WASHINGTON--(BUSINESS WIRE)--With more than half of Americans not saving enough for retirement, the Financial Services Roundtable (FSR), Washington’s leading financial trade association, is recognizing Popular Community Bank, with a “Save 10” award. The bank helps their employees prepare for a secure retirement by enabling them to save 10% of their income.
The newly-launched “Save 10” campaign is a business-to-business, peer-to-peer effort to encourage responsible employers to help their employees save for a secure financial future by initiating programs to encourage employees to put aside 10% or more of their income each year.
Popular Community Bank offers its employees auto-enrollment in its 401(K) retirement plan at commencement of employment and also has a matching contribution program. Popular also provides various insurance benefits, wellness programs and financial and retirement opportunities to its employees.
“One of the best ways to increase retirement savings in America is through employers and Popular Community Bank is leading the way,” said FSR CEO and former Minnesota Governor Tim Pawlenty. “Save 10 will be an easy way for workers to think about saving. There are many companies like Popular Community Bank helping to put their employees on the right path to savings and Save 10 will recognize those employers in an effort to encourage others in the marketplace to follow suit.”
“We understand determining savings goals can be overwhelming, and it requires education to know where to start as well as establish a sustainable approach,” said Brian Doran, New York Metro and Director of Governmental Affairs. “The Save 10 program contains all of the core pieces to create a solid foundation for employees to build their retirement savings.”
One of the cornerstones of Save 10 is to encourage “auto-save” programs. Auto save includes programs such as auto-enrollment in a retirement plan upon being hired and auto-escalating an employee’s savings contributions as their income rises. Nearly 82% of employees save for retirement when their employers offer an Auto Save program – compared with just 64% when employers do not. The Save 10 campaign aims to fundamentally change these facts.
To be considered for recognition as a Save 10 employer, companies must certify that they engage in certain activities that qualify the company as Save 10 certified. These activities include offering a retirement plan, contributing to employee retirement accounts, ensuring employees can “keep 10” by providing access to disability and life insurance plans and other criteria.
You can read the full qualifying criteria and get more information about the Save 10 campaign here: www.save10.org.
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America's economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.
About Popular Community Bank
Founded in 1893, Popular, Inc. (NASDAQ: BPOP) is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. In the United States, Popular Community Bank has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey and Florida.
Popular Community Bank’s services are available at branches and online at http://popularcommunitybank.com. For customers seeking more information, call 1-800-377-0800 or email firstname.lastname@example.org. Find out about the community service of Popular Community Bank on Facebook at www.facebook.com/PopularCommunityBank.