Financial Wellness Overview
Meaningful Results
Financial Education
Digital Financial Wellness Portal
Portability and Conversion
PruEngage
The Prudential Insurance Company of America, Newark, NJ 1055193-00001-00
ACCESSIBILITY
Let Prudential be the rock you rely on for helping your workforce achieve stronger financial wellness.
Individuals are financially stressed
That’s bad for business
65%
1
Workers want their employers to provide benefits central to their financial well-being
77%
Aren’t saving for retirement, emergencies, or other financial goals
1 in 5
Managing day-to-day finances
Achieving important financial goals
Protecting themselves against key financial risks
1 Pulse of the American Worker Survey: Special Report, Post-Pandemic Work & Life. Results are based on Prudential’s Pulse of the American Worker Survey conducted by Morning Consult in May 2021. 2 Bankrate’s Financial Security Index, February 23, 2019 – March 3, 2019.
American workers say lack of emergency savings is a barrier to their financial security
2
of American workers say financial stress impacted their job performance
46%
of workers spend time worrying about their finances during the work day
55%
For individuals
Offers objective financial education to suit individual needs
Reaches individuals regardless of location
Inspires individuals to improve their financial wellness
Demonstrates your concern for individuals’ well-being
Reduces questions from your individuals about what to do, which in turn saves time
Requires little administrative time to easily put the program in place
Achieve goals
Learn how to best manage their finances day to day
Achieve important financial goals and protect themselves against key financial risks
Become more productive
Attend seminars at their worksite or virtually for their convenience and bring guests
Feel increased satisfaction, making them more productive
Boost financial literacy
Have a dedicated resource who is licensed and registered to answer their questions
Access online education and tools including articles, videos, assessments
For organizations
1 Results based on feedback provided by 76,225 participants from January 2015 through September 2021. 2 Defined as “promoters” giving ratings of 7–10 out of an 11-point recommend scale. 3 Positive ratings of “very satisfied” or “extremely satisfied.” 4 Positive ratings of “very good” or “excellent.” Prudential Pathways® seminars are provided by a Prudential Financial Professional with The Prudential Insurance Company of America and are not intended to market or sell any specific products or services. Offering these seminars do not constitute an endorsement of Prudential products or services in any way. Access to financial wellness products, services, seminars and tools is not conditioned upon the purchase of insurance or retirement products or services from any Prudential company. Investment advisory services offered through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to separate client agreement. Insurance and securities products and services are offered through a registered representative of Pruco, and an agent of issuing insurance companies.
4
3
Engaging financial wellness education, available on site or virtually through Pathways , that is easy to understand and designed to teach employees how to best manage their financial health. This offering includes:
®
Engaging financial wellness seminars, available on-site or virtually and planned around your scheduling needs, designed to teach employees how to best manage their financial health.
Includes 35+ topical seminars intended for every demographic, covering a broad range of topics.
Individuals can schedule an appointment with a financial professional to conduct a thorough analysis and evaluation of their current needs and key financial goals.
Individuals can schedule 30-minute, one-on-one financial check-ups with their dedicated Prudential Pathways speaker.
Provides information to high income earners as they manage their finances, maximize their benefits, and protect against key financial risks – all with the flexibility to accommodate their busy schedules.
2-hour group education seminar and information designed to assist near-retiree employees with assessing their retirement readiness.
95%
would recommend the program to a co-worker or friend
92%
said they were satisfied overall with the program
rate the content valuable and relevant
plan to maximize their employee benefits
97%
plan to create or update a will
96%
will rebalance their portfolio
94%
Student Loan Assistance
Credit Counseling and Debt Management
Caregiving Support
Financial Wellness Assessment
1 Employer must elect webinars as part of their financial wellness offering. 2 Employee information will not be shared with their employer.
Monthly webinars are available to complement on site and virtual learning seminars
Topic-specific videos & 300+ educational articles with select articles available in Spanish
Engages individuals on a range of topics to help take care of their financial health
Individuals answer simple questions on key financial behaviors to get personalized education to help them improve their financial wellness
Individuals can explore different scenarios and figure out how much life insurance they may need.
Individuals can explore different scenarios and figure out how much disability insurance they may need.
Individuals can track spending and consolidate bank and credit accounts from 15,000 institutions and providers
The Financial Wellness Assessment is a quick way for individuals to gauge where they are on their financial wellness journey. They can receive personalized education to help achieve their goals
Offered through Wellthy
Helps individuals tackle the logistical and administrative tasks while giving them the support they desperately need to care for themselves and their families.
• Care plan builder • Shared calendar • Medication tracker and key contacts • Document storage
No-cost option. Access to a digital suite of self-service caregiving tools
This option includes aggregate employee program usage and outcomes reporting.
Access to a professional care team to develop and help implement a care plan. Available for a Per Employee Per Month (PEPM) charge.
Care Concierge
Digital Caregiving
• Special needs support • In-home support and services • Facility advice and guidance • Benefits eligibility
1 Employers contract directly with Wellthy or fee may be paid by the employee. Available for a Per Employee Per Month (PEPM) charge for Employers with more than 1,000 employees. Wellthy caregiving support services are provided through Prudential Workplace Solutions Group Services, LLC (“PWSGS”). Prudential Workplace Solutions Group Services, LLC (“PWSGS”) provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions. Caregiving services are provided by Wellthy, Inc., a third-party provider that is not affiliated with and is independent from Prudential and its subsidiaries. Caregiving services are not part of any employee benefit plan and are provided through a voluntary, individually selected program that is not a group insurance or a retirement product. Access to Wellthy Caregiving services is provided through Prudential Workplace Solutions Group Services, LLC (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. Access to financial wellness products, services, seminars and tools is not conditioned upon the purchase of insurance or retirement products or services from any Prudential company.
