NEWARK, N.J.–(BUSINESS WIRE)–Mestek, Inc., HVAC manufacturing and engineering leader and Prudential
Retirement client, today announced that it will offer the Student Loan
Genius benefit to help employees and their families with student loan
debt repayment. The company is the first of Prudential’s defined
contribution recordkeeping clients to publicly announce that it will
offer a student loan benefit through the Prudential and Student Loan
Genius partnership. Prudential Retirement is a business unit of
Prudential Financial, Inc. (NYSE:PRU).
This fall Mestek will roll out Genius Advisor™ by Student Loan Genius,
which helps employees find and select the best of 70-plus student loan
repayment scenarios in as few as seven minutes.
“Student loan benefits are becoming increasingly popular among employers
who view employee financial wellness as a top priority,” said Snezana
Zlatar, senior vice president and head of Product for Prudential
Retirement’s Full Service Solutions business. “Student loan debt is one
of the biggest hurdles to saving for long-term priorities, including
retirement. Helping manage the burden means creating more opportunity
for employees to prepare for a solid financial future.”
America’s student debt, which was once a low-cost loan paid off in the
first few years of a career, now hovers around $1.3 trillion and creates
both short- and long-term financial challenges for individuals and
families. In fact, 73 percent of student loan borrowers say they have
postponed saving for retirement or any other investments because of
student debt, according to an American Student Assistance survey.
“As we grow, we’re hiring more recent college graduates and seeing that
many of them are burdened by student loan debt.” said Joanne Berwald,
vice president of human resources for Mestek. “We wanted to offer our
employees a benefit that could help remove that worrisome distraction
and offer real help.”
Mestek Inc., headquartered in Westfield, Mass., is a family of
manufacturers of HVAC equipment and automated manufacturing machinery
with years of experience and a history of innovation. The company, a
Prudential recordkeeping client since 2007, has two defined contribution
plans totaling $115 million in assets under management.
“Mestek and its employees are a perfect example of why our Prudential
Retirement partnership is so important,” said Tony Aguilar, CEO of
Student Loan Genius. “Through our work we’re able to help thousands
lower their student loan payments and free up money for long-term
savings with just a few clicks.”
In addition to Genius Advisor, Student Loan Genius also offers two
additional employee benefits:
Genius Match: which helps companies provide matching student
loan payments to employees, and
Genius Save: which uses an employee’s student loan payments to
trigger contributions into defined contribution plans (e.g., 401(k),
Prudential Retirement has offered all of the Student Loan Genius benefit
options to its recordkeeping clients since March 2016.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public,
private, and nonprofit organizations. Services include defined
contribution, defined benefit and non-qualified deferred compensation
recordkeeping, administrative services, investment management,
comprehensive employee education and communications, and trustee
services, as well as a variety of products and strategies, including
institutional investment and income products, pension risk transfer
solutions and structured settlement services. With more than 85 years of
retirement experience, Prudential Retirement helps meet the needs of 4.2
million participants and annuitants. Prudential Retirement has $386.7
billion in retirement account values as of September 30, 2016.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has
operations in the United States, Asia, Europe and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit http://www.news.prudential.com/.
About Student Loan Genius
Student Loan Genius helps today’s most competitive companies and
employees pursue real financial wellness by tackling one of their
biggest life hurdles, student loans. Inspired by their own personal
student loan debt experiences, the team invented America’s first and
complete student loan benefit that helps employees reduce debt and
create real long-term financial wellness. Learn more at studentloangenius.com.
Joanne Berwald, 413-564-5738
STUDENT LOAN GENIUS:
Jovan Hackely, 443-955-6826