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Buck Consultants at Xerox Corp. has launched SavIncent, a financial wellness program designed to improve employees' financial health and promote retirement readiness.
SavIncent creates incentives for financial education and improvement by rewarding workers' retirement savings plans with employer contributions, New York-based Buck said Thursday in a statement.
“SavIncent reflects our philosophy that when employees better understand how to reach their health, wealth and career goals, employers achieve better results,” Buck principal and engagement consultant Lori Block said in the statement. “With SavIncent, not only can employees earn 401(k) contributions, the activities they complete will help them become more financially savvy and sound, which in turn may enable them to increase their long-term savings in the future.”
SavIncent works by enticing employees to partake in various activities, including completing a financial health or risk profile, enrolling in a 401(k) plan or signing up for auto-escalation, meeting with a financial adviser and establishing a will, according to the statement. In exchange for a completed activity, employers contribute to workers' 401(k) accounts via direct deposit.
“Fewer than half of American workers have saved at least $10,000 for retirement,” Ms. Block said, citing a 2014 study by the Employee Benefit Research Institute. “With many workers struggling to pay off student loans, credit card debt or even pay basic living expenses, we saw the urgent need for this solution.”
The maximum contribution employees will be able to make to their flexible spending accounts will rise in 2015 by $50 to $2,550, while the maximum pretax contribution employees can make to cover mass transit expenses will be unchanged, the Internal Revenue Service announced Thursday.