NEW YORK, NY – February 9, 2018 – Greater New York Mutual Insurance Company (GNY) announced today that they have signed on with Boston-based Gradifi, the industry's leading provider of the Employer SLP Plan benefit (Student Loan Paydown Plan benefit) to introduce a new employee benefit that will provide financial assistance to employees with outstanding student loan debt.
Our nation's student debt crisis impacts 70% of recent college graduates in the United States. GNY is joining the ranks of other leading companies, including PricewaterhouseCoopers (PwC), by being among the first to assist our recently-graduated employees reduce their student debt.
Nancy Pearlstein, Vice President of Human Resources, comments, "It is very difficult for those employees saddled with high student loan debt to save the recommended 15-20% deferral rate in their 401(k) plan. GNY is one of the very few companies that still offers both a defined benefit pension plan in addition to a 401(k) plan. We know the importance of proper financial planning, especially when it comes to preparing for retirement. By offering this new benefit plan, we are showing GNY's commitment to our employees by helping them pay off student loan debt faster and, by doing so, help them achieve their financial goals sooner."
Gradifi's SLP Plan benefit gives businesses the opportunity to help eliminate the $1.3 trillion student loan problem and pay down employees' student loan debt. Companies contribute directly – through structured and secured channels – toward their employees' student loan principal on a monthly basis. These contributions can take years off student loan balances - potentially shaving three or more years off of a 10-year loan.
Beginning in March, GNY will supplement eligible employees' regular student loan payments with a monthly contribution through the Gradifi-managed SLP Plan benefit.
About Gradifi: Gradifi is a best-in-class employer-based student loan repayment solution aimed at tackling the nation's $1.3 trillion student loan debt problem. Gradifi helps employers attract and retain talent by enabling to make direct contributions to their employees' student loans, accelerating the pay-off of the debt. Acquired by First Republic Bank (NYSE: FRC) in 2016 and based in Boston, Gradifi is a pioneer of this employee benefit and the SLP Plan (Student Loan Paydown). To learn more about Gradifi, visit www.gradifi.com.