MetLife Helping Employees Tackle Broader Range Of Financial and Retirement Challenges
June 09 2011 - 9:48AM
Business Wire
With the majority of individuals now shouldering responsibility
for their own retirement and financial planning, employees are
increasingly seeking assistance from employers for help through
financial education in the workplace, according to MetLife’s 9th
Annual Employee Benefits Trends Study. To meet this emerging trend,
MetLife, the nation’s largest life insurer based on life insurance
in force and a leading provider of employee benefits, announced
today a broad expansion of its free workplace financial and
retirement educational programs with the introduction of the
PlanSmart series.
PlanSmart provides financial education to employees of all ages
at no cost to employer or employee, and it builds upon the strong
success of MetLife’s comprehensive retirewise® program for
employees, now offered at more than 600 companies and nonprofits
nationwide. In addition to retirewise, the PlanSmart program also
includes workshops on managing credit, college funding, estate
planning, financial solutions for families who care for dependents
with special needs and more. After completion of the workshop,
employees who want additional assistance are given the option to
consult individually with a MetLife professional on site or in the
convenience of their homes.
PlanSmart also includes decision support assistance for
employees faced with life changes and who may need education and
guidance regarding their group life benefits. Transition Solutions
aids employees who have a change in their group life coverage for
any reason, such as retirement or leaving a company. Another
valuable resource is access to MetLife’s Delivering The Promise®
program, where experienced MetLife professionals help beneficiaries
work through often-complex claims and benefit issues following a
death in the family.
Few Are Confident About Decisions
“The economic and financial turmoil of recent years has made it
even tougher for employees to create a workable retirement income
strategy and to envision financial challenges holistically,” said
Michael K. Farrell, MetLife’s executive vice president, U.S.
Distribution. “We know from our research that few employees are
confident that they are making the right financial decisions for
their families and want decision support in the convenience of the
workplace, which has really become the foundation for such decision
making. PlanSmart’s robust personal finance and retirement planning
offerings provide essential building blocks to help individuals and
families reach their goals. Understanding benefits offered through
employers and ways to supplement them to meet personal needs is a
base line for creating a strong financial safety net,” added
Farrell.
More employers are beginning to understand that employees’
financial concerns can impact productivity. According to the
Employee Benefits Trends Study, 78% of employers say that employees
worried about personal financial problems are less productive at
work. Employees want help – 52% report being interested in
receiving financial advice and guidance through the workplace, and
this increases to 81% among those who acknowledge that financial
concerns have impacted their workplace attendance or
productivity.
“It’s no secret that Americans are dramatically under-insured
and under-saved for retirement. Via relationships with more than
66,000 employers of all sizes and our nationwide network of highly
trained professionals, we are helping to deliver actionable
workplace financial and retirement education,” continued Farrell.
“Employees unquestionably want help, and employers are more aware
than ever of the important role that benefits play in attracting
and retaining talent. Workplace financial education programs add to
satisfaction with benefits and to increased employee loyalty,” he
added. “This is becoming increasingly significant as employers seek
to contain costs and to maximize the return on investment of their
benefits programs.”
Objective Guidance
“PlanSmart addresses employees’ needs for objective,
straightforward guidance to navigate personal financial challenges,
from day-to-day ones like managing credit to meeting longer-term
expenses and goals, such as planning for a child’s college
education or for retirement,” added Gary L. Simpson, vice
president, MetLife. “Workplace education opportunities like these
help to foster a sense of ‘financial wellness’ among employees,
which in turn contributes to a more dedicated and productive
workforce.”
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 60 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
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