RCM&D Incorporates Tuition Rewards® Into its Retirement Planning Services Under New Partnership with SAGE Scholars
Unique New Benefit will Promote Retirement Savings and Save Enrollees Money on College Tuition
Towson, MD – Leading insurance and benefits advisory firm RCM&D recently launched a new initiative with SAGE Scholars, the nation’s largest private college savings reward program. The partnership will enable the employees of RCM&D’s retirement plan clients to earn discounts on tuition at a consortium of more than 280 participating private colleges and universities located from Maine to Hawaii.
This unique partnership helps employees pay less for college, promotes retirement and college savings and aids the enrollment efforts of participating colleges, who are able to contact enrolled students in grades 9 to 12.
“RCM&D is continually seeking innovative ways to add value for our clients and their employees,” said Geoff Suval. “Planning for college expenses is a major concern for many employees and our new partnership with SAGE Scholars reduces the overall cost of tuition and promotes private college education.”
How It Works
Employees at RCM&D client companies will be able to earn Tuition Reward Points, similar to frequent flyer miles and redeemable as discounts off the “list price” of tuition. Tuition Reward Points are earned by employees on an annual basis, and are awarded in an amount equal to 5% of the balance in their retirement account. For example, if an employee has $50,000 in their retirement account, they earn 2,500 points, which is equal to a $2,500 tuition discount.
The discounts, provided by the participating private colleges, represent the minimum scholarship that sponsored students will receive if they attend a member school for undergraduate study, beginning with the freshman year. The program guarantees that each student will receive a discount equal to his or her accumulated Tuition Reward Points (1 point = $1.00).
Discounts are “capped” at a maximum scholarship of one year’s tuition, spread evenly over a projected four years attendance. In return, participating colleges are given recruiting access and educational / demographic information about eligible enrolled participants. This process broadens the families’ educational opportunities and helps make a quality private education affordable.
There is no charge for RCM&D clients or their employees to take part in the program.
SAGE was founded in 1996 by Dr. James Johnston, the former Director of Admissions and Financial Aid at the Wharton Graduate School, University of Pennsylvania. SAGE’s Tuition Rewards Program is now the largest private college savings program in America, based upon the number of participating students (200,000+).
“We’re very excited to have RCM&D involved in Tuition Rewards,” declared Dr. Johnston. “We think our reward program represents a unique employee benefit not only because of the value but because it motivates families to start saving for college. Studies have shown that 44% of college students give their parents a failing grade when it comes to financial planning. For our member colleges, our program motivates families to consider the benefits of a private college.”
For more information on this program, contact Robert Kotler of RCM&D at 410 427 6439 or rkotler@rcmd.com.