The new program fosters employee retention by curbing the high cost of education.

Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individual customers, announced a new relationship with BenefitEd, an employer-based provider of student loan repayment and college savings services. The partnership allows clients of The Standard to offer their employees customized education assistance products.

With education costs continuing to rise, today’s workers are finding themselves in historic student loan debt. In the United States, 42.7 million people have federal student loan debt, totaling $1.777 trillion.¹ The lion’s share of this debt is carried by millennials and Gen Xers (25 – 49 years old)². Millennials are the largest generation in the workforce today and employers are seeing a steady rise in job turnover rates for this group as debt management continues to be a major financial stressor.

One of the ways employers can gain a competitive edge in attracting and retaining millennials as well as employees from all generational groups is by offering student loan repayment solutions and other financial resources for funding higher education.

“We recognize the critical importance of expanding benefit packages to address the growing need to assist employees with higher education costs and loans,” said CrisDee Plambeck, vice president of Employee Benefits Product and Strategy at The Standard. “Our partnership offering with BenefitEd strategically enhances workers’ financial security and bolsters employee retention.”

Clients of The Standard can contract directly with BenefitEd and have access to these products at a discounted rate:

• Employer-assisted student loan repayment: Employees can pay down student loan debt with tax-free direct contributions or matching programs.
• Employer-assisted college savings: Employees can pay for their own or their family’s future education through supplemented 529 college savings contributions, which encourages financial planning.
• Tuition reimbursement: Employers can ease their administrative burden by working with BenefitEd to manage tuition reimbursement programs that reward employees for continuing their education.
• Employee choice: Employees can choose the tax-free option for their matching funds — retirement savings, student loan repayment or both — without employers having to adjust their benefits budget.

"We're excited to partner with The Standard in offering education assistance products to employer customers," said Dennis Cash, director of Strategic Initiatives for BenefitEd. "These services are highly valued by employees and give employers an additional tool to attract and retain employees as well as help ensure their financial well-being.”

Get more information about education benefits programs on the BenefitEd website.

About The Standard

Established in 1906, The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. We are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, voluntary and supplemental benefits, absence management and paid family leave services, retirement plans products and services and annuities for employers and individuals. For more information about The Standard, visit standard.com and follow us on LinkedIn and Instagram.

About BenefitEd

BenefitEd offers education benefit products—including custom student loan repayment, a tuition benefit, and college savings programs—designed to help employers meet the diverse needs of their employees. The company offers highly competitive, differentiated benefits packages directly to employers. Their goal is to help each employer implement a creative recruitment and employee retention strategy necessary to compete in today’s workforce.

In 2017, BenefitEd became a joint partnership between Ameritas and Nelnet, Inc. This partnership leverages Ameritas’ expertise in the distribution and management of employee benefits and Nelnet’s relationships with student loan lenders and decades of experience in payment processing. Through significant scale and experience, BenefitEd can meet the needs of companies both large and small.

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“Our partnership offering with BenefitEd strategically enhances workers’ financial security and bolsters employee retention.”