The Standard Insurance Company announced a new relationship with BenefitEd, an employer-based provider of student loan repayment and college savings services.
Clients of The Standard will now be able to offer their employees customized education assistance products.
“We recognize the critical importance of expanding benefit packages to address the growing need to assist employees with higher education costs and loans,” said CrisDee Plambeck, vice president of Employee Benefits Product and Strategy at The Standard. “Our partnership offering with BenefitEd strategically enhances workers’ financial security and bolsters employee retention.”
Clients of The Standard can contract directly with BenefitEd and have access to the following products at a discounted rate:
- Employer-assisted student loan repayment: Employees can pay down student loan debt with tax-free direct contributions or matching programs.
- Employer-assisted college savings: Employees can pay for their own or their family’s future education through supplemented 529 college savings contributions.
- Tuition reimbursement: Employers can manage tuition reimbursement programs that reward employees for continuing their education.
- Employee choice: Employees can choose the tax-free option for their matching funds — retirement savings, student loan repayment or both — without employers having to adjust their benefits budget.
“We’re excited to partner with The Standard in offering education assistance products to employer customers,” said Dennis Cash, director of Strategic Initiatives for BenefitEd. “These services are highly valued by employees and give employers an additional tool to attract and retain employees as well as help ensure their financial well-being.”