HVAC Manufacturer Rolls Out Student Loan Genius Benefit Through Prudential

Mestek, Inc., HVAC manufacturing and engineering leader and Prudential Retirement client, today announced that it will offer the Student Loan Genius benefit to help employees and their families with student loan debt repayment. The company is the first of Prudential's defined contribution recordkeeping clients to publicly announce that it will offer a student loan benefit through the Prudential and Student Loan Genius partnership. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).

This fall Mestek will roll out Genius Advisor™ by Student Loan Genius, which helps employees find and select the best of 70-plus student loan repayment scenarios in as few as seven minutes.

"Student loan benefits are becoming increasingly popular among employers who view employee financial wellness as a top priority," said Snezana Zlatar, senior vice president and head of Product for Prudential Retirement's Full Service Solutions business. "Student loan debt is one of the biggest hurdles to saving for long-term priorities, including retirement. Helping manage the burden means creating more opportunity for employees to prepare for a solid financial future."

America's student debt, which was once a low-cost loan paid off in the first few years of a career, now hovers around $1.3 trillion and creates both short- and long-term financial challenges for individuals and families. In fact, 73 percent of student loan borrowers say they have postponed saving for retirement or any other investments because of student debt, according to an American Student Assistance survey.

"As we grow, we're hiring more recent college graduates and seeing that many of them are burdened by student loan debt." said Joanne Berwald, vice president of human resources for Mestek. "We wanted to offer our employees a benefit that could help remove that worrisome distraction and offer real help."

Mestek Inc., headquartered in Westfield, Mass., is a family of manufacturers of HVAC equipment and automated manufacturing machinery with years of experience and a history of innovation. The company, a Prudential recordkeeping client since 2007, has two defined contribution plans totaling $115 million in assets under management.

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