Selective Helps Recent Graduate Employees Tackle Student Loan Debt And Save For A Brighter Future With Student Loan Assistance Program And Enhanced Retirement Savings Plan
Selective Partners with Gradifi to Provide Student Loan Repayment and Refinance Assistance
Sep 18, 2019, 08:00 ET
BRANCHVILLE, N.J., Sept. 18, 2019 /PRNewswire/ -- Selective Insurance Company of America, the lead insurance company of Selective Insurance Group, Inc. (NASDAQ: SIGI), is working with Gradifi, a leading student loan employee benefit provider, to support employees who have student loan debt. Through Selective's new Student Loan Repayment Assistance Program, Selective will make monthly $100 payments, up to $6,000, toward student loan debt for eligible employees who obtained an undergraduate degree within the last five years. In addition, student loan refinancing opportunities are available through Gradifi Refi to help employees take advantage of dropping interest rates and alleviate the burden of student loan debt.
"As an employer of choice in the insurance industry, we proudly employ some of the brightest recent graduates in the workforce today. But so many of them are facing undue stress due to loan repayment obligations. Selective's new Student Loan Repayment Assistance Program provides recent college graduates a bit of a reprieve in paying down their debt as they focus on building their careers," said Chuck Musilli, Executive Vice President, Chief Human Resources Officer, Selective Insurance. "Selective was founded more than 90 years ago on the simple act of lending a friend a helping hand – assisting our colleagues in their time of need is at the core of our relationship-based culture and the basis for the service we deliver our customers every day."
Aligned with Selective's commitment to address every customer's unique needs with customized solutions, the company aims to offer one-of-a-kind benefits to its employees such as the Student Loan Repayment Assistance program in recognition of the tireless work that employees put into delivering the Selective brand promise, "Be Uniquely InsuredSM". When paired with the company's Retirement Savings plan, and Employee Stock Purchase Program, it is a game-changer – employees are able to tackle student loan debt and save for their future and retirement simultaneously. Selective is helping to pave the way toward financial freedom for its workforce by matching employee retirement plan contributions 100% on the first 3% and 50% on the next 3% for a total of 4.5%. On top of the 4.5%, Selective offers a 4% non-elective company contribution given to Selective employees after a year of service. This means that Selective employees only need to contribute 6% toward their 401(k) retirement plan and they will see a combined 8.5% match and non-elective contribution from Selective.
"As an early career professional, the weight of paying down my student loans while trying to prepare for future retirement is tremendous," said Selective employee Kinsey Knakkergaard, an Agency Development Analyst in the company's corporate office. "Selective's Student Loan Repayment Assistance Program speaks volumes about the integrity of the company. I'm proud to be employed by an organization that recognizes the value of my education, helps alleviate the burden of repaying my loans, and demonstrates that employment is a mutual investment for both parties."
"In my job as an Associate Talent Acquisition Specialist, I see first-hand how much our current and new employees value our financial programs, especially the 401(k) program because it goes above and beyond compared to other companies out there," commented Danielle DeBendetto, a Selective employee who is taking advantage of Selective's Student Loan Repayment Assistance Program. "The Student Loan Repayment Assistance Program is a highly valued asset and a perfect example of how Selective listens to employees and offers benefits that are valuable to us."
Selective fosters a collaborative work environment that empowers its employees to think and embrace "unique" with the goal of creating something bigger together. With competitive benefits that fit a variety of needs, opportunities to earn financial rewards, and the ability to shape a unique and rewarding career, Selective is breaking the mold within the insurance industry and it all starts with its distinctive employees. To learn more, please visit https://www.Selective.com/Careers or follow Selective on LinkedIn (@SelectiveInsurance), Facebook (@Selective), or Twitter (@Selective).
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A" (Excellent) by A.M. Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in the Fortune 1000 and being named one of "America's Best Mid-Size Employers" by Forbes Magazine. For more information about Selective, visit www.Selective.com.
SOURCE Selective Insurance Group, Inc.
