Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Retirement Plan Administrator

Bates & Company, Inc.
(Remote / Winter Park FL)

Bates & Company, Inc. logo

401(k) Plan Administrator

CRI TPA Services
(Remote / AL / FL / GA / KY / LA / MS / NC / NM / TN / TX)

CRI TPA Services logo

Retirement Plan Administrator

Premier Plan Consultants
(Remote / San Diego CA)

Premier Plan Consultants logo

Defined Contribution Account Manager with a Life!

Nova 401(k) Associates
(Remote / Houston TX / Dallas TX / Scottsdale AZ)

Nova 401(k) Associates logo

DC Plan Administrator

Farmer & Betts, Inc.
(Remote / CO / OR / WA)

Farmer & Betts, Inc. logo

Senior Plan Document & Compliance Specialist

PCS Retirement, LLC
(Remote)

PCS Retirement, LLC logo

Consultant / Retirement Plan Administration

Spectrum Pension Consultants, Inc.
(Remote / Tacoma WA)

Spectrum Pension Consultants, Inc. logo

Plan Compliance Analyst (Administrator)

RPA
(Remote / Falls Church VA)

RPA logo

Client Compliance Counsel

Gallagher
(Philadelphia PA / CT / DE / MA / NJ / NY / RI)

Gallagher logo

Loan and Distribution / Contribution Upload Specialist

Aimpoint Pension
(Remote)

Aimpoint Pension logo

Senior Plan Administrator

PCS Retirement, LLC
(Remote)

PCS Retirement, LLC logo

Investment Advisor

SWBC Retirement Plan Services
(Austin TX)

SWBC Retirement Plan Services logo

Relationship Manager

Compass Retirement Consulting Group, Inc./Compass 360, LLC
(Remote / Stratham NH / MA)

Compass Retirement Consulting Group, Inc./Compass 360, LLC logo

Relationship Manager - Retirement Plans

Spectrum Investment Advisors, Inc.
(Thiensville WI)

Spectrum Investment Advisors, Inc. logo

Retirement Plan Benefits Consultant

Compass Retirement Consulting Group
(Remote / Stratham NH)

Compass Retirement Consulting Group logo

Senior Retirement Account Representative

Ohio Pension Services
(Akron OH)

Ohio Pension Services logo

Pension Administrator

Actuaries Unlimited, Inc.
(Remote)

Actuaries Unlimited, Inc. logo

Retirement Plan Administrator

Excellent TPA
(Remote)

Pension Administrator

National Administration, Inc.
(Remote / Menasha WI)

National Administration, Inc. logo

Legal Assistant/Paralegal

Witman Stadtmauer, P.A.
(Florham Park NJ)

Associate Consultant / Retirement Plan Administration

Spectrum Pension Consultants, Inc.
(Tacoma WA)

Spectrum Pension Consultants, Inc. logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by T. Rowe Price

Press Release

T. Rowe Price Retirement Plan Services, Inc. Adds SoFi Student Loan Solutions to Financial Wellness Offering

Issued by T. Rowe Price

Oct. 5, 2020

 BALTIMORE, October 5, 2020 – T. Rowe Price Retirement Plan Services, Inc. announced today that it will launch a suite of student loan resources this fall, including educational tools and content within its robust financial wellness offering. Plan sponsors will also have the option to include additional offerings like employer contribution services and access to student loan refinancing, as well as live financial counseling services. The benefit offerings will be provided by digital personal finance company SoFi through the ‘SoFi at Work’ program.

The tools and educational content will be integrated into T. Rowe Price’s 401(k) participant website, giving participants the ability to manage and plan for their student loan needs while saving for retirement. For plan sponsors, helping employees manage education costs can result in greater participation in the retirement benefit, prevent productivity loss, and help attract and retain talent. 

New optional solutions from SoFi’s ‘SoFi at Work’ include a centralized dashboard that houses the Student Loan Debt Navigator. Through ‘SoFi at Work’ employees can access multiple options to help them better manage their financial needs and navigate their student loan payments. Plan sponsors using SoFi’s optional solutions can elect to provide connectivity to SoFi’s centralized dashboard from the participant website.

T. Rowe Price recently conducted a survey that examined the effect student loan debt can have on the financial behaviors and attitudes of 401(k) savers. According to the survey:

• More than half of the survey respondents (54%)—across all generations--say they are affected by post-secondary education expenses, with 52% citing that these costs are a barrier to achieving their financial goals. Further, respondents with student loan debt are less likely to participate in their 401(k) compared to workers without it, and many are unlikely to shed this expense completely until they are on the precipice of their retirement. • Sixty percent of those surveyed viewed their student loan debt as long-term debt (such as a mortgage), significantly longer than the original 10-year amortization. 

“Our focus, as we continue to enhance our financial wellness offering, is to find solutions that help participants successfully manage all of their competing financial needs--like budgeting, paying down debt and loans, and saving for health care expenses,” said Kevin Collins, head of T. Rowe Price Retirement Plan Services, Inc. “Student loan debt can have a significant effect on an individual’s financial situation and we recognize that many individuals may need help finding the balance between managing or planning for education costs while also saving for retirement. Our strategic alliance with SoFi will help individuals navigate this successfully.”

“We are pleased to work with T. Rowe Price to offer valuable financial wellness benefits as well as education and tools to help their participants manage their student loan needs and get on track for achieving financial independence in the future,” said Anthony Noto, SoFi CEO. “Given the current macroeconomic environment, employee circumstances are continuously changing and more employees are seeking broad guidance on how to manage debt, build their savings, and ultimately improve their financial health. Together with T. Rowe Price, we are committed to providing the most meaningful ways to help employees address their toughest financial concerns head-on.” 

 

View More Press Releases by T. Rowe Price


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2021 BenefitsLink.com, Inc.