Can employees access their money?
Yes. The money is more accessible than traditional 401(k) hardship withdrawals. Access is determined by employer‚Äëset criteria, and the plan is designed for employees to be able to tap into it for things like car repairs or unpaid medical expenses.
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Are there investment options beyond money market?
Initially, all money goes into money market funds because employees have ready access and we don’t want it at risk. However, the plan document provides that employees can transfer money to a 401(k) or IRA where it can be invested however they want ...
Is this a mobile app or website?
It's mobile web based‚ employees don't need to download anything. This avoids issues with app downloads and cellular service costs that some employees face.
What does the employee interface look like?
It's gamified and shows current balance, earning campaigns (how they can earn money), past earnings, and importantly, potential earnings over the next 12 months to encourage retention.