Updates to our Benefits and Pricing

Summary

New financial wellness products are coming to SaveDay, as well as upcoming price changes. We’re here to help your employees invest in themselves today so they can show up better tomorrow.

In addition to the SaveDay 401(k), here are the new components of financial wellness you and your employees can get through SaveDay in Q1 of 2025:

• IRA accounts
• Trust & will
• Expanded investment options
• Customized retirement planning

Your team will also receive enhanced customer support and greater accuracy in account updates through our new custodian and recordkeeper, American Trust.

New Pricing:

• Your SaveDay Subscription: $250 per plan per month + $9 per participant
• Portfolio Management Fee (to participant): 25 BPS per month per participant

FAQ

1. What should I share with my employees?
Feel free to copy and paste this and share with your employees: 

As a valued employee, we want to let you know in advance about new benefits and improvements coming to our 401(k) provider, SaveDay, in 2025 as well as an upcoming change to their fees. 

Next year through SaveDay you'll be able to get: 

• IRA accounts
• Trust & will
• Expanded investment options
• Customized retirement planning

Our team will also receive enhanced customer support and greater accuracy in account updates through SaveDay's new custodian and recordkeeper, American Trust.

Additionally, SaveDay used to charge 90 basis points (same as or 0.90%) to you for management of your portfolio. The new price will be only 25 BPS (or 0.25% of the value of your portfolio). Yay savings!

Thank you have a good day!

2. What is a custodian?

A 401(k) custodian holds and protects the assets of a 401(k) plan. Their responsibilities include keeping the plan's assets secure, ensuring that the plan complies with regulations and providing essential administrative services.

3. Why are we changing custodians?

We’re moving from Apex to American Trust as part of our commitment to reduce errors and improve service quality. American Trust offers enhanced custodial support, which will allow us to better manage records, ensure accuracy, and improve the overall participant experience.

3. What are the benefits of the new recordkeeping system?

With American Trust as our recordkeeper, there will be a significant reduction of errors in recordkeeping. Participants should receive accurate, timely account information and improved support.

4. How does the new fee structure impact participants?
Our updated pricing lowers participant costs and replaces the previous model. The flat monthly plan fee of $250, plus $9 per participant, coupled with the Advisory Managed Portfolio fee of 25 BPS, provides transparency and affordability. This structure ultimately saves participants money.

5. Are these fees tax-deductible?
Yes, for businesses, your SaveDay Subscription is tax-deductible, providing an added financial benefit.

5. How will these changes affect the level of support we receive?
With the transition to American Trust and the new recordkeeping system, we’re enhancing our customer support structure, ensuring faster response times, more knowledgeable assistance, and improved resolution for any account or plan inquiries.

6. Will participants notice any difference in their experience?
Yes, participants should experience smoother transactions, quicker access to account information, and better overall service. The improved recordkeeping accuracy will also help in minimizing any delays or errors in processing.

7. What are the costs for using the Advisory Managed Portfolio?
The Advisory Managed Portfolio has a 25 BPS fee per month per participant, which is designed to be both cost-effective and competitive.

9. When will these changes take effect?
These updates are being rolled out soon, with full transition expected within the coming months. Exact dates will be communicated to all sponsors and participants to ensure a smooth transition.