SAN FRANCISCO, June 06, 2023 (GLOBE NEWSWIRE) -- Human Interest, one of the largest and fastest-growing 401(k) providers in the country, is the first to offer a 3% cash back1 reward to participants who start saving for retirement. The incentive is available to all eligible participants on the Human Interest platform making at or below the U.S. median wage of $60,000, putting cash directly in the wallets of American workers who need it most. Additionally, all Human Interest plan participants will get access to (k)ickstart™, an exclusive financial wellness curriculum to support their retirement savings journey.
Research has shown that employees are significantly more concerned about their immediate financial commitments than saving for the long term. As a result, almost 80% of Americans do not have sufficient funds for retirement, a realization that often comes too late and results in financial insecurity. Human Interest’s first-of-its-kind cash incentive is designed to increase participation rates in employer-sponsored retirement plans by helping to address near-term financial stressors.
“We see the urgent need for more working Americans to save for retirement,” said Jeff Schneble, CEO of Human Interest. “We are using the same rewards model that people enjoy in their daily lives, akin to cash back credit cards, to encourage employees to actively save for a healthy retirement. That is why we are now the first and only retirement provider to offer a cash back program to incentivize individuals to save.”
Today’s announcement is the latest in a growing list of industry-first moves by Human Interest, including eliminating transaction fees. This transformative mindset is empowering Human Interest’s rapid growth, with nearly 16,000 customers2 and $500 million in funding to date from investors including BlackRock, TPG’s The Rise Fund, and SoftBank Vision Fund.
In addition to the cash back program, Human Interest’s (k)ickstart™ initiative will provide a robust and engaging financial wellness curriculum to all its customers, giving them valuable tips and techniques to help them save for their future and achieve a financially secure retirement. Read more here: humaninterest.com/kickstart.
About Human Interest
Human Interest Inc. is an affordable, full-service 401(k) and 403(b) provider that seeks to make it easy for small and medium-sized businesses to help their employees invest for retirement. Founded in 2015 and headquartered in San Francisco, Human Interest helps employees in all lines of work access retirement benefits and a path to financial independence. For more information, please visit humaninterest.com.
This content has been prepared for informational purposes only, and should not be construed as tax, legal, or individualized investment advice. Human Interest Inc. does not provide tax, legal, or individualized investment advice. Consult an appropriate professional regarding your situation. The views expressed are subject to change. In the event third-party data and/or statistics are used, they have been obtained from sources believed to be reliable; however, we cannot guarantee their accuracy or completeness.
This program is administered and offered by the recordkeeper, Human Interest Inc. ("HII"). HII's subsidiary and Registered Investment Adviser, Human Interest Advisors' asset-based fees will increase if a plan participant participates in the program.
Media Contact:
Human Interest
Madelyn McHugh
Press@HumanInterest.com
1 3% cash back based on participants contributing at least 8% over a 12-month period. Minimum award is $100 and max is $250. Additional terms apply.
2 As of May 31, 2023
