FRANKLIN, OH – VRI announced today that it has expanded its unique employee benefits package to include student loan repayment, a new program designed to help employees conquer their student debt faster. The company is partnering with Tuition.io, the leading platform for employee student loan contributions, to administer the program.
The program is available starting today and is designed to help employees not only pay off their student debt, but also save for retirement at the same time. In order to be eligible for the student loan repayment benefit, employees must be participating in VRI’s 401(k) program, which the company matches up to 4 percent. Once an employee contributes to their 401(k), VRI will not only match the contribution but also pay $50 towards the employee’s student debt each month. This unique approach encourages employees to save for retirement and pay off one of their biggest financial burdens, providing much needed debt and stress relief .
“VRI knows that taking care of our team members ensures that they can focus on the care of those we are entrusted to serve,” said Jason Anderson, CEO of VRI. “By tying our student loan repayment to participation in VRI’s 401(k) program, our team members are paying off their loans faster, preparing for retirement, and getting the additional benefit of VRI’s 401(k) match.”
73% of student loan borrowers report that they are putting off maximizing their retirement savings, saying they expect to begin or increase their contributions once their student loans are paid off. Among those who are not saving for retirement, 26% point to the need to pay off student loan debt as the reason.
“The financial burden of student loans is a major reason fewer employees are taking advantage of 401(k) programs despite a majority of companies offering the benefit,” said Scott Thompson, CEO at Tuition.io. “With nearly 1 in 5 Americans carrying student debt, VRI understands today’s workers are no longer looking for simple retirement benefits because financial obligations such as student loan debt take immediate precedent. By working with us to implement a student loan repayment program targeting their workforce’s specific financial priorities, VRI has joined a growing number of companies dedicated to their employees overall financial wellbeing.”
In addition to their new student loan repayment benefit and access to low premiums for medical, dental, vision, and life coverage, VRI has developed a unique benefits package for their team members. Benefits include Uber transportation support, gym access, and Amazon Prime memberships – one of the only companies in the nation to offer this as a benefit.
“We believe that benefits should take care of the whole person,” stated Anderson. “By offering benefits that help our team members be successful – whether it is ensuring they have a ride to work with Uber or giving them time back in their day with Amazon Prime – we believe that we are cultivating a culture of care that both our team members and clients benefit from.”
That belief has proven true over the past year for VRI. VRI’s Net Promoter Score (NPS) from clients is an astounding 86, and their employee turnover has gone down more than 10% in the past year.
For over 30 years, VRI has provided remote patient monitoring to save lives and preserve independence for people in need and the caregivers who support them. VRI leverages in-home technologies, such as emergency response systems, vitals monitoring devices, and medication management units, to reduce risk, identify trends, and drive solutions for individuals, partner agencies, and health plans.
Tuition.io is the leading benefits platform tackling employee student loan debt. Through its suite of education assistance benefits including student loan repayment, tuition assistance and a bevy of financial wellness tools, Tuition.io provides an impactful and meaningful solution for employers and employees. Tuition.io works with innovative companies across all industries including Carhartt, City of Memphis, Estée Lauder Companies, Hulu, Live Nation, Staples, Trilogy Health Services and more. For more information, visit www.tuition.io or follow us at @Tuitionio.