Washington-based trade association Financial Services Roundtable recently recognized Popular Community Bank with a “Save 10” award for helping employees prepare for a secure retirement by enabling them to save 10 percent of their income.
The newly 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.
Popular Community Bank offers its employees auto-enrollment in its 401(K) retirement plan at the start of employment and also has a matching contribution program. Popular also provides various insurance benefits, wellness programs and financial and retirement opportunities to its employees, the bank said.
“One of the best ways to increase retirement savings in America is through employers and Popular Community Bank is leading the way,” said FSR CEO and former Minnesota Governor Tim Pawlenty. “Save 10 will be an easy way for workers to think about saving. There are many companies like Popular Community Bank helping to put their employees on the right path to savings and Save 10 will recognize those employers in an effort to encourage others in the marketplace to follow suit.”
“We understand determining savings goals can be overwhelming, and it requires education to know where to start as well as establish a sustainable approach,” said Brian Doran, New York metro and director of governmental affairs. “The Save 10 program contains all of the core pieces to create a solid foundation for employees to build their retirement savings.”
One of the cornerstones of Save 10 is to encourage “auto-save” programs, which include 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 that they engage in certain activities that qualify the company as Save 10 certified. These activities include offering a retirement plan, contributing to employee retirement accounts, ensuring employees can “keep 10” by providing access to disability and life insurance plans and other criteria.