Though many American workers want to save, they’re finding it hard to follow through and it’s impacting their financial well-being. Employers want to help because they understand how financial stress is impacting their business outcomes and how emergency savings can help. Employers and employees alike are looking for innovative solutions that meet long-term goals like […]
What to ask in a workplace emergency savings program RFP
Workplace emergency savings accounts (or ESAs as they’re starting to be known) have rapidly become the top requested financial benefit for most working Americans. It’s easy to understand why when 53% of Americans don’t have any emergency funds according to CNBC Your Money Financial Confidence Survey and nearly 40% would struggle to handle a $400 […]
How to implement an emergency savings program: tips from a total rewards leader
We recently spoke with Erica Hayton, the Total Rewards leader at the Cystic Fibrosis Foundation, to learn why and how they added workplace emergency savings – a new and frequently requested financial benefit. Hayton shared her team’s experience with benefit strategy evaluation, provider selection, plan design, technical implementation, marketing and communication, and post-implementation measurement. Below, […]
6 Things Employees Want from Emergency Savings
Workplace emergency savings programs (also known as emergency savings accounts / ESAs) are rapidly gaining popularity, particularly with the recent passage of Secure Act 2.0. According to Transamerica’s Prescience report, 40%-60% of employers are expected to offer workplace emergency savings or ESAs as a benefit. So what should employers expect out of their employees when […]
Use Your Emergency Fund for Unexpected Expenses: Examples
An emergency fund is a savings account (or any personal fund you set aside) that gives you easy access to cash. You turn to an emergency fund when you find yourself with unexpected expenses for something that needs immediate attention. But, sometimes, it’s difficult to judge whether an unexpected expense is immediate and essential – […]
In-plan vs out-of-plan emergency savings: what’s better?
Workplace emergency savings accounts take on the form of in-plan (administered alongside a defined contribution retirement savings plan under ERISA compliance) or out-of-plan (administered separately, outside of ERISA compliance). ERISA, or the Employment Retirement Income Security Act, is the federal law that lays out the requirements for employer-sponsored retirement plans. When it comes to choosing […]