Popular Community Bank Awarded ‘Save 10’ Recognition by the Financial Services Roundtable for Helping Employees Save for Their Future
With more than half of Americans not saving enough for retirement, the Financial Services Roundtable (FSR), Washington’s leading financial trade association recognized Popular Community Bank, with a “Save 10” award on May 4, 2015. The award was given to Popular Community Bank for helping bank employees prepare for a secure retirement by enabling them to save 10% of their income.
The Financial Services Roundtable’s 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% or more of their income each year.
Popular Community Bank offers its employees auto-enrollment in its 401(K) retirement plan at commencement 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.
“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 for Popular Community Bank. “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. Auto save includes programs such as auto-enrollment in a retirement plan upon being hired and auto-escalating an employee’s savings contributions as their income rises. Nearly 82% of employees save for retirement when their employers offer an Auto Save program – compared with just 64% when employers do not. The Save 10 campaign aims to fundamentally change these facts.
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