Natixis Global Asset Management announced enhancements to its student loan repayment benefit.
The $1,000 annual benefit will now be available immediately to all employees with any federal or private student loans, eliminating the requirement to have five years’ tenure with the firm. Previously, the benefit was a $5,000 lump sum given to employees at their fifth anniversary with the firm and only federal loans were eligible.
The update to the benefit includes a payment in the amount of $83.33 per month made directly to the student loan provider up to the life of the loan, or a maximum of $10,000 over a 10-year period, as long as the individual is still employed by Natixis. This payment will be applied to the principal of the loan, thus reducing the interest paid and shortening the term of the loan.
Natixis implemented the employee benefit in December as a direct result of research from its Durable Portfolio Construction Research Center which showed that Generation X and Millennial workers delay saving for retirement because of the burden of student loan balances.
Currently, nearly 20% of Natixis employees are taking advantage of the student loan repayment benefit. The first payments of the benefit start this month.
“Helping people achieve their financial goals is at the heart of our business and our industry, so we knew that leading by example was the right thing to do,” says John Hailer, CEO of Natixis Global Asset Management in the Americas and Asia. “Today’s student loan burden is tomorrow’s underfunded retirement problem, so it is imperative for companies to join with policymakers, educators and employees to address this critical issue.”
A recent survey by Beyond revealed 89% of job seekers with debt believe companies should offer student loan repayment as part of the benefits package.
President Obama has appointed Joyce M. St. Clair to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation (PBGC).
“Joyce has a deep background in the financial services sector, serving in senior leadership positions both here and abroad,” says PBGC Director Tom Reeder. “She will be a welcome addition to the Advisory Committee, and we look forward to working with her.”
During her appointment, St. Clair will represent the interests of the public. She replaces Dallas Salisbury, whose appointment ended in February.
At Northern Trust Corp. in Chicago, St. Clair serves as an executive vice president, chief capital management officer, and a member of the company’s executive management group. In her role as chief capital management officer, she creates the governance structure that oversees capital management initiatives. Previously, she was Northern Trust’s president of operations where she managed global asset servicing and banking operations.
St. Clair received a Bachelor of Science from Indiana University and an MBA from the University of Chicago.
NEXT: Wagner Names New Firm Partner
Stephen P. Wilkes, an attorney with The Wagner Law Group specializing in Title I of the Employee Retirement Income Security Act (ERISA), has been appointed as a partner to the firm, effective July 5.
Wilkes’ experience includes practicing as a partner in major national law firms and as in-house counsel at major financial institutions. He has advised plan sponsors, financial institutions and investment professionals in connection with all aspects of qualified and non-qualified retirement plans and executive compensation, as well as the delivery and distribution of investment products and services in the retirement plan marketplace.
Wilkes’ areas of concentration include both tax law and ERISA Title I fiduciary law, as well as the related federal and state securities and banking laws governing the distribution of investment products and services, such as the Investment Advisers Act, FINRA rules, and OCC regulations.
NEXT: Dennis Sain Joins Milliman’s Employee Benefits Practice
Dennis Sain has joined Milliman’s Employee Benefits practice as head of defined contribution sales and marketing for the northern United States.
In this newly created role, Sain will oversee corporate strategy, sales, and marketing initiatives as the firm expands its defined contribution services across the northern portion of the country.
Previously, Sain lead retirement services at Newport Group, and brings with him 36 years of industry experience.
NEXT: Atlanta Retirement Partners Adds Relationship Manager
Stephanie Hunt has joined Atlanta Retirement Partners as retirement plan relationship manager.
She has more than 15 years of experience in the investment and retirement plan industries. Hunt most recently worked as a vice president with Stadion Money Management in Athens, Georgia.
She brings with her an extensive background in investment analysis, plan design, marketing, operations, compliance and participant education. She has previously worked in sales and marketing with Nations Funds, the proprietary mutual fund company of Bank of America, Broad Street Capital Advisors, and served as account director with The (k)larity Group and Greenspring Wealth Management.
Hunt received her bachelor of business administration from Georgia Southern University, and is an Accredited Investment Fiduciary and is Series 65 licensed.
Atlanta Retirement Partners (ARP) serves more than fifty institutional retirement plans for various governmental, private and tax-exempt organizations.
Nathan Botti will join Trinity Pension Consultants’ Columbus, Ohio, office as a defined contribution (DC) relationship manager.
Botti’s responsibilities include building and maintaining relationships with clients by providing clear and effective communication, guidance and solutions to their qualified plans.
Botti has worked in the retirement plan services industry for seven years, working most recently as a specialist in the Bundled Plan Services Department at Nationwide. He also has experience as a DC relationship manager at Tegrit Group, formerly Martin Consultants.
Botti is currently working toward his degree from the University of Cincinnati and plans to complete his Qualified 401K Administrator (QKA) designation in September.