AUSTIN, Texas, Sept. 24, 2019 /PRNewswire/ — Vault, a leading provider of student loan repayment benefits, today announced that Concordia Plan Services, the organization that provides health, disability, and retirement benefits to The Lutheran Church – Missouri Synod employees and their families, has implemented its student loan advisory benefit, Vault Advisor, for its 6,000 ministries.
Concordia Plan Services chose Vault Advisor to help reduce student debt stress and remove the financial obstacles that prevent its members from the work they’re called to do. Vault Advisor, an online tool that models customized payoff plans based on employees’ actual loans and offers 1:1 advising for employees, will help Concordia Plan Services members navigate the various federal repayment options and optimize their repayment plans.
“Concordia Plan Services’ mission is to help ministries be well so they can serve well, and we see financial wellness as one of the main components to overall wellness,” said Beth Rusert, chief marketing and growth officer at Concordia Plan Services. “As student debt has become a greater financial burden for ministry employees, it’s important for us to provide a resource that will fully support employees in their efforts to pay off loans. With Vault advisor, we’re able to now remove that obstacle so that our ministries can better connect with and commit to that mission of wellness.”
“Vault’s primary focus is to help organizations attract and retain top talent by providing their employees with essential benefits to ensure progress towards financial goals and financial freedom,” said Matt Beecher, CEO of Vault. “Concordia Plan Services understands the impact student loan benefits can have on its ministries recruiting efforts in today’s competitive job market and the impact it can make on employees’ individual financial futures. We’re pleased to help make financial wellness a reality for the ministry employees who are burdened with student debt.”
Student loan debt surpassed $1.5 trillion in 2018, according to the Federal Reserve. By 2027, 75 million Americans will have $3 trillion in student loan debt. While employers today offer 401(k) plans as part of their benefits packages, far too often employees struggle to pay off their existing loans, leaving them unable to contribute to their financial futures. Employers who offer student loan benefits create a work culture that solves these financial hardships and gain a competitive advantage in recruiting and retaining top talent.
Vault is a student loan benefits platform, providing employers with enterprise-grade tools to help employees pay down their student loans faster and achieve debt defiance. Vault is uncompromising in our approach to provide unbiased guidance that is free of conflict and proprietary product sales. Vault is the only battle-tested provider focused on offering sophisticated, secure and scalable student loan repayment solutions to employees. In working with companies of all sizes, from New York Life and Ralph Lauren to Mastercard and Pinterest, Vault builds stronger, mutually beneficial relationships between employers and employees that measurably improve talent acquisition and employee retention. For more information, visit vault.co or follow us at @vaultbenefit.
About Concordia Plan Services
Ministry is a life-long vocation for ministers of religion, as well as for many lay workers. By partnering with Concordia Plan Services, an ally who understands their unique needs, congregations, schools and other special ministry organizations are able to provide workers and their families with excellent comprehensive employee benefits including health, retirement, disability, survivor and specific resources for ministries.
Concordia Plan Services