Zero 401(k) transaction fees. New brand. New tech platform.
Five years ago, we launched our first retirement plan
Helping our first customer offer an employee retirement plan was a huge milestone. It represented a commitment to ourselves and to the industry that we would make it easier for people in all lines of work to access a path to financial independence.
Today, many retirees don’t have enough money to live on. The economic problem is only increasing for future generations, who can no longer rely on pensions or Social Security and are already burdened with debt.
Employer-sponsored 401(k)s are supposed to be America’s primary retirement savings vehicle. Unfortunately, most working Americans don’t have access to a way to save for retirement through work. Human Interest was founded to change that.
Financial security matters more now than ever
America’s retirement savings crisis started long before COVID-19, but the pandemic has driven home one key point: financial security matters more now than ever.
On average, retirement lasts nearly one-quarter of your life. This stage of life is filled with big possibilities and also big expenses but people without access to retirement savings benefits through work often don’t end up saving enough to last the rest of their lives.
Embarking on our next chapter as a company means taking bold steps to help fix a broken industry. Here’s what that looks like:
1. Zero 401(k) transaction fees
Effective today, Human Interest is eliminating all 401(k) transaction fees. This means that we will no longer charge customers or plan participants any of the more than twenty transaction fees that are common throughout the industry. This includes loan setup fees and distribution fees as well as plan amendment and termination fees. Read more about the fees we’ve eliminated.
2. A new brand
We now have a new look and feel to share our forward-thinking, optimistic vision for the future. Our new identity is now reflected across our website and products. One of the biggest changes you’ll notice is our new logo, the beacon.
The beacon carries meaning for us as a company: we are shining a light on the murky retirement industry and we’re intent on moving it forward to make a path to financial independence more accessible to everyone. We work hard every day to help businesses and their employees navigate the journey to a more secure financial future.
3. Two new offerings to solve 401(k) administration and compliance headaches
Many businesses are surprised by the complexity and time involved in being a 401(k) Plan Administrator. The burden of managing all of the reporting, disclosure, and filing requirements and the stress of knowing you could be personally liable for mistakes can be overwhelming. With our new Complete package, Human Interest can now serve as your Plan Administrator, taking administrative and compliance work off of your plate. For businesses that want a personal touch, our new Concierge package provides a dedicated account manager to guide you, monitor your plan, and assist with participant education.
The changes we are announcing today will help us continue to move the needle in the retirement industry, making it possible for many small and medium-sized businesses to offer a retirement benefit for the first time.
Over the next five years, we will expand the tools and services we offer to companies and their employees. We aim to reach more of the 100 million Americans not saving enough for retirement and to offer more support on long-term financial planning, including college savings, high-yield savings, and life insurance. Whether saving for retirement for the first time, insuring against the unexpected, or shoring up savings for big life goals, we want to help everyone access a path to a more secure financial future.
Jeff Schneble is the CEO of Human Interest. He first joined Human Interest as a Board Member, and led the company’s Series A in 2017.