I’m not ashamed to admit when I think someone has a good idea and I think that the folks at Evoshare offer something that every plan sponsor and plan provider should consider adding to a 401(k) plan because I believe anything that makes more deferrals possible is a good thing.
EvoShare is a financial platform that enables employees to save for their 401(k) or 403(b) while shopping online and locally at stores, bars, and restaurants. Evoshare allows employees to spend at their favorite businesses, and receive up to 30% cash-back towards their retirement plan through their employer. So it’s more than just a website, a plan participant can take their linked credit card and shop at their favorite local stores and have that cash back go towards retirement.
How does it work? Every quarter, EvoShare sends the employee a check for the total cash back or transfers the funds electronically. At the same time, a one-time payment for that amount is taken from the employee’s paycheck and deposited in the 401(k) plan, so the employee comes out even in terms of take-home pay. I’ve taken a look at their site and it’s easy for a 401(k) plan to set up.
If interested, contact EvpShare and tell them Ary sent you.