1 If individuals elect to enter into a Debt Management Plan (DMP) they may pay a separate monthly fee; such fee ranges from $10-$75 depending on each individual’s state—the average is $38. Individuals are fully responsible for all costs. Employer may select to purchase a premium tier with a waived DMP implementation fee (up to a $50 value) for their employees. 2 GreenPath 2020 Post-Counseling Survey. *Credit Counseling, Debt Management, and Homeowners and Renters rights support services will be offered to the claimant regardless of whether their claim is approved or not. GreenPath is an independent organization not an affiliate of any Prudential Financial companies. GreenPath credit counseling and debt management services are provided through Prudential Workplace Solutions Group Services, LLC (“PWSGS”). Prudential Workplace Solutions Group Services, LLC (“PWSGS”) provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions. Access to GreenPath debt management services is provided through Prudential Workplace Solutions Group Services, LLC (“PWSGS”). GreenPath is independent of and not a subsidiary or affiliate of Prudential. Debt Management and credit counseling services are not part of any employee benefit plan and are provided through a voluntary, individually selected program that is not a group insurance or a retirement product. Access to Financial Wellness products, services, seminars and tools is not conditioned upon the purchase of insurance or retirement products or services from any Prudential company.
Access to a complimentary credit counseling and debt management session
Offered through GreenPath
Credit counseling and debt management services can help individuals reduce debt and financial stress
Define financial goals and develop a plan to become debt free
Option to enter into a debt management plan
72%
Participants felt more in control of their finances after a counseling session
91%
Though not part of the insurance contract, we may share information regarding GreenPath's Credit Counseling and Debt Management services with employees who file a long-term disability claim. These services are not provided through Prudential.
1 Public Student Loan Forgiveness is a federal program, and the user must meet the program’s eligibility to qualify. 2 There’s a fee for Vault Pay and PTO Conversion. 3 PTO Conversion is also available on its own. 4 Section 2206 of the CARES Act. The Consolidated Appropriations Act, 2021 (the “CAA”) extends this provision of the law through December 31, 2025.This provision of the CAA is in Section 120 of Division EE, called “The Taxpayer Certainty and Disaster Tax Relief Act of 2020”. Prudential Workplace Solutions Group Services, LLC (“PWSGS”) provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions. Access to Vault student loan assistance services is provided through Prudential Workplace Solutions Group Services, LLC (“PWSGS”). The student loan assistance services are provided by Student Loan Benefits, Inc., doing business as Vault. Vault is a third-party provider that is not a subsidiary or affiliate of Prudential Student loan assistance services are not part of any employee benefit plan and are provided through a voluntary, individually selected program that is not a group insurance product or a retirement product. Access to Financial Wellness products, services, seminars and tools is not conditioned upon the purchase of insurance or retirement products or services from any Prudential company.
Offered through Vault
Vault Advisor
Vault Pay
Powers simple employer student loan contributions to help drive employee engagement
Simplifies the 70+ student loan repayment scenarios for employees
Web tool
Impact calculator
Federal loans can be automatically loaded into the tool
Send up to 5 family member invitations to access Vault Advisor
Education about Public Student Loan Forgiveness (PSLF)
The CARES Act allows employers to pay a tax-free benefit up to $5,250 towards an employee’s student loans and has been extended through 12/31/2025.
Loan optimization with VaultAdvisor
Flexible frequency of contributions and simplified rollout
PTO Conversion option allows employers to convert unused employee PTO to pay down student loan debt
1 For qualifying Prudential Customers. 2 Prudential PruPassages Employer Research Report, 2021. PruPassages is a service program with a primary focus to service the transitioning employee’s option(s) to continue lost coverage through conversion or portability. A financial professional cannot proactively market products or services without the individuals’ initiation or consent. PruPassages® is a service that is available to holders of Group Insurance contracts issued by The Prudential Insurance Company of America (PICA). PruPassages® provides Group Insurance contract holders’ insureds and/or former insureds with information regarding the options to continue life insurance coverage that is no longer available under a group contract. Individuals may be contacted, including by licensed financial professionals affiliated with Prudential, to explain available insurance continuation options and answer questions.
Assists employees through the process and answers questions on coverage needs, protection details, and steps to take action
Helps with timely employee notification of portability and conversion options
Relieves the administrative burden associated with portability and conversion of group life insurance
PruPassages Program simplifies portability and conversion of group life insurance benefits and is offered at no added cost to employers or employees:
Partners with many benefit technology platforms on data transfer
Employers spend $20,000-$50,000 on conversion notices annually
40%
Spent a month offboarding non-medical benefits
14 hours
What I love is that clearly it didn’t cost us anything [additional,] definite benefit to our outgoing employees, and took the responsibility off my team’s plate and ensuring the information was getting out to the right folks at the right time. It was nice to have the added layer of help.
Customer feedback
For additional information on PruEngage, this brochure highlights our overall enrollment and engagement capabilities.
The PruEngage Enrollment and Engagement Experience is a set of data-driven solutions created to deliver year-round Enrollment and Engagement capabilities to inspire your workforce to maximize their benefits and help employees take control of their financial well-being.
Supports individuals through their enrollment and engagement experience.
