Terracon Geotechnique Enhances Employee Financial Wellness with Mortgage & Student Loan Repayment Benefits

Terracon’s leadership understood how financial wellness can impact the productivity and retention of valuable employees. From the outset, Terracon sought to implement a debt repayment benefit that would:

• Appeal to a broad range of employees.

• Include more than a student loan debt benefit.

• Manage diverse employee profiles, including both salaried and hourly/ variable wage workers.

Terracon implemented both Marmot’s Mortgage Accelerator Benefit and Student Loan Repayment Benefit, these new benefits provided:

• Debt repayment benefits that provide a monthly payment toward:

  • Primary residential mortgage; or

  • Federal and provincial student loans

• Plans designed to accommodate and manage fluctuating contributions, taking into account the variable pay structure of 80% of employees.

• A student loan repayment benefit was offered to Terracon employee’s when their household debt includes federal or provincial student loans. Monthly loan payments can be applied to the loan of:

  • Terracon employee, or employee’s spouse or partner.

The program has delivered substantial benefits for both Terracon and its workforce, with active participation in both mortgage accelerator and student loan repayment programs making a tangible impact on employee financial wellbeing. The results demonstrate improved financial outcomes for both individuals and families, helping employees better manage and reduce their debt obligations.

For Employees with Primary Mortgages:

• Employees saved an average of more than $162,000 on their primary mortgage through reduced principal and interest payments.

• Allowed employees to pay off their mortgage’s up to 19% faster improving their debt to income ratio and credit scores.

For Employees with Student Loans:

• Through the Marmot Student Loan Repayment Benefit program, employees saved an average of more than $8,600 on their student loans through reduced principal and interest payments.

• Allowed employees to pay off their student loans up to 43% faster, improving their debt to income ratio and credit scores.

For Terracon Geotechnique:

• Redefined financial well-being by offering debt repayment benefits to spouses.

• Improved financial outcomes for individuals and families by allowing participation in both debt repayment programs.

• Created an engaged, focused and happier workforce by reducing financial stress.