Buck Consultants at Xerox is launching SavIncent, a new financial wellness program that improves employees' financial health and retirement readiness.
Unlike anything currently available to employers, this program uses monetary incentives to reward workers' financial improvement activities—much the same way many workers are already being rewarded for their wellness activities.
"Employers already understand that physically healthy workers are more productive, so many have introduced incentivized wellness programs to drive healthy behaviors," says Lori Block, Principal and Engagement Consultant, Buck Consultants at Xerox. "We are now introducing the very first financial wellness program to increase employees' retirement savings, using employer contributions as rewards for participation in financial wellness activities."
SavIncent is a unique program that links financial education and activities to a company's retirement savings plan. Employees who complete various elements of the program are rewarded with employer contributions to their savings plan, thus motivating them to improve their financial health.
Examples of activities that SavIncent can reward include: completing a financial health or risk profile, enrolling in a 401(k) plan or signing up for auto escalation, meeting with a financial advisor, establishing a will, taking financial training seminars and monitoring one's credit score.
"This is another first for the marketplace," says Fraser Smart, president of Buck Consultants at Xerox. "We're laser focused on developing products and services that benefit both employers and employees. Helping our clients promote retirement readiness in the workforce fits squarely into that focus."
Completed activities are promoted through and tracked by an online participant and administration system, which calculates the incentives so that employer contributions can be reported to the record-keeper, allowing for direct deposit into employees' 401(k) accounts.
The SavIncent program was designed by a cross-practice team of specialists in retirement and health plan design, as well as participant engagement. "SavIncent reflects our philosophy that when employees better understand how to reach their health, wealth and career goals, employers achieve better results," says Block.
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