Emergency Savings Fund | Schwab - Millennium Trust Company

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Emergency Savings Fund

An emergency fund can help employees maintain focus in the workplace, while also preserving their retirement savings.

Employees want a workplace emergency savings benefit

Access to a workplace emergency fund is among the most desirable benefits for jobseekers.1 Yet only 8% of employers currently offer them.

In a competitive job market, an emergency savings benefit can attract and retain talent. It can also increase productivity by decreasing the mental and physical time an individual spends on a financial emergency.

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Made for your employees’ needs

Employees are less likely to depend on loans or dip into their retirement when they have an emergency fund. Our solution is tailored to make saving simple and unexpected expenses less stressful. Your employees will enjoy:

  • Automated savings through payroll deductions
  • Easy to use online account management
  • FDIC-insured and fully liquid funds

The Millennium Trust experience

Your employees want a workplace emergency fund. You want someone you can trust to handle recordkeeping, administration, and reporting. Here’s what you get with Millennium Trust:

  • Dedicated implementation and account management team
  • Flexible funding options including employer contributions
  • Informative and easy to use online employer portal

1. Betterment survey  2. Build Commonwealth

Our Solution

Our Emergency Savings Fund solution allows employees to save for the unexpected easily and automatically each pay period, or on their own time – no matter the amount.

Program Details

FDIC Insured

Accounts participating in the program currently enjoy enhanced FDIC protection.

Fully Liquid

The bank-demand savings account is completely liquid enabling accountholders to quickly and conveniently access their funds to address immediate expense needs.

No Penalties or punitive tax impact for withdrawals

The taxable custodial account allows employees to avoid potentially costly tax implications and keep longer term retirement savings dollars where they belong.

Employer Process

x

Complete the online Service Agreement and work with a Millennium Trust Onboarding Specialist to help set up the program. During this time, choose how to fund the program, either via automated payroll processing or ACH, and whether or not you intend to take part in employer contributions.

x

The employer then uploads an employee data file on our secure portal, so employees can receive a series of emails from Millennium Trust to help them understand the importance and benefit of enrolling, contributing and building an emergency savings fund.

x

Once the employee enrolls and establishes an emergency savings fund at Millennium Trust, they will have access to the Employee Portal, where recurring contribution amount and withdrawals can be easily managed.

  • Employer adopts program

    x

    Complete the online Service Agreement and work with a Millennium Trust Onboarding Specialist to help set up the program. During this time, choose how to fund the program, either via automated payroll processing or ACH, and whether or not you intend to take part in employer contributions.

  • Employees receive invitation to enroll

    x

    The employer then uploads an employee data file on our secure portal, so employees can receive a series of emails from Millennium Trust to help them understand the importance and benefit of enrolling, contributing and building an emergency savings fund.

  • Employee manages funds online

    x

    Once the employee enrolls and establishes an emergency savings fund at Millennium Trust, they will have access to the Employee Portal, where recurring contribution amount and withdrawals can be easily managed.

Connect With An Expert

Connect with an Expert to learn more about your emergency savings options.

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