Our core business is an an out-of-plan emergency savings program & platform. This means our workplace saving platform sits outside of ERISA and is completely separate from your retirement account plan.
Employees elect a post-tax payroll contribution that goes into a free brand new emergency savings account via Sunny Day Fund through Portage Bank, Member FDIC. Employees get these accounts without any credit checks or minimum balance requirements. Employer rewards (think: match) are paid out quarterly and is based on the average daily balance that employees maintain in the account. Participants may also get year-end bonuses or spot bonuses into their Sunny Day Fund as well!
Employees select savings goals, which includes an emergency rainy day fund in addition to aspiration goals to save up for their sunnier days too!
We enable employees to accumulate wealth on a platform that is easy, accessible and rewarding. Sunny Day Fund used behavior finance principles that build the savings behaviors that employees need to be successful. This yields less 401(k) loans/withdrawals, less credit card debt, less payday loans, and less requests for advances on wages... not to mention happier and more productive employees!
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