CHATTANOOGA, Tenn. (May 20, 2008) – Beginning this year, Unum (NYSE: UNM) will contribute $700 towards a 529 college fund for children of its employees, an innovative new program that underscores the company’s expertise in the benefits industry and its commitment to education.
Unum, one of the nation’s leading providers of employee benefits and services, knows the value of a strong benefits portfolio.
“In this tight labor market, employers of all sizes are looking at unique benefits we can provide to attract and retain a quality workforce,” said Eileen Farrar, senior vice president of corporate human resources. “Niche benefits, such as this 529 contribution, highlight the importance of addressing the needs of our diverse working population – in this case working parents who will face extensive higher education costs for their children.”
In addition, this benefit builds on the company’s commitment to improving education opportunities for children.
“Unum supports the communities in which we work with a special focus on public education,” said Joe Foley, senior vice president and chief marketing officer. “This 529 benefit expands this commitment to our own Unum families, inspiring them to put their children on the path to educational success.”
All U.S.-based employees of Unum and Colonial Life are eligible for the benefit. It applies to children born or adopted in 2008 and after by a Unum employee, spouse or partner who opens a 529 education savings account within one year of the birth or adoption date. Several hundred children were born to Unum families in 2007.
New dad Jarrod Smith, a 29-year-old member of Unum’s Corporate Marketing Department, has a clear appreciation of the long-term significance of this program.
“My wife is a financial advisor and talks to clients every day about the importance of starting early to save for their children’s education,” Smith said. “Even though it seems like a lifetime before our daughter will enroll in college, now is the best time to start planning for this expense. We feel so fortunate that Unum is taking the initiative to jump start this investment for our child.”
About Unum
Unum (www.unum.com), formerly UnumProvident, is one of the leading providers of employee benefits products and services, and the largest provider of group and individual disability income protection insurance in the United States and the United Kingdom. The HR industry´s premier online community and resource for Human Resource professionals: HR, human resources, HR community, human resources community, HR best practices, best practices in human resources, online communities for HR, HR articles, HR news, human resources articles, human resources news, HR events, leadership, performance management, staffing and recruitment, benefits, compensation, staffing, recruitment, workforce acquisition, human capital management, HR management, human resources management, HR metrics and measurement, organizational development, executive coaching, HR law, employment law, labor relations, hiring employees, HR outsourcing, human resources outsourcing, training and development
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