Lincoln Financial Group (NYSE:LNC), a leading provider of retirement savings plans, announced its Retirement Plan Services (RPS) business has been selected by First Merchants Bank as the provider for its 401(k) defined contribution retirement plans. First Merchants Bank's retirement plans service 2,200 participants, representing approximately $170 million in retirement savings. First Merchants Bank has a long legacy of service across Indiana and throughout the Midwest region since 1893, similar to Lincoln Financial Group which was founded in Fort Wayne, Indiana in 1905.
"We know that Lincoln is focused on making sure our employees have access to not just easy-to-use technology, but also personalized service," said Shawn Moore, Director of Benefits for First Merchants Bank. "The opportunity to work with a company that has its operations team in the same state, along with Lincoln's dedication to the customer experience, are just a few of the many reasons we chose Lincoln."
Lincoln's model, where high-tech enables high-touch, delivers proven outcomes for both plan sponsors and participants. The personalized support and actionable tools available for employees can help them gain confidence and focus on the future. Financial wellness is becoming even more important ? 91% of full-time employed U.S. adults are concerned about some aspect of financial wellness as a result of COVID-191. Lincoln's WellnessPATHSM solution can help give employees a full picture of their finances, so they understand where they may be falling short, and how to balance every day financial pressures with larger goals, like saving for retirement.
Participants will also have access to Lincoln retirement consultants, who can help to educate them about their plan, saving and how to achieve the retirement they envision. Retirement consultants work one-on-one with participants, developing relationships and helping to maximize their retirement savings.
Additionally, participants can see their potential retirement income in real time using the retirement income estimator and increase their contributions with the click of a button using the Click2Contribute tool. Plan sponsors have access to a customized web experience that puts plan data at their fingertips, helping them see the overall health of their plans.
"We are thrilled about our new partnership with First Merchants Bank and are dedicated to motivating its participants to take actions that lead to better retirement outcomes," said Jamie Ohl, executive vice president, president, Retirement Plan Services, head of Life & Annuity Operations, Lincoln Financial Group. "We know thinking about retirement can be overwhelming, but we have the tools and the people to help prepare participants for retirement."
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $281 billion in end-of-period account values as of September 30, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes' World's Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek's Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
1 Lincoln Financial, COVID-19 Sentiment Tracking Study, 7/1/20-7/14/20
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