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Total Benefit Package includes Financial Wellness, 401k Matching and More.

Total Benefit Package includes Financial Wellness, 401k Matching Contributions and Student Loan Repayment

Total Benefit Package is the topic of conversation when Steff Chalk, Executive Director of The Plan Sponsor University (TPSU) interviews Sasha Sagastume, Plan Administrator at the conclusion of a TPSU Program held at NOVA Southeastern University.   Today the Total Benefit Package is gaining prominence among employees who previously had been focused exclusively on compensation.

Full Transcript Here

Hi, this is Steff Chalk with 401k TV, and we’ve just concluded a TPSU program at Nova University in south Florida, and I’m here with Sasha. Hello Sasha.
Sasha Sagastume
Hi.
Steff Chalk
And is it okay if I ask you some questions, Sasha?
Sasha Sagastume
Sure.
Steff Chalk
Okay. Could you tell everybody a little bit about your company and your name as well?
Sasha Sagastume
Sure, my name’s Sasha Sagastume, and I work with Great Healthworks. I’m the compensation and benefits manager.
Steff Chalk
Okay, good, and then how do you touch the 401k?
Sasha Sagastume
I’m pretty much the plan administrator, so-
Steff Chalk
Congratulations.
Sasha Sagastume
Thank you. I know. So it’s my responsibility to be educated enough to try to pass that on to my employees, and to get them involved as well.
Steff Chalk
And do you feel you have a good match?
Sasha Sagastume
Yes, right now I think what we have is pretty good, pretty standard. We have dollar for dollar up to 3%, and then 50 cents to a dollar for 4 and 5%. Our employees are fully vested right off the bat. So I think that’s-
Steff Chalk
That’s helpful.
Sasha Sagastume
Yeah, I think that’s fair.
Steff Chalk
Good. And then we also talked today about the total benefit dollar, and what’s available to the individual that they can defer, and how that may be used one way or another. So can you tell me a little bit about what you’re adding at the company, or what you’re looking to add, the types of benefits that you’re looking at in complement to the 401k?
Sasha Sagastume
Sure. So one of my tasks is to see how to keep and attract our employees or anybody coming in, our talent. So we are looking to whether it is increasing the match on our 401k, or maybe attracting the newly-graduated employees with a student loan repayment plan, and maybe using those funds towards that instead. So that’s one of those things where we are looking into a total rewards package, you can say.
Steff Chalk
Okay. So the student loans, are you finding that a lot of individuals are coming in with a substantial amount outstanding?
Sasha Sagastume
Yes, and funny enough, we’ve had employees where they’ll ask and they’ll say, “Do you have anything else?” Like the younger, you know, employees, “Do you have anything else aside of the 401k maybe, where the company can assist with?” And we’ve had people bring it to our attention that there are these trends going out there where other companies are offering it to them. So they’re aware. They’re aware that it is in the benefit options for them somewhere else, so we wanna be competitive in that aspect.
Steff Chalk
Okay, and they’re happy to share that with you-
Sasha Sagastume
Oh, yes.
Steff Chalk
… when they’re coming in the door? And what about total financial wellness? Are you looking at that at all?
Sasha Sagastume
Yes. So funny thing is we’re doing a financial wellness week coming up probably in two or three weeks. We wanna educate our employees, we want to let them know what they have the options … We don’t have auto-enrollment right now for 401k, but just to educate them as to what a retirement plan is, right? I think one of our misconceptions maybe for some of our employees is they see it as a savings account or something. So just to give them an idea what you can do with your funds, what it is that you need to save for the future, and so just to kind of roll it out together in one big piece.
Steff Chalk
Sure, one big benefit. And what we learned today was everybody that’s in their 20s doesn’t think about retirement all the time.
Sasha Sagastume
No, not at all. Not at all, they don’t wanna think about that yet.
Steff Chalk
Right. Well, good. Well, thank you very much. I’m just curious what you will take away from today that you may have had your eyes opened to while here at TPSU?
Sasha Sagastume
Everything that was spoken about to me, just opened up my eyes to different ideas, but mainly the auto-enrollment and the possibility that that will have for maybe more participation on our plan. So that’s one of those ideas I’m gonna go back with and try to implement and see how that goes.
Steff Chalk
Well, good, that’s nice to hear. Well, thank you very much Sasha-
Sasha Sagastume
Thank you for having me.
Steff Chalk
… I appreciate it, absolutely. And that concludes our program at Nova University for TPSU and 401k TV.
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