TriStar Pension Consulting would like to announce that they have partnered with Dave Ramsey to make his CORE Financial Wellness program available to their Retirement Plan Sponsors and/or their clients’ retirement plan participants. CORE Financial Wellness is Ramsey’s program for the business community that aids employers who want to help their employees relieve financial stress and win with money.
TriStar’s new collaboration originated from TriStar’s desire for all plan participants to be able to have a dignified retirement and their belief that plan participants are in need of more foundational financial education. By offering Dave Ramsey’s CORE Financial Wellness, we are acting on our commitment to our clients and their participants to partner with them to help them reach their retirement goals. We want to provide our clients’ plan participants with behavior-based education that we believe has the ability to make a significant positive impact on their financial lives. TriStar believes that saving for retirement is a lifestyle that must be embraced by more Americans, and that with the right information and education, we can help to solve the retirement crisis in our country, one participant at a time.
Ramsey developed CORE Financial Wellness to teach employees and 401(k) participants sound financial principles so they can avoid financial difficulties. CORE Financial Wellness teaches people how to save, spend wisely, eliminate debt and invest with confidence for retirement. The mission of the program is to help participants change their behavior toward money and in turn, use their largest wealth-building tool, their income, to save and invest instead of paying consumer debt. The average family in a CORE Financial Wellness program pays off $5,300 in debt, saves $2,700 in the first 90 days after beginning the program, and is completely out of debt, except for the mortgage, in 18 to 24 months.
Who is Dave Ramsey?
Dave Ramsey is a nationally recognized radio talk show host, money expert, and published author. Most notably, Dave Ramsey provides financial advice and motivation for getting Americans out of debt and into wise money management. You can read more of Dave’s story here.
What is CORE Wellness?
CORE Wellness is a program that Dave Ramsey created to help Americans save more for retirement through educational resources and a series of programs to promote consistent saving behaviors. TriStar Pension has teamed up with Dave Ramsey CORE Wellness exclusively in the Oklahoma City metro, to offer this program to our clients at a discounted rate. We think this program provides great guidance that employees and employers will find beneficial. Any employee can participate in the program whether or not they qualify to defer in the workplace savings plan.
What is the Curriculum?
Dave Ramsey’s CORE begins with a confidential survey, that assesses the employee and provides them with a score between 1-100. The program will cover 8 lessons and the participant can increase their score along the way;
- Saving, Money & Relationships;
- Debt Elimination;
- Retirement Planning;
- Real Estate & Mortgage;
- and 5 Bonus Lessons!
The courses are all online and can be accessed by the employee via a secure portal. Each employee will have his or her own login and password, and the information collected will be 100% confidential. In addition to the lesson plans, there are also money tools, mobile applications, and a Question & Answer section. With time, the employee can see their score rise as they become more financially conscious and begin to pay off debt.
What are the Program Benefits?
- Increase Retirement Plan Participation
- Increase Retirement Plan Deferral Rates
- Decrease Retirement Plan Loans
- Provide Additional Benefit to Employees, Improving Morale, Work Ethic, and Financial Literacy
- Reduce Employee Stress and in turn reduce Turnover Rates and Healthcare Costs
How will Employer’s Know if CORE is Working?
Each quarter CORE will provide the employer with a wellness scorecard survey summary that compiles the information collected from all employees and then translates the data into graphs…a report card if you will. This score card will track the attitude and confidence levels employees have along with the total amount of debt eliminated and money saved. The wellness score card will also include the number of employees who participate in the program. This wellness scorecard summary will look something like this:
Why is TriStar offering this program?
TriStar Pension is passionate about helping Americans save for a dignified retirement. As plan administrators, we see the increasing rates of loans and distributions being taken from 401k plans as well as hardship withdrawals. That increase, along with the dwindling deferral rates, spell trouble for our retirement futures. We must get employees on track with saving to avoid the impending retirement crisis. The Dave Ramsey CORE Wellness program relays financial information in ways that all participants can understand and teaches them the fundamentals of a healthy and financially fit life.