and eases the administrative burden for employers by partnering with BenefitEd to manage the program

Fee applies and is dependent on the program(s) selected and number of enrolled/eligible participants in the program. Securian Financial and BenefitEd are working together to provide reduced pricing exclusively for Securian Financial retirement plan clients.

Help attract and support employees

Tax-free student loan benefits can help ease financial burdens associated with education costs.

Retirement readiness resources

Employees can take advantage of self-service, interactive tools and resources to help on every step of their retirement journey. Key features include:

The Retirement Income Projection Tool - Identifies gaps to help employees get into their “Target Zone” and keep them there so they're retirement ready
Engaging educational tools and resources - Newsletters, videos and campaigns cover a variety of key retirement topics and offer insights to help them develop healthy financial habits
Calculators and planning tools - Provide employees with relevant savings and investing information at every stage of their life
Simplified investing strategies - Help streamline asset allocation decisions for participants, including age-based, risk-based and personalized portfolios

1. PwC's 9th annual Employee Financial Wellness Survey, PwC US, 2020.

2. Tatham, Matt. “Student Loan Debt Climbs to $1.4 Trillion in 2019.” Experian.com, July 24, 2019.

3. "Financial stress cost companies 2.5% of the U.S. GDP annually." PwC’s 9th annual Employee Financial Wellness Survey, PwC US, 2020 Employee Financial Wellness

4. “Report on the Economic Well-Being of U.S. Households in 2018,” Federal Reserve, May 2019.

5. “Despite improvement in their financial wellbeing, U.S. workers remain worried,” Willis Towers Watson press release, February 11, 2020.