WASHINGTON, DC - This is a news release from The Financial Services Roundtable
The Financial Services Roundtable (FSR) announced that a group of national and regional U.S. employers today are pledging to join the national 'Save 10' initiative, which is a business to business, peer to peer effort to encourage responsible employers to help their employees better prepare for a secure retirement by enabling them to save 10 percent of their income.
The new companies joining Save 10 are: Assurant, State Farm and Toyota Financial Services.
"One of the best ways to help people save for their financial future is for companies to automatically enroll employees in workplace savings programs," said FSR President & CEO Tim Pawlenty. "Save 10 recognizes such companies and we hope that by highlighting their terrific efforts, more companies will become Save 10 employers."
More than half of Americans are not saving enough for retirement. One of the cornerstones of Save 10 is to encourage "auto-save" programs. Auto save includes programs such as auto-enrollment in a retirement plan upon being hired and auto-escalating an employee's savings contributions as 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. Save 10 aims to fundamentally change these facts.
Approximately 59 percent of defined contribution plans use automatic enrollment – or Auto Save – to help employees save more for retirement, leaving room for growth. Auto Save allows employers to automatically opt-in their employees into a retirement savings plan and is one of the biggest factors of savings success.
To be considered for recognition as a Save 10 employer, companies will certify they engage in certain activities that qualify them as Save 10 certified. This includes 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.
Save 10 Companies include:
Allstate, Assurant, AXA, Cargill, EZE Castle Integration, First Horizon National Corporation, Franklin Resources, IBM, LPL Financial, Mastercard, Milliman, Nationwide, Northern Trust, Popular Community Bank, Principal, Prudential, Putnam Investments, Quicken Loans, State Farm, SunTrust, TransAmerica, Toyota Financial Services, United Technologies and UNUM.
Save 10 Resource Partners include:
America Saves Week, America Savings Education Council, ASPPA, ASFPE, Corporation for Enterprise Development, DCIIA, Financial Engines, LIMRA, LOMA, Secure Retirement Institute, Questis, Retirement Made Simpler (through FINRA), US Chamber of Commerce and WISER.