We know individuals struggle to adequately save. Approximately 40% of Americans would borrow money in some capacity if hit with an unexpected bill of $1,000 or more.1 And, more than 30% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic – nearly two-thirds of which was used to cover basic living expenses.2
When relatively small financial emergencies occur, such as car repairs or a leaky roof, many Americans are forced, or elect, to tap into their retirement savings – and the consequences can be detrimental to long-term financial wellness.
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Financial stress can affect your employees in the workplace. Studies have shown that when employees are stressed about their finances, morale, productivity and tenure is likely to be negatively affected.3
In fact, financially stressed employees are two times more likely to seek employment elsewhere, costing employers an average of 11% to 14% of their payroll expense in turnover costs and lost productivity.4
3 PricewaterhouseCoopers, “Special Report: Financial Stress and the Bottom Line”, 2017. 4 Rotondo, Stephanie. “Employees’ Financial Stress Costs Employers.” World at Work 2019. Read ArticleWe provide employers an easy way to offer and manage our Emergency Savings Fund solution as a workplace benefit from start to finish, with minimal cost or administrative responsibility.
Establishing a program is made easy for employers with our streamlined, digital onboarding and account establishment. We take care of the employee engagement and enrollment through an extended communication plan.
Employers have the option for the program to be funded via payroll deduction or ACH contributions. The program also supports employer contribution options.
The easy-to-use Employer Administration Portal helps make program and account management easy and non-time consuming. We provide a choice of data processing options, as well as real-time reporting.
The program has a nominal employer cost, similar to offering Health Savings Accounts (HSAs).
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.
Accounts participating in the program currently enjoy enhanced FDIC protection.
The bank-demand savings account is completely liquid enabling accountholders to quickly and conveniently access their funds to address immediate expense needs.
The taxable custodial account allows employees to avoid potentially costly tax implications and keep longer term retirement savings dollars where they belong.
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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.
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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.
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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.
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