Security Service Federal Credit Union

With the goal of helping plan participants save as much as possible for their retirement, the Security Service Federal Credit Union, in San Antonio, Texas, has been focused on helping employees enrolled in a high-deductible health plan take advantage of health savings accounts to boost their savings level.

Recently, the SSFCU, first established as the U.S. Air Force Credit Union, increased its employer contribution to each eligible employee’s HSA from $1,200 to $1,500 and started looking for vendors that could offer the best HSA investment options and education tools. It chose HSA Bank last year.

“For the program to truly enhance employee well-being, we knew it needed to be easily accessible via formats preferred by our diverse employee population,” says Suzanne Levan, vice president benefits and wellness with the credit union. “Tools needed to be available to support the continuum of learning needs and savings and investment options that appealed to our participants.”

Another route that SSFCU has taken to help comprehensively prepare employees for retirement is through the introduction of a new financial wellness vendor that provides opportunities for unlimited consultations with a certified financial planner.

“LearnLux takes a participant-first approach with a sharp focus on holistic financial education for the employees,” says Art Azua, senior relationship manager with Schwab Retirement Plan Services.

In addition to meeting with a CFP, participants have access to additional financial wellness resources, including virtual learning modules and online tools for budgeting and retirement planning.

“[Because] employees’ learning preferences vary, providing opportunities through a wide array of formats gives employees options to seek information in the way that works best for each individual,” Levan says. “Some employees prefer quick bites of information through video shorts; others prefer more detailed courses; and still others want to talk to a consultant who has no other goal than to help them learn about financial wellness and how to make their money work for them.”

Both the HSA focus and the new financial wellness tools reflect an initiative over the past three years to enhance the 401(k) plan and ensure alignment with the organization’s goal of total well-being. Other changes to the plan include the addition of a Roth 401(k) option and shortening the eligibility period for benefits from the first of the month after 90 days of service to the first of the month after one month of service.

The organization also changed its employer contribution model, replacing its annual, discretionary profit-sharing contribution with an increase-per-pay-period match formula from 50% of the first 6% to 200% of the first 4%, along with a nonelective contribution of 2%.

Participants in the plan benefit from SSFCU’s strong commitment to its employees’ financial well-being and retirement readiness, says Rebecca Hipp, a senior retirement plan consultant with Gallagher.

“[The sponsor] actively listens to the employees and then goes above and beyond, spending significant time and resources, to craft benefits that will best address their financial challenges,” Hipp says.

—Beth Braverman