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Frequently Asked Questions from Benefits Brokers about TrueConnect
TrueConnect is a voluntary benefit program offered by employers to help employees with their personal finances. For a benefits broker, our service package is a great way to bolster your benefits portfolio and strengthen your client relationships.
Here are answers to some of the most common questions a benefits broker might have about TrueConnect.
1. Does the TrueConnect Program Have Any Cost or Liability To The Employer?
No, the program has no cost or financial risk to qualified employers. The employer is not a party to the loan or liable for the loan in the event of non-repayment by the employee.
2. How Many Employees Will Actually Use TrueConnect?
The participation rate of employees will inevitably vary from company to company. Typically, the range of participation falls between 10% and 20% of an organization’s employees.
3. How is the TrueConnect Program Perceived by Employees?
TrueConnect provides quick access for eligible employees to a loan of up to 8% of their annual income, not exceeding $3,000.00. Repayment is made through payroll deduction over a 12-month period. TrueConnect provides a safe loan through a federally chartered bank.
4. What Happens If An Employee Leaves With An Outstanding Loan?
If an employee with an outstanding TrueConnect loan is terminated or resigns, the loan balance may either be paid off in full or it may be transferred in direct payments to the bank providing the loan.
5. What Are The Compliance Issues?
All TrueConnect loans are funded by Sunrise Banks, N.A. Sunrise Bank is a federally chartered bank, while TrueConnect loans are available in 48 states. TrueConnect loans are not available in Rhode Island or New Jersey.
Partner With TrueConnect For Long-Term Success
Why is it that some benefits brokers thrive, are continually in demand, and often have to turn down business – while others are not entirely sure where their next engagement will come from? Is it luck? Is it fate? The connections they were born into?We don’t believe so. It’s been our experience that benefits brokers who play at this level got there by changing with the times and adding more value than their competitors. Linking Value Added Benefits like TrueConnect’s employee loan program with your current business offerings doesn’t need to be difficult; in fact, we’ll make it profitable for you, easy, and empowering.
In addition to you creating an additional revenue source through our strategic partnership program, our employee loan program compliments your current benefit package and can dramatically help your clients and their employees. After reading through our “Associate Agreement” we’re happy to discuss all the benefits of working together. You can schedule a call HERE.
During our short call, you’ll learn:
- How to increase your income while helping those you serve.
- The new solution that gives your consulting business a competitive advantage.
- A new benefit offering that complements your current programs.
- How to help your HR clients reduce absenteeism, increase retention, improve productivity and reduce financial-related stress among employees.
TrueConnect is a key ingredient for benefits broker success. If you would like any further information, please don’t hesitate to get in touch.