Human Resources and Benefits Departments are able to achieve significant results when driving employees to the My Secure Advantage (MSA) Financial Wellness program for help with benefit offerings and decision making. MSA Money Coaches equipped with an employer’s benefit program offering are able to promote utilization of specific benefits in a wide range of conversations and interactions with employees. The following are examples of how this dynamic has benefited employers adopting this approach with MSA:
401(k) − Improving employees’ understanding and utilization of their retirement plan
– Plan overview, matching policy, and investment options
– Benefits of working with a Money Coach to help address obstacles preventing the employee from investing in his/her future
Pension Plan − Employee education on changes to the defined benefit pension plan and employee 401(k) program
HSAs & FSAs − Boost utilization and understanding of employees’ Health Savings and Flexible Spending Accounts
Updating Pay Periods − Educating employees on the implications of pay periods changing from weekly to bi-weekly
In every example, the first step starts with a company’s benefits team understanding how MSA works, and developing a plan to help promote and educate employees on how MSA can help them with their decisions about finances and benefits. When benefits teams view MSA as a partner across their benefit programs, there can be many different opportunities to work together on employee education forums and transition programs.
We believe that when an employer provides MSA to their employees, this should be the best news a Financial Advisor or a 401(k) representative ever hears. Once an employee is working with a Money Coach, all obstacles that get in the way of that employee having money to invest for their future can be addressed. Also, the Money Coach is building or reinforcing a mind-set of financial planning that will only make a financial advisor’s job easier. At the end of the day, the goal is to get the employee to a place where he or she understands the options and feels comfortable with benefit participation. MSA can accomplish that on several different fronts.
Bottom line: MSA is a great add-on program for wellness, retirement, loan, and financial planning benefits because MSA will boost utilization and enhance the employee experience. MSA does not compete with these types of programs in an employer’s benefit offering. MSA complements them.
For more information about how you can help your employees make better decisions when it comes to their benefits, talk with one of our MSA Customer Success Managers at 888-724-2326 today.
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