Anne/Ann Tergesen
speaker
196 appearances
4 recordings
1 series
first heard Apr 2018
last heard Aug 2023
Anne/Ann Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
One of the most prominent actions that they want is for people to set up an emergency account
and save $20 per pay period into that account.
And if they meet those requirements, then the company will match their contributions.
Actually, it's not even a match.
They'll just put in $1,000 after people complete those actions and courses.
I mean, it's a huge incentive, and they make that program available to other companies.
There are 200 other companies using it.
Now, not all of those companies offer that kind of financial incentive.
Most of them are offering it.
About a third of them are offering a cash incentive, and it's usually less than $1,000.
But it seems like a lot of employers out there are starting to very consciously try to incentivize employees to save for emergencies.
They're a 401k record keeper.
And so what they're doing is right now they have a pilot program with 20 different companies where they're setting up an emergency account sort of within the 401k.
It's a little complicated, but basically they take after-tax money and they put it into this emergency account.
So employees have to elect to do that.
It's not an automatic enrollment kind of situation, but...
For employees who elect to do that, you know, they will then put away a portion of their pay in this emergency account while they also put away another portion into the 401k.
And the goal there is to help people build the emergency savings so they don't actually use 401k money for those needs.
There's really no tax incentive or anything, but basically what employers are noticing or believing is that employees who have significant money problems are distracted at work.
They're not as productive as they would otherwise be.
Showing 121–140 of 196 · page 7 of 10
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