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April 23rd 2008 was named Financially Fit Minnesota Day! Read more

More Than 20 Major Minnesota Employers Pledge to Help Employees Improve Retirement Savings, Personal Finance Management

Best Buy, HealthPartners, SUPERVALU, U.S. Bank, Wells Fargo and others in Itasca Project form "Financially Fit Minnesota" to impact thousands of Minnesota families

Minneapolis, MN – (APRIL 23, 2008) More than 20 leading Minnesota employers in the Itasca Project's new Financially Fit Minnesota program have pledged to help their employees close critical gaps in two key areas of personal finance – retirement savings and use of direct deposit for pay – in a statewide initiative that will impact thousands of Minnesota families.

The employer-led initiative is a response to troubling trends that, unless reversed, could spell disaster for the state’s economic future. Less than half of Minnesota workers participate in an employer-sponsored retirement savings plan, including more than half a million full-time workers in the Twin Cities metro area, and many do not use basic banking services.

Making a measurable difference

Financially Fit Minnesota’s 20-plus pacesetter companies are committing to making measurable increases in employees’ rate of retirement savings and/or direct deposit use, and their actions are expected to impact a projected 15,000 employees of all income levels over the next two years. The near-term goal is to bring more employers on board and increase the number of Minnesota households impacted to 50,000.

Although many companies already have high rates of participation in retirement savings and direct deposit use, the program aims to encourage even greater participation. For example, some companies are changing their retirement savings programs from opt-in to opt-out, which has the potential to significantly increase the number of employees using their employer’s plan and getting a percentage match for dollars they set aside.

“These simple, practical steps have a significant potential to positively affect the financial futures of thousands of Minnesotans," said Brad Anderson, chief executive officer of Best Buy and chair of the Itasca Project's Financial Literacy Task Force. "A growing number of people in our state are challenged by foreclosures, credit card debt or dwindling savings accounts. We as Minnesota employers have the ability and responsibility to apply practical, focused actions that can help working families achieve greater financial stability."

Financially Fit Minnesota employers are: Allina Hospitals & Clinics, Best Buy, Deluxe Corp., Fairview Health Services, HealthPartners, Jefferson Lines, Met Council, Minneapolis/St. Paul Business Journal, Mortenson Construction, Pentair, SUPERVALU, Target, Thor Construction, Thrivent Financial for Lutherans, Regions Hospital, Travelers, University of Minnesota, U.S. Bancorp, Weber Shandwick, Wells Fargo and Xcel Energy. The initiative has the support of Minnesota Gov. Tim Pawlenty, Minneapolis Mayor R.T. Rybak and St. Paul Mayor Chris Coleman.

“Saving for the future and ensuring financial fitness are important steps for every Minnesotan,” Gov. Tim Pawlenty said. “I’m proud of the companies participating in Financially Fit Minnesota who are working to increase the number of those participating in retirement savings plans and using direct deposit. I hope that other businesses across the state will join this important initiative.” Gov. Pawlenty today issued a proclamation in support of the work of Financially Fit Minnesota.

Itasca Project members are encouraging employers of all sizes throughout Minnesota to join the effort. A new Web site, www.FinanciallyFitMN.org, is a resource for employers looking for tips and best practices to improve their employees’ financial well-being. If your company is interested in getting involved in Financially Fit Minnesota, please contact Allison Barmann at (612) 371-3168.

About the Itasca Project

The Itasca Project is a four-year-old alliance of more than 40 Minnesota chief executives and elected leaders formed to address regional issues that affect economic competitiveness and quality of life.

Questions about this press release? Contact: cscroggins@webershandwick.com

Media inquiries, please contact:

info@financiallyfitmn.org or
Financially Fit Minnesota at (612) 371-3151