SaveDay® is the advisor, administrator, and broker-dealer for your 401(k) plan, making it easier and more affordable to offer the best plan for your employees
You and your employees receive high-quality and personalized advice in setting up the best retirement investment plan for your employees, at no cost to employers.
Traditional business retirement plans are riddled with fees and create unnecessary burdens on employers, which prevent them from offering a 401(k) plan.
Whether they are automatically enrolled or sign up on their own, each employee can create a SaveDay® account quickly with online enrollment. Same with new hires.
For many Americans, an employer-sponsored plan is their primary means of saving for retirement. According to the Investment Company Institute (ICI), approximately 55 million Americans were actively participating in an employer-sponsored 401(k) retirement plan as of 2016. As of September 2018, 401(k) plan assets totaled $5.6 trillion, up from $2.2 trillion in 2008.
However, not all workers in the private sector have access to an employer-sponsored retirement plan. The problem is more prevalent among small- to medium-sized businesses; as of 2017, only one-third of companies with five to 250 employees were offering a plan. There are several reasons why business owners choose not to offer retirement plans, but a commonly cited reason is the costs involved in setting up and administering a plan. This can be problematic for companies; 94% of small business owners believe offering retirement plans is important for employee recruitment and retention. Further, many potential employees view employer-sponsored retirement plans as one of the top benefits they look for when considering a job.
SaveDay® employer-sponsored retirement plans are built to work for even the smallest of businesses. The zero employer costs plans extend into compliance services, that are also provided free of charge — continuing to reduce the burden on the employers in providing retirement plans to their employees. SaveDay® delivers these plans through a technology-enabled platform that provides employers and employees with dashboards to view all relevant data and track their retirement progress in real- time. SaveDay® also provide clients with a robo-advisor service, recommending optimal portfolios and providing employees with diversified, low-cost portfolio options.
Open a $0 Cost 401(k) plan todayThrough the SaveDay® Employer Dashboard, employers are able to manage employees and process 401(k) contributions. The platform provides employers with an efficient method of adding newly hired employees by enabling
SaveDay® integrates with payroll providers to process 401(k) contributions on behalf of clients
CSV uploads to update its list of employees. It also provides the option of automatically sending an invite to enroll all new hires. SaveDay® integrates with payroll providers
to process 401(k) contributions on behalf of clients. It can process contributions including traditional pre- tax, Roth, and employer match simultaneously. The platform also provides employers with a historical overview of employee contributions and automatically monitors annual employee contribution limits.
The SaveDay® platform asks employees to answer discerning questions to gauge each employees’ risk tolerance level. Employees also provide their age, number of years until expected retirement, other expected sources of retirement income, and investment goals and objectives. From the information gathered, SaveDay® will then recommend a personalized and diversified investment portfolio of low-cost exchange-traded funds (ETFs).Employees are also given the option to browse other portfolio options and select a different one. The company provides the opportunity to invest in “micro-shares” (i.e. fractional shares of ETFs), enabling employees to start investing for as little as $1. As participants approach retirement, SaveDay® will automatically rebalance their asset allocations to become more conservative. It will automatically rebalance portfolios back to the original target allocation on a daily basis.
Employees utilizing SaveDay® are given access to an online, mobile-friendly dashboard that displays a high-level summary of their account value, various performance metrics, and contributions. The platform also displays an interactive chart which allows employees to track their portfolio values over time. Employees are encouraged to fill in the details of their current financial situation, including their income and other retirement or savings accounts. From this information, SaveDay® provides employees with a projection of their future retirement readiness. It also recommends ways in which employees can improve their retirement financial situation (such as saving more). SaveDay® also provides employees with educational material to assist them with retirement decisions. Information provided includes basic investing concepts, retirement planning videos, financial planning, and what-if analysis tools.
Employees make pre-tax contributions, and employers can match and/or contribute to participating employee plans.
Only for Business owners without employees; can make pre-tax contributions for themselves as well as their spouses.
Contributions are tax-deferred for employees, employers can match a percentage of employee contributions and receive tax- deductions, strict provisions on which companies and employees are eligible.
Employers match participating employees’ contributions or contribute on behalf of all eligible employees; contributions are mandatory.
Employee contributions are post-tax, employers can match a percentage of employee contributions, but there are income limits on which employees can participate.
The tax savings associated with 401(k) plans are no longer just for the employee. Employers now can be made eligible for thousands of dollars in tax credits by participating in qualifying 401(k) plans. SIGN UP TODAY! Your Next Step Go to SaveDay.com and click on ‘Get Started’. It takes less than 10 minutes to complete. Growing Freely with SaveDay® is quick and easy, placing retirement goals within your reach. Page 5 of 5 Grow Freely©
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