In-Plan ESA Results, Workers Voices Webinar Today

TODAY: Workers' Voices Webinar at 4 PM EST

Join the conversation with Savers using Sunny Day Fund and CEO and Co-founder, Sid Pailla ?? , today at 4 pm EST for a virtual webinar!

Our participants are hardworking Americans who have been participating in Sunny Day Fund over 2023, and they will share their personal experiences with saving and the impact it had on their financial lives.

A bit more about the panelists:

Ty - one of our earliest Savers, Ty is an associate a third-party logistics company in Richmond, VA

Ellen - a non-profit associate who also happens to help other employees navigate their financial health and resources

Misty - an amazing Food & Beverage Assistant Manager in the hospitality industry

Register here.

Guest Post by Co-Founder, Ernesto Boada

A recap from a recent webinar we were on with Canary ?? and the Financial Health Network written by our Co-Founder and CTO, Ernesto Boada !

We want to hear from you! Share your takeaways - what did you agree with? Or perhaps something that stood out to you?

2 - 3 minute read.

Indeed Talks Emergency Savings Accounts

When the largest job search company in the world writes a keyword-grabbing article on ESAs, you know they must be seeing demand among candidates.

Read the full piece here on Indeed.

Unum Shares In-Plan ESA Early Results

We are excited to see another big employer, Unum , share their results from launching an in-plan emergency savings account. Congratulations to their team for taking their emergency savings leap!

Here are some highlights:

• After-tax up to $10K contribution (4x the Secure 2.0 PLESA limit)
• Structured under safe harbor, with access to same plan funds
• Seems they can still do auto-enroll here, but launched first on a voluntary basis

Early results include:

• 491 participants out of ~10,500 eligible
• $943K contributed, $1,414 in average balances as of Nov '23

Some math I backed into:

• Couple Calculated average contribution of ~$74 / bi-weekly paycheck, which is roughly in line with our $68 / bi-weekly paycheck. Likely a 1% contribution election average.
• ~$249K in withdrawals since launch, or just over $500 per participant over an ~18 month period - hey, that's great! Read Unum's full press release here.

Reflections from CEO of Sunny Day Fund, Sid Pailla ?? :

"I think the individual numbers are great, and I wonder how participation will change after auto-enrollment kicks in. Will we go from 5% to 80% or 90%? How will that change contribution & reward behavior? And of course, what's the make-up of those participating today?

For out-of-plan, our data continues to show 50%-60% voluntary enrollment and similar contribution and withdrawal numbers. The high voluntary base is a big reason why most plan sponsors are seeking out-of-plan, but the promise of auto-enrollment is amazing."

Read an in-plan v. out-of-plan ESA deep dive here.

IndustryNOW QSR Summit

Attending the QSR Summit in Chicago? Send Sid Pailla ?? a note to meet up, he would love to say hi in-person.

Happy Holidays from the Sunny Day Fund Team!

"Sunlight" on Thought Leadership

• State Reserves Cover Record Level of Spending as Budget Conditions Tighten?- ?The Pew Charitable Trusts, Dec 2023
• Unum Group Sees Early Success With Emergency Savings Program?- PLANSPONSOR, Dec 2023
• How Labor Costs Will Define 2024 For CFOs?- Health Leaders, Dec 2023
• Why emergency savings accounts are dominating Q4 benefit conversations?- Employee Benefits, Dec 2023
• Employer-Matched Emergency Savings Accounts: A Much-Needed Respite for Employees?- Indeed, Dec 2023