A new offering purports to make it easier for participants to save… while they spend.
EvoShare, a microsavings technology company, and Paylocity, a cloud-based provider of payroll and human capital management (HCM) solutions, have partnered to automate the process of funding additional savings account contributions with cash back from employees’ everyday spending.
EvoShare’s proprietary system enables employees to contribute to a financial savings account like a 401(k), 529 College Savings Plan or HSA, while shopping online and locally at stores, bars, and restaurants, receiving up to 30% cash-back towards their retirement plan, savings account, or student loan repayment.
According to a press release, Paylocity’s Software as a Service (SaaS) product simplifies everyday payroll and human resources tasks for both employees and employers with a single, secure and smart platform. The offering includes full-service payroll functionality and a wide range of HR functionality, including talent management, time and labor management, benefits administration, and third-party administration (TPA) for benefits such as HSA, FSA, and COBRA. The platform also features analytic reporting tools and seamless integration with the leading retirement plans, general ledger, time and attendance applications and employee benefits solutions, all of which are available on web browsers and mobile devices.
Bill Chetney, CEO of GRP Advisor Alliance, notes: “This is a huge step in helping the American workforce become better retirement-ready. This partnership dramatically eases EvoShare implementation for recordkeepers and plan sponsors. The employee doesn’t have to do a single thing once they’re enrolled, it’s as easy as flipping a switch.”
The firms say that once employers are using the integrated solutions, they onboard plan participants to the program, and the cash back employees earn flows into their company-based savings every quarter like clockwork.
More information is available at http://www.evoshare.com/paylocity.
p.s.: Chetney also commented: “Much like when Macho Man Randy Savage married Miss Elizabeth live during WWF’s SummerSlam in 1991, this is a match made in heaven.”
