Deloitte’s 2019 Global Human Capital Trends Report is always an insightful read. Last year, they stressed the rising importance of a company’s social impact -- that is, the need for companies to move beyond their own revenue growth and help address larger societal issues. This year’s report, published earlier this month, reinforces this same theme but with more focus.
Diversity in the workplace continues to be an important topic to HR professionals and business leaders. Employers offering student loan benefits are uniquely positioned to attract more diverse talent, while also differentiating from competition for a hiring advantage.
After completing a year-long testing and vetting process, Peanut Butter was proud to be confirmed by MEMBERS Development Company (MDC) in February of 2019 as a partner for Student Loan Assistance.
Alabama Credit Union discovered their employees have a student debt burden similar to other Americans, with balances averaging $26,500 to $36,000. They realized they could make a difference in the lives of their employees by launching Peanut Butter Student Loan Repayment, a unique benefit that allows ACU to contribute monthly to their employees’ student loan debt as an employer-provided benefit. Like many employers, ACU also recognized that a unique benefits offering like student loan repayment could help them attract and retain their talent, too.
Peanut Butter was listed by Built In Chicago as one of five local edtech companies having a positive impact on the lives of students and recent graduates.
Peanut Butter CEO, David Aronson, is proud to speak at the Health & Benefits Leadership Conference (HBLC), organized by Human Resource Executive magazine. The conference runs April 24-26, 2019 at the Aria Resort & Casino, Las Vegas.
At Peanut Butter, we're always looking at new ways for employers to make student loan repayment a fiscally advantageous benefit to offer employees. We also go to great lengths with our attorneys to understand IRS and tax laws, so employers don't find themselves in a tricky situation.
Our clients and prospects often ask if student loans in a parent's name are still eligible to participate in Student Loan Repayment plans. This can be a common occurrence today, where parents are trying to help shoulder the burden of their kids' debt from student loans. As an employer offering Student Loan Repayment, though, there may be tax implications if you consider covering loans for borrowers other than your employee. Here's what you need to know:
CHICAGO (PRWEB) FEBRUARY 05, 2019
Peanut Butter announced today that its Student Loan Assistance programs are now being offered through ADP Marketplace, an online storefront for HR and benefit solutions offered by ADP, one of the world’s leading providers of human capital management solutions.
Over the past few days in Washington, D.C., a bi-partisan group comprising 20% of the members of the U.S. Congress introduced the Employer Participation in Repayment Act. If passed, the legislation will save companies approximately 10% of the cost of offering Student Loan Repayment, allowing employers to make pre-tax contributions toward student loans by expanding the Section 127 exemption that currently allows companies to make pre-tax tuition payments.
Student loans can be hard to understand and often times borrowers can be unclear on the exact differences between various types of loans. However, it's extremely important that borrowers continue to seek out additional understanding in order to make the appropriate decisions. The same can be said for student loan benefits offered by employers. What seems like a "benefit" may have the opposite impact for employees and employers need to be acutely aware of what to look out for when evaluating vendors.
49 out of 50 college-educated Americans have a job today. How will your company attract talent in 2019?
Kiswe, a video streaming startup and Peanut Butter customer, has received positive press after deciding to introduce a Student Loan Assistance late last year. In an excerpt from the article, which is shared below, Kiswe's CEO, Mike Schabel, speaks on his personal experience with student loan debt and how that encouraged him to help employees at his company shave years off paying back their loans by offering the benefit.
The moment you've been preparing for your whole life, er, year has finally arrived. It's basically the Olympics for Human Resources professionals. It requires preparation and dedication, it's not for the faint of heart. You're sure to encounter a few set backs or hiccups along the way, but ultimately you keep moving forward until the finish line is in sight. The moment I'm referring to is Open Enrollment, which for most companies has just happened or is happening at the very moment as you're hiding under a desk to read this article and restore your sanity.
One common misconception of Student Loan Assistance is that it is a costly benefit. Employers often think they need to offer upwards of $100 or more each month to rollout this type of benefit program. We're here to tell you that's not the case. By implementing best practices when launching a Student Loan Assistance program, employers can see significant employee engagement that costs the company less than the free coffee offered in the break room each month.
It's mid-November, you've done your research for 2019 benefits and you've decided that you want to offer Student Loan Assistance to your employees come 1/1. That's great! However, you quickly realize that you need to take this to your leadership team for budget approval and you fear it's going to go as many of them do, without a firm answer or approval, leaving you in limbo for the time being. Rather than going it alone, let's join forces to build the business case for your company.
Our company was honored to be selected earlier this year for the Fintech program at Plug & Play, a Silicon Valley-based organization that connects some of the world’s largest and most innovative companies with the most promising technology firms in their industries.
According to the U.S. Census Bureau, only a third of employees who have access to a retirement program are actively using it to save for their future. Many either don’t see the benefit at this stage in their lives or they simply can’t afford to contribute until they have paid off their student debt.
Did you know, companies that are diverse boast 19% more revenue than those that are not? It's true, according to a recent BCG study. This finding could be part of the reason one in three human resources leaders stated that improving diversity would be a main focus throughout 2018. To do so, many top firms, from technology to higher education, have made a place on the leadership team for someone who focuses on this area of the business.
With 2019 right around the corner, your orginization may be thinking you missed the boat on adding some new benefits to next year's offering. While that may be the case for other benefits, it doesn't have to be the case for Student Loan Assistance. Peanut Butter has streamlined the process, so you can begin offering it today (it's true - which is one of the reasons we have a 5-star rating on G2 Crowd)!