I have been in the retirement plan business working as an ERISA attorney for 14+ years. Over the past 14 years, you hear a lot of new ideas, products, or services, and the fact is that most of them suck.
A few months back, I had the pleasure of meeting Marc Robinson from SaverNation and I think SaverNation the greatest idea since sliced bread. I take that back, what’s the big deal about sliced bread? A bread and a knife? It’s better than sliced bread and it’s probably the best thing to happen to 401(k) plans since 401(k) plans.
Kidding aside, SaverNation is an ingenious way for 401(k) plan participants to save for retirement by rewarding them for things they ordinarily would do anyway, shop. Through their tested process, a participant’s online shopping can reward them with deposits in their 401(k) plan. So it’s a cash back rewards program, sort of a UPromise for retirement.
We have a retirement crisis in this country as Social Security benefits are at risk and most companies have mothballed pension plans while 401(k) participants don’t save enough. So I like SaverNation because I like any program that will get participants to save more for retirement.
If you are a retirement plan sponsor, financial advisor, or third party administrator, you have the opportunity to get in on the ground floor on something that will change 401(k) plans and retirement savings for the better. Right now, it wouldn’t cost you to set this service up and it is a tremendous benefit for participants, plan sponsors, and plan providers. For more information, check out SaverNation and tell them Ary Rosenbaum sent you.