MassMutual Introduces New Employee Benefit to Help Pay Student Debt or Contribute to 529 College Saving Plans
Massachusetts Mutual Life Insurance Company (MassMutual) announced that the company is introducing a new program for employees in 2022 that enables them to convert up to five days of unused vacation time into either a payment toward student loan debt or a contribution to a 529 college savings account. This new offering is aimed at helping employees navigate the rising costs of education and protect their financial well-being, and builds on MassMutual’s generous and competitive employee benefits.
“Student debt can profoundly impact an individual’s financial, social and emotional well-being, while also having far-reaching effects on the economy.”
The program, which is flexible and voluntary, applies to any student loan debt in an employee’s name, including Parent PLUS loans. It also applies to an employee’s 529 savings account for any beneficiary to encourage savings for future education.
Nearly two-thirds (65%) of college-educated adults carry student loans, according to First Republic Bank, and student debt in America totals $1.73 trillion cumulatively as of March 2021, according to the Federal Reserve. Princeton Review’s 2021 College Hopes & Worries survey found that a majority of students and parents say affordability and dealing with the debt burden that often goes hand-in-hand with a degree is a top concern.
“As part of our commitment to continuously evolve our total rewards and invest in our talent, we are always exploring programs that employees value,” said Sue Cicco, head of human resources and employee experience, MassMutual. “Student debt can profoundly impact an individual’s financial, social and emotional well-being, while also having far-reaching effects on the economy.”
This latest offering builds on MassMutual’s broad range of competitive and comprehensive benefits and programs, which include generous and progressive caregiver, bereavement, maternity and parental leaves; significant coverage for fertility and gender affirmation services in its health plan; leading adoption and surrogacy reimbursement programs; and other offerings employees have told us are meaningful to them.