Painting Away Student Debt: Benjamin Moore’s Employee Solution

Building on the success of the Student Loan Repayment Benefit with U.S. employees, Benjamin Moore sought to offer a similar benefit to its Canadian workforce. The company required a unique plan design that was separate from a group savings plan, as well as a reliable, responsive solution that could be easily accessed by its smaller Canadian team.

Implementing Marmot’s Student Loan Repayment Benefit fit seamlessly into Benjamin Moore’s philosophy of investing in their colleagues by offering competitive benefits:

• Benjamin Moore’s Canadian employees receive a fixed monthly payment directly toward their federal or provincial student loan through payroll.

• Delivers a fully digital solution that tracks and adheres to annual and lifetime maximums, removing the need for additional plan oversight or administration.

• Operates on an open and continuous registration allowing new employees to participate at any time.

The program has delivered substantial benefits for both Benjamin Moore and its employees:

For Employees

• Employee uptake was immediate and has continued to increases steadily with new hires.

• With the Marmot Student Loan Repayment Benefit, employees saved an average of more than $5,800 on their student loans through reduced principal and interest payments.

• Significantly shorted loan repayment timelines, cutting them up to 41 months per employee.

• Allowed employees to pay off their student loans up to 39% faster improving their debt-to-income ratio and credit scores.

For Benjamin Moore

• With the successful implementation of Marmot’s Student Loan Repayment Benefit for Canadian employees, Benjamin Moore now boasts student loan repayment benefits for all employees in Canada and the U.S.

• Demonstrated commitment to employee financial wellness through innovative benefits.

• Created a more engaged, focused and happier workforce with reduced financial stress.