Munich Re Group hosted its fourth consecutive annual wellness fair at its Toronto headquarters this month, highlighting financial well-being resources available to employees.
The event brought together representatives from the multinational reinsurer’s well-being platform provider, defined contribution pension plan recordkeeper, and health benefits administrator, as well as a recently added financial education and literacy partner.
Around 150 employees attended this year’s fair. Participants carried a small passport and collected stamps from each vendor they visited, receiving giveaways along the way and a free smoothie upon completing the passport, according to Maria Sands, Munich Re’s head of benefits and retirement savings for North America.
Munich Re centers its well-being strategy on three pillars – mental, physical, and financial health. Sands said financial wellness has become increasingly important since the coronavirus pandemic.
“Coming out of [the coronavirus pandemic], everything was very much geared towards mental health. Mental health is still very important to us, but the financial part [and] understanding how that feeds into mental health as well [is growing in importance],” Sands said.
Previously, the organization’s financial education initiatives were managed solely by its recordkeeper and focused primarily on the pension plan. Munich Re also offers employees a group registered retirement savings plan and a group tax-free savings account.
The company’s newer financial education partnership expands that scope considerably. Through the program, employees can enroll up to four family members, including children and parents, and access modules tailored to different age groups, covering topics such as choosing a financial adviser and the basics of investing.
“For instance, I signed my kids up so they can learn the basics at an elementary level or a high school level. And there are other employees who are caregivers and they’re thinking about how to prepare their parents for retirement and all the things that come with it,” Sands said.
Employees also have access to one-on-one financial coaching sessions on topics of their choosing.
“It’s an opportunity to have a one-on-one unbiased discussion, … giving them that coaching they need to push them or start thinking about different types of ideas or building out a financial plan,” Sands said.
Munich Re also highlights its financial wellness offerings each November during Financial Literacy Month. Looking ahead, Sands said the company is exploring a virtual fair format to extend the program to smaller offices across North America.
