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Sunny Day Fund

Friday, March 18, 2022

We're an employer-sponsored emergency savings platform that makes saving easy directly from payroll (outside of ERISA), accessible without penalties, and rewarding with employer incentives. Employees receive a standalone FDIC-insured savings account.

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What is the Sunny Day Fund?

Sunny Day Fund is a workplace emergency savings benefit. We partner with employers to basically offer a new benefit that makes saving for emergencies easy, accessible, and rewarding. And as you can see, emergency saving is a benefit that almost everyone wants and that is two to seven times more popular than other voluntary financial benefits.

How is the Sunny Day Fund different?

So we make saving towards those emergencies and immediate financial goals, goals like buying a car, potentially putting down a security deposit for a new spot, we make that process super easy, accessible, and rewarding. What we do is we connect directly into your payroll system respective whatever it may be. Maybe it's UKG, maybe it's ADP. We connect directly into your payroll system and we set up the deductions so that they're happening post-tax. And we set up the program so that it is completely outside of the world of ERISA. So no form 5500 mess that you're having to deal with. And on the employee side, we're equipping them with brand new FDIC insured savings accounts that they can access at any time without any kind of penalties. And this account is portable. It travels with the employee. And importantly, it's a demand deposit account, not a custodial account. And from there, we're automating the process of those contributions going to those accounts and having you, as the employer, incentivize that process every single pay cycle. So it, essentially, is a way, again, to make saving towards those emergencies easy, accessible, and rewarding.

Who is a good fit for the Sunny Day Fund?

Unfortunately, too many people in America do suffer from an inability to overcome emergencies and they're all asking for some help for saving for emergencies. So this is something that is fairly universally applicable, but as you'll see from our clients that are featured in The Wall Street Journal and Shrm, our clients have included folks in the senior living industry, in manufacturing and logistics, in the quick-service space, and hospitality. We welcome any clients where there's a population that's earning between $30,000 to $80,000 per year because we know that we could immediately impact them.