Williamsport City Council recently listened to a presentation by Retire US, a company that approached the city administration about offering a program that could be used by city employees related to their finances and retirement.

The company approached Mayor Derek Slaughter and Cynthia Hart, city human resources director, and they took the idea to Austin White, solicitor, who felt it best to allow the company to give a presentation to council before the administration drafted a proposed resolution.

Council President Adam Yoder asked Michael A. Scarpati, a company spokesman, for a written copy of the presentation to provide for all of the council.

The financial wellness program would be supplemental to the benefits offered to city employees and would not cost anything for the first year, with the cost for the following year of $5,000, Scarpati said.

After the COVID-19 pandemic, 92% of employees surveyed by the firm were under stress based on their economic uncertainty, and 74% were seeking advice on financial decisions and even less expected their employer to help them to achieve financial security.

Based on research done, less than 30% of employees in a review felt confident in their ability to retire securely.

There was a gap in confidence in actually being able to plan for these milestones and Retire US was considered to be a company with knowledgeable personnel that could help to provide more surety for those receiving benefit offerings as employees and enhance their financial literacy.

It was only a presentation for the council with no decisions made but was something for the council to consider leading up to the proposed 2025 budget discussion.