‘Father of the 401(k)’ joins Salt Labs
Salt Labs, an employee rewards and incentives platform for frontline workers, has announced that Ted Benna, the creator of the 401(k) plan, is joining the team as a strategic advisor.
Benna, otherwise known as the “Father of the 401(k)” invented the retirement plan to be used as a savings tool by employees. Since then, it has become the industry standard for financial wellness offerings among employers.
However, Salt Labs argues that the 401(k), originally designed as a salary reduction plan, was not designed as a savings mechanism for the hourly worker. This is especially true in today’s market, as this employee population needs all of their pay for necessities like rent, food, and bills, with nothing remaining for designated savings, notes the company.
As strategic advisor to Salt Labs, Benna will be invested in the go-to-market strategy aimed at employers who want to help their frontline workers with a rewards and incentives platform specifically designed for their needs.
“I’ve been thinking about how to address the savings issue with hourly workers for a long time, since the 401(k) requires a salary reduction that lower-paid hourly workers simply can’t afford to put away each month,” Benna said. “When I heard about what Salt Labs was doing, I knew they were onto something. We need novel and modern solutions to solve for a pending retirement crisis and Salt Labs has built just that for the most essential workers in our economy.”
Salt Labs’ methods allows employees to earn one “Salt” for every hour they work. As their balance grows overtime, workers can exchange their “Salt” for personal value, from savings products to vacations. Using this method, Salt Labs says 91% of employees feel more financially secure, and 65% report working toward long-term savings objectives.
According to the organization, earning Salt supports frontline workers’ financial wellness by creating a daily savings habit and a goal-setting framework that encourages employees to plan for the future, resulting in their staying 56% longer.
“Financial wellness plans have been about helping employees brace for unexpected expenses or save for retirement; there hasn’t been anything in between,” said Jason Lee, founder and CEO of Salt Labs. “I’m thrilled that Ted has chosen to work with us to help improve financial wellness outcomes for everyday Americans. What we are doing here is essential to building a savings movement among frontline workers, and it’s long overdue.”
Ascensus names small business retirement head
Ascensus has announced that Mary Torgerson, a 20-year leader in financial services, will join the company as its new head of Small Business Retirement on April 29.
Torgerson will report to Ascensus President Nick Good and join the Ascensus Retirement line of business leadership team. The Small Business Retirement segment serves sponsors and employers seeking savings solutions for businesses with smaller employee populations and supports Ascensus’ existing CoPilot business, Individual 401(k), Multi-SEP, SIMPLE IRA, and similar plans.
“Mary Torgerson is a proven leader with a strong track record driving revenue growth, product, and business development,” said Good. “She has an enviable track record of success and deep understanding of small business clients’ needs. Mary is a tremendous addition to the business and to our leadership team.”
Good added, “Mary arrives at a very opportune time, given news of our exciting acquisition of the Vanguard business serving Individual 401(k), Multi-SEP, and SIMPLE IRA plans. Like our own CoPilot bundled retirement solutions, these plans are at the heart of the small business retirement segment, and the acquisition dramatically enhances both our market share and momentum in this vital space.”
Torgerson brings more than two decades of experience in financial services to her new role, including 16 years with Ubiquity Retirement + Savings, the San Francisco-based provider of 401(k) solutions for small businesses. She held leadership roles spanning Ubiquity’s product, business development, and operations teams, most recently as chief revenue officer. Beginning her professional career in business development, Torgerson led national software business development for Execupay, which provides payroll and human resources (HR) solutions for small to medium-sized businesses (SMBs).
She earned her bachelor’s degree in marketing and business administration from Lakeland College in Sheboygan, Wisconsin.
The Standard appoints actuarial lead
Standard Insurance Company has promoted Julie Briggs to vice president of Strategic Innovation and Emerging Markets and Asset Management Group actuary.
In her new role, Briggs is responsible for the leadership of all AMG actuarial and finance functions, working closely with The Standard’s corporate partners to balance growth, risk and the increasing contributions of AMG to the company.
Briggs joined The Standard in 2005 where she has held actuarial positions in Retirement Plans working with defined benefits (DB) and product and risk management as well as a leadership role on the Corporate Actuarial team. Most recently, Briggs served as assistant vice president of Retirement Plans Actuarial and Finance.
“Julie is highly regarded across the organization for her deep expertise and strong network of relationships,” said A.J. Ijaz, vice president of Asset Management Group at The Standard. “Her ability to get things done in a collaborative way makes her ideally suited for her new role.”
Prior to joining The Standard, Briggs worked nearly seven years at Towers Perrin and Mercer, now Willis Towers Watson (WTW), in benefits plan consulting.
Briggs earned a bachelor’s degree in mathematics and classical studies at Willamette University. She is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
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