SaveDay provides fully integrated 401(k) solutions with no cost to employers and low fees for participants, addressing the coverage gap for small to medium businesses. The platform simplifies onboarding and compliance while offering managed investments with low fund fees, ensuring employees have accessible retirement savings options.
Funding
$250K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many small to medium-sized businesses face challenges in providing 401(k) plans to their employees due to high costs, complex administration, and compliance burdens. This lack of access to retirement savings plans can hinder employee retention and financial well-being.
Solution
SaveDay offers a fully integrated 401(k) solution designed to be affordable and easy to use for both employers and employees. The platform simplifies the onboarding process and automates compliance tasks, reducing the administrative overhead for businesses. Employees benefit from managed investment options with low fund fees, enabling them to build retirement savings effectively. SaveDay acts as the ERISA 3(16) and 3(38) fiduciary, ensuring the plan adheres to regulatory requirements.
Target Audience
SaveDay primarily targets small to medium-sized businesses that want to offer 401(k) plans to their employees without incurring high costs or administrative burdens.
Features
- Automated recordkeeping for tracking balances, transactions, and deferrals
- Preparation of annual reports, including Form 5500 and 8955
- Nondiscrimination testing and management of required corrections
- Access to Safe Harbor plans for compliance
- Managed investment portfolios through affiliated investment advisor WealthyX, LLC
- Blended average fund fees of 0.08%
- Custodial services through a third-party custodian for transaction validation and trade execution
- Payroll integration for streamlined contributions