Employee Financial Resources Program

For employers and for employees...

Employers, help your employees plan for the future.

Most people are frustrated when they think about their finances.

At the beginning of 2005, 30 million Americans failed to make the minimum payment on at least one credit card, and two-thirds of all Americans report having trouble paying their bills. Currently, 50 million Americans are three paychecks away from bankruptcy.1

In addition, Americans are more reliant today on personal savings for their retirement security than ever before. And with many retirements lasting 20 years, 30 years or even longer, people are concerned that they will outlive their savings.2 Indeed, according to a recent study by the Society of Actuaries, 45 percent or retirees express some concern that they might deplete all of their savings.

Do your employees bring their frustrations to the workplace?

According to a March 2005 study by Virginia Tech University, one in four American workers (30 million in all) are in serious financial distress. According to the study’s director, professor emeritus Dr. Thomas Garman, the effects of this alarming trend impact not only the indebted worker, but also their family and employer.

How does it impact performance?

The negative costs to your business are endless. Aside from productivity, some of the other common and damaging effects to your business can include1:

  • Absenteeism
  • Tardiness
  • Diminished customer service levels
  • Loss of revenue from sales not closed
  • Increased risk taking
  • Theft
  • Increased health care costs
  • Employee turnover

How can employee financial education impact your business?

Proactive education and support can potentially help reduce these impacts while improving your employee benefits package.

Is there a solution?

The Employee Financial Resource Program provides an interactive employee workshop with a focus on key financial issues such as:

  • The importance of employer benefits
  • How to help maximize benefits
  • The importance of individual planning and analysis
  • How the planning process works

Your employees may also request an individual session3 to discuss personal financial needs, including:

  • Personal financial needs assessment
  • Employee benefits review
  • Coordination of benefits and individual goals
  • Retirement planning

We’ll Give You An EdgeR

According to the Department of Labor (2006), for every $1 paid in wages to an employee in private industry, employers pay an average of 42 cents in benefits. Of the 42 cents, 12 cents is used for various legally required benefits (Social Security, Medicare, workers’ compensation), 11 cents for life and health insurance, 10 cents for paid leave, 5 cents for retirement plans, and the remaining 4 cents for overtime pay.

Our goal is to help you and your employees reach your financial goals by:

  • Providing a high-value service at no additional out-of-pocket cost to you
  • Explaining and reinforcing the value of your existing employee benefits
  • Providing employees with an opportunity to receive personalized financial needs analysis at no additional cost to them
  • Helping generate higher employee satisfaction and productivity as a result of increased financial awareness
  • Helping maximize the impact of your employee benefit dollar

Are you seeing the maximum potential from your investment? Would you like to add a valuable benefit for your employees with no additional out-of-pocket cost to you? The Employee Financial Resource Program can help.

1 InCharge Debt Solutions Web page, InCharge Institute, 2007
2 American Council of Life Insurers (ACLI) press release, Nov. 14, 2007
3 An agent of Principal Life Insurance Company, a member of the Principal Financial Group, Des Moines, IA 50392, conducts the individual needs analysis sessions.

For Employees

Employees, is your financial future on track?

Your employer (as well as your spouse’s employer) provides a variety of benefits to you and your family – perhaps a 401(k) plan, life insurance, short- and long-term disability income benefits, paid sick time, vacation and more.

It can all be a good foundation for your financial security. But do you know how those benefits coordinate with government-provided programs such as Social Security? And how about the personal plans you may have made?

Putting it all together is one key to helping assure that limited dollars don’t go to waste. Preparing for the future is essential.

Why participate in the Employee Financial Resource Program?

  • Everyone needs to plan for the future.
  • Our professional associates work with you to provide information about your current
    situation and ideas for future solutions.
  • A second opinion can be beneficial and can help validate the plans you have already made.
  • No additional fee is charged for this service.
  • Financial goal-setting can help make positive things happen.
  • Options can be discussed that will help position you for financial wellness.
  • You’ll get to know a professional who can assist you in long-term analysis or goal-setting.

From Here to SecuritySM

We use a From Here to Security review to help you understand and calculate your protection needs (life and disability income insurance). It is available on CD, paper and Web site, and helps facilitate the interaction between you and your financial services representative.

Financial Strategies

We use Financial Strategies, a financial needs analysis service, to help you understand how all the pieces fit together. Financial Strategies will help you better understand:

  • How benefits provided by your employer fit into your overall strategy.
  • How Social Security and other government plans may fit into your plans.
  • How your personal planning and employee benefits integrate.
  • What you need to do to complete your financial picture by examining your needs, goals and the resources available to meet them.

We can begin to help you plan for your financial future now!