Betterment at Work is a comprehensive platform designed to provide modern 401(k) and financial benefits tailored for the diverse needs of today’s workforce. Here’s an overview of what the product does and its key features:
What Betterment at Work Does
Betterment at Work helps companies of all sizes to offer their employees robust and user-friendly financial benefits while simplifying the administrative burden associated with managing these plans. The platform is built to attract, delight, and retain employees by providing a suite of financial wellness tools and services.
Key Features and Functionality
Customizable 401(k) Plan Design
- Employers can customize their 401(k) plans with features such as auto-enrollment, auto-escalation, vesting schedules, profit-sharing, and Safe Harbor 401(k) options. The platform also supports 401(k) match on student loan payments, which is a unique benefit to help employees manage their debt.
Administrative and Compliance Support
- Betterment at Work handles administrative tasks, including regulatory filings and compliance monitoring. It assumes 3(16) and 3(38) fiduciary responsibilities, prepares Form 5500, and provides ongoing service and live support for both employers and employees.
Payroll Integrations
- The platform integrates seamlessly with over 150 top payroll providers such as Rippling, Gusto, and TriNet, automating plan administration and reducing the administrative workload.
Investment Management
- Betterment at Work offers investing portfolios built by a team of experts and optimized with automated technology. Employees can manage their accounts through an intuitive interface and a highly-rated mobile app.
Additional Financial Benefits
- Beyond the 401(k), the platform provides access to other financial wellness tools, including:
- 529 Education Savings Plans: For education savings, available as part of the Pro or Flagship plans.
- Student Loan Management Program: Helps employees manage their student loans.
- One-on-One Financial Coaching: Unlimited sessions with financial planners, available in the Pro and Flagship tiers.
Participant Engagement and Education
- The platform includes a robust participant engagement program with resources such as webinars, videos, and articles to help employees maximize their benefits and achieve their financial goals.
Simplified Plan Administration
- Employers can manage their plans through an all-in-one dashboard, which provides real-time plan insights, custom reports, and participant-level data. The dashboard also includes a simplified compliance hub to monitor the plan’s compliance status.
Transparent Pricing
- Betterment at Work offers transparent and all-in pricing with no hidden fees, ensuring employers have clear cost control and visibility into their expenses.
Mobile App and User Experience
- The platform features a highly-rated mobile app that allows employees to manage their 401(k) and other financial goals on the go, enhancing user experience and engagement.
By combining these features, Betterment at Work provides a comprehensive solution that not only simplifies the administration of 401(k) plans but also empowers employees with the tools and resources they need to achieve their financial goals